Section 11037 - Voluntary termination of business1.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; [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; [1985, c. 702, §2(NEW).]C. Provide all creditor clients with detailed final accountings of all debt accounts; [1985, c. 702, §2(NEW).]D. Remit all money held in the agency trust account to each respective creditor client; [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 [1985, c. 702, §2(NEW).]F. Return its license to the superintendent for cancellation. [1985, c. 702, §2(NEW).] [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. [1985, c. 702, §2(NEW).]
1985, c. 702, § 2 (NEW) .