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).]
‹ Prev All Maine sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.