Section 433-2-005 - LICENSES005.01. Upon any of the following changes, the licensee will notify the Board in writing of such change within thirty (30) days after its occurrence:005.01A. Change of business name or address, including change of Nebraska office name or address005.01B. Any changes in the managers or executive officers of a licensed collection agency will be reported to the board in writing. Such report will include: 005.01B1. The name and residential street address of each new manager or executive officer.005.01B2. The work history and qualifications of each new manager or executive officer.005.01C. Change in ownership of ten or more percent but less than fifty percent of the corporate stock or ownership interest if licensee is a corporation, limited liability company, or other business entity.005.01C1. The notice required in section 006.01C shall include a list of all owners holding shares or ownership interests in the agency along with the percentage of interest held.005.02. Licenses are not transferable. Before purchasing a currently licensed collection agency the prospective owner must be licensed. In addition, the following changes require a new license application: 005.02A. For a sole proprietorship or partnership, any change in the persons owning the collection agency.005.02B. For a corporation, limited liability company, or other business entity any change of ownership of fifty percent or more of the stock or ownership interest in any one transaction or a cumulative change of ownership of fifty percent or more from the date of the issuance of the license or from the date of the latest renewal of the license.005.02C. Any change of ownership structure, including but not limited to a change to or from a sole proprietorship, partnership, limited liability company, or corporation. 005.02B1. In the case of a change of ownership structure, the licensee will not need to submit the following: ii. If there has been no change in any of the documentation on file with the Board:1. Officer Interrogatories2. List of branch offices005.03. Upon the termination of a license by revocation, expiration, denial, or surrender, the licensee must immediately cease collection activities. All client accounts are to be returned to the clients within forty-five (45) days unless the licensee has written authorization from the client to transfer or assign the account to another collection agency for collection. No later than the end of the forty-five day period, the licensee will file a notarized affidavit with the Board stating its compliance with this rule and providing the names and addresses of all clients for whom it was attempting to collect debts. All consumer payments received after the revocation, expiration, or surrender of a license will be immediately forwarded in full to the applicable client without the licensee's retention of any fee or commission.
This rule does not apply to any license voluntarily surrendered in conjunction with the simultaneous issuance of a new license due to any of the changes listed in section 006.02
433 Neb. Admin. Code, ch. 2, § 005
Amended effective 11/1/2021