Sec.36a-809-16. Consumer collection agencies desiring to terminate business

(a) No consumer collection agency shall terminate its business unless the following conditions have been met:

(1) The commissioner has received written notice of the proposed termination at least thirty days prior to its effective date.

(2) All clients of the consumer collection agency are notified in writing of the proposed termination and its date at least thirty days prior to that date.

(3) All clients of the consumer collection agency are provided with detailed final accountings of all debtor accounts.

(4) All money held in escrow by the consumer collection agency, sole and exclusive of earned fees, is remitted to each respective client of the consumer collection agency.

(5) All papers, documents and other property of clients turned over to the consumer collection agency in connection with its collection efforts are returned to each respective client of the consumer collection agency.

(6) The consumer collection agency license is returned to the commissioner for cancellation.

(b) No consumer collection agency, when terminating a consumer collection agency business, shall transfer a debtor's account to another consumer collection agency without securing the written permission of the client.

(Adopted effective July 29, 2008)