§11037. Voluntary termination of business
1.
Procedures prior to termination.
Prior to voluntarily ceasing business as a debt collector, a licensee shall:
A.
Notify the superintendent of the proposed termination at least 30 days prior to its effective date;
[PL 1985, c. 702, §2 (NEW).]
B.
Notify all creditor clients in writing of the proposed termination at least 30 days prior to its effective date;
[PL 1985, c. 702, §2 (NEW).]
C.
Provide all creditor clients with detailed final accountings of all debt accounts;
[PL 1985, c. 702, §2 (NEW).]
D.
Remit all money held in the agency trust account to each respective creditor client;
[PL 1985, c. 702, §2 (NEW).]
E.
Return all papers, documents and other property of creditor clients provided to the licensee in connection with its collection efforts to those clients; and
[PL 1985, c. 702, §2 (NEW).]
F.
Return its license to the superintendent for cancellation.
[PL 1985, c. 702, §2 (NEW).]
[PL 1985, c. 702, §2 (NEW).]
2.
Transfer of accounts.
No licensee, when terminating its business, may transfer an account to another debt collector without first securing the written permission of the client.
[PL 1985, c. 702, §2 (NEW).]
SECTION HISTORY
PL 1985, c. 702, §2 (NEW).