Maine Revised Statutes

§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; [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; [1985, c. 702, §2 (NEW).]
C. Provide all creditor clients with detailed final accountings of all debt accounts; [1985, c. 702, §2 (NEW).]
D. Remit all money held in the agency trust account to each respective creditor client; [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 [1985, c. 702, §2 (NEW).]
F. Return its license to the superintendent for cancellation. [1985, c. 702, §2 (NEW).]
[ 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.
[ 1985, c. 702, §2 (NEW) .]
SECTION HISTORY
1985, c. 702, §2 (NEW).