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.