Code of Maine Rules
02 - DEPARTMENT OF PROFESSIONAL AND FINANCIAL REGULATION
030 - BUREAU OF CONSUMER CREDIT PROTECTION
Chapter 300 - COLLECTION AGENCIES: APPLICATION AND RECORD KEEPING REQUIREMENTS
Section 030-300-3 - TERMINATION OF BUSINESS

Current through 2024-38, September 18, 2024

A. PROCEDURES FOR CESSATION OF BUSINESS

1. Any licensee terminating its business shall comply with the following requirements:
(a) Notify the Superintendent of the proposed termination at least 30 days prior to its effective date;

(b) Notify all clients in writing of the proposed termination and its date at least 30 days prior to that date;

(c) Provide all clients with detailed final accountings of all debtor accounts;

(d) Remit all money held in the agency trust account to each respective client;

(e) Return all papers, documents and other property of clients provided to the licensee in connection with its collection efforts to each respective client; and

(f) Return its license to the Superintendent for cancellation.

2. No licensee, when terminating its business, may transfer an account to another licensee without securing the written permission of the client.

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