§443B-4.52  Notice of termination of
business.  (a)  Not less than sixty days before a collection agency
terminates its business operations in the State, the registrant shall transmit
a statement to the director and to each of the agency's clients indicating:



(1)  That the registrant intends to terminate business
in this State;



(2)  The effective date of the termination; and



(3)  That prior to the termination, the registrant
shall lawfully expend or disburse all funds acquired in the course of business.



(b)  If the registrant intends to transfer its
client accounts to another collection agency, the notification shall also
include:



(1)  The name, address, telephone number, and
registration number of the purchasing agency, and the purchasing agency's
principal collector in this State to whom the accounts will be assigned; and



(2)  The date on which the purchasing agency intends
to begin servicing the accounts transferred by the terminating agency.



(c)  Registration is not canceled until the
director has received the notice of termination, the terminating collection
agency's registration, and if applicable, verified the validity of the
purchasing agency's registration. [L 1990, c 246, pt of §1; am L 1997, c 40,
§9]