1. (a) Subject to the approval of the commissioner, a licensee may voluntarily cease activity for which a license to operate has been issued under this chapter by delivering to the commissioner a written notice of surrender, which shall include but not be limited to:

   1. (1) A plan of cessation of business;
   2. (2) Provisions for the transfer or assumption of assets;
   3. (3) Provisions for pending applications or transactions;
   4. (4) Provisions for payment or assumption of liabilities;
   5. (5) Provisions for the disposition of individual mortgage loan originator licenses; and
   6. (6) Provisions for transfer or assumption of all trust, agency, and other fiduciary relationships and accounts.

2. (b) The commissioner shall approve the surrender if:

   1. (1) The commissioner is satisfied with the plan as set forth by the licensee; and

   2. (2) No other reason exists to deny the request for surrender;

      provided that the commissioner may impose any restrictions and conditions as the commissioner deems appropriate.

3. (c) The surrender shall not affect rights and duties that have matured, penalties that were incurred, and proceedings that were begun before the effective date of the surrender of a license under this section.

[L 2010, c 84, pt of §3]