The commissioner may grant approval for each branch office which must be submitted by an application. When used in this chapter, “branch office” means a physical location where collection activity is carried out, other than the location where the collection agency license was granted, but does not include a virtual office. As used in this chapter, “virtual office” means a remote location from which employees can work under the full control and monitoring of the collection agency through telecommunications and computer links. Records may not be maintained at a virtual office and a virtual office may not be held open to the public as a place of business.