1. (a) An escrow depository shall give the commissioner notice of its intent to close any branch office at least thirty days prior to the closing. The notice shall:

   1. (1) State the intended date of closing;
   2. (2) Specify the reasons for the closing; and
   3. (3) Contain a certification by the secretary or other authorized officer of the escrow depository that the decision to close was duly approved by its board of directors.
2. (b) After closing a branch office, the escrow depository shall promptly thereafter surrender to the commissioner the branch office license for that location.

[L 2001, c 184, pt of §1]