Maine Revised Statutes Title 32 Sec. 11037 – Voluntary termination of business
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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).]
Terms Used In Maine Revised Statutes Title 32 Sec. 11037
- Creditor: means any person who offers or extends credit creating a debt or to whom a debt is owed, but that term does not include any person to the extent that he receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of that debt for another. See Maine Revised Statutes Title 32 Sec. 11002
- Debt: includes any obligation or alleged obligation for payment of child support owed to, or owed by, a resident of this State and any obligation or alleged obligation relating to a check returned because of insufficient funds if a consumer is subject to an enforcement program operated by a private entity. See Maine Revised Statutes Title 32 Sec. 11002
- Debt collector: includes persons who furnish collection systems carrying a name that simulates the name of a debt collector and who supply forms or form letters to be used by the creditor even though the forms direct the debtor to make payments directly to the creditor. See Maine Revised Statutes Title 32 Sec. 11002
- in writing: include printing and other modes of making legible words. See Maine Revised Statutes Title 1 Sec. 72
- Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC
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).]
SECTION HISTORY
PL 1985, c. 702, §2 (NEW).