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
Universal Citation: 02 ME Code Rules ยง 030-300-3
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.
Disclaimer: These regulations may not be the most recent version. Maine may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google
Privacy Policy and
Terms of Service apply.