- (a) An application to surrender a license as a debt collector shall be filed on Form MU1, MU2, and MU3 as applicable with NMLS in accordance with the procedures for transmission to the Commissioner.
- (b) Prior to surrendering its license, the debt collector shall file with the commissioner through NMLS a plan containing the licensee's detailed proposal for the orderly closure of its debt collection business, including a detailed description of the plan to close out or transfer the licensee's debt collection files; the name and contact information of the person taking over the licensee's debt collection files, if applicable; and the time frame within which the closure or transfer will be completed. Surrender shall not be effective until approved by the Commissioner.
Note: Authority cited: Section 100003, Financial Code. Reference: Sections 100006.3, 100014 and 100022, Financial Code.
History
1. New section filed 12-22-2021; operative 12-22-2021 pursuant to Government Code section 11343.4(b)(3) (Register 2021, No. 52). Filing deadline specified in Government Code section 11349.3(a) extended 60 calendar days pursuant to Executive Order N-40-20 and an additional 60 calendar days pursuant to Executive Order N-71-20.