Section 451.1238. License.

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(1) A license shall be issued for each main office and branch office rendering debt management service.

(2) Whenever a licensee or exempt person discontinues the business of debt management, whether totally or at a specific location, the license certificate, or exemption order, shall be mailed to the bureau's central office within 5 days. An explanation of the reason for discontinuance, a statement of any amounts remaining in the client trust account, and the plan and timetable for disbursement shall accompany the license certificate, or exemption order, unless all accounts are transferred, without interruption in service, to another of the firm's branches.

(3) A license shall not be terminated for a firm unless it is revoked or unless all payments due creditors or debtors have been made, and the bureau issues an order terminating the license.

History: 1979 AC.

                    
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