California Code of Regulations
Title 10 - Investment
Chapter 3 - Commissioner of Financial Protection and Innovation
Subchapter 11.3 - Debt Collection Licensing Act
Article 5 - Surrender of License
Section 1850.61 - Surrender of License as a Debt Collector

Universal Citation: 10 CA Code of Regs 1850.61

Current through Register 2024 Notice Reg. No. 38, September 20, 2024

(a) An application to surrender a license as a debt collector shall be filed on Form MU1, MU2, and MU3 as applicable with NMLS in accordance with the procedures for transmission to the Commissioner.

(b) Prior to surrendering its license, the debt collector shall file with the commissioner through NMLS a plan containing the licensee's detailed proposal for the orderly closure of its debt collection business, including a detailed description of the plan to close out or transfer the licensee's debt collection files; the name and contact information of the person taking over the licensee's debt collection files, if applicable; and the time frame within which the closure or transfer will be completed. Surrender shall not be effective until approved by the Commissioner.

Note: Authority cited: Section 100003, Financial Code. Reference: Sections 100006.3, 100014 and 100022, Financial Code.

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