Maine Revised Statutes
Subchapter 3: LICENSING AND ADMINISTRATION
32 §11037. Voluntary termination of business

§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).

Structure Maine Revised Statutes