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Current as of January 01, 2025 | Updated by Findlaw Staff
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;
B. Notify all creditor clients in writing of the proposed termination at least 30 days prior to its effective date;
C. Provide all creditor clients with detailed final accountings of all debt accounts;
D. Remit all money held in the agency trust account to each respective creditor client;
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
F. Return its license to the superintendent for cancellation.
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.
Cite this article: FindLaw.com - Maine Revised Statutes Title 32. Professions and Occupations § 11037. Voluntary termination of business - last updated January 01, 2025 | https://codes.findlaw.com/me/title-32-professions-and-occupations/me-rev-st-tit-32-sect-11037/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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