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32 §11037. Voluntary termination of business

32 ME Rev Stat § 11037 (2019) (N/A)
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§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).

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