(1) Any licensee may surrender any license issued to the licensee by delivering written notice to the Director of the Department of Consumer and Business Services that the licensee thereby surrenders the license.

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(2)(a) A licensee shall surrender any license issued to the licensee under which there has been no material loan activity for a period of 12 consecutive months.

(b) For purposes of this subsection, ‘material loan activity’ includes new loans, refinancing of existing loans or formal extensions of existing loan repayment provisions in excess of 30 days.

(3) Surrender of a license under subsection (1) or (2) of this section shall not affect the licensee’s civil or criminal liability for acts committed prior to surrender. [Amended by 1985 c.762 § 125; 1999 c.469 § 5]