(a) No fault. An agency’s license shall automatically terminate:
- (1) When the agency ceases operation;
- (2) When the agency’s ownership is transferred or conveyed (see 17 CAR § 280-201(d));
- (3) When the surety bond (see 17 CAR § 280-201(a)(2)) is not renewed or is cancelled;
- (4) When the license is surrendered; or
- (5) When the license has not been renewed in a timely fashion (See 17 CAR § 280-204).
- (b) Disciplinary. Additionally, the State Board of Collection Agencies has the authority to revoke, suspend, or refuse a license for violations of state and/or federal debt collection laws when appropriate evidence is presented (see 17 CAR § 280-402).