(a) Inactivation of active license. A licensee may
cease operating under a credit access business license and choose
to inactivate the license. A license may be inactivated by giving
notice of the cessation of operations not less than 30 calendar days
prior to the anticipated inactivation date. Notification must be provided
by filing a license amendment or an approved electronic submission
as prescribed by the OCCC. The notice must include the new mailing
address for the license, the effective date of the inactivation, and
the fee for amending the license. A licensee must continue to pay
the yearly renewal fees for an inactive license as outlined in §83.3010
of this title (relating to Fees), or the license will expire as described
by §83.4002 of this title (relating to License Term and Annual
Renewal).
(b) Activation of inactive license. A licensee may
activate an inactive license by giving notice of the intended activation
not less than 30 calendar days prior to the anticipated activation
date. Notification must be provided by filing a license amendment
or an approved electronic submission as prescribed by the OCCC. The
notice must include the contemplated new address of the licensed office,
the approximate date of activation, and the fee for amending the license
as outlined in §83.3010 of this title.
(c) Voluntary surrender of license. Subject to §83.4005(b)
of this title (relating to Effect of Revocation, Suspension, or Surrender
of License), a licensee may voluntarily surrender a license by providing
written notice of the cessation of operations, a request to surrender
the license, and by submitting the license certificate. A voluntary
surrender will result in cancellation of the license.
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