6.__Action on license.__Revocation, suspension or nonrenewal of the payroll processor's license.

§1495-I.__Insolvency and liquidation

1.__Voluntary liquidation.__A payroll processor who voluntarily ceases to do business in the State is subject to the following provisions.

A.__Prior to voluntarily ceasing business as a payroll processor, a payroll processor shall:

(1) Notify the administrator of the proposed termination at least 30 days prior to its effective date;

(2) Notify all employers in writing of the proposed termination at least 30 days prior to its effective date;

(3) Provide all employers with detailed final accountings of all accounts;

(4) Remit all money held by the payroll processor to each respective employer or the appropriate taxing authority; and

(5) Return its license to the administrator for cancellation.

B.__When terminating a business, a payroll processor whose contract with an employer does not authorize the processor to assign the account to another processor may not transfer the account to another processor without first securing the written permission of the employer.

2.__Involuntary liquidation.__A payroll processor who is no longer eligible to do business in this State is subject to the following provisions.

A.__If, upon examination of a payroll processor, the administrator is of the opinion that the payroll processor is insolvent or can no longer obtain a surety bond or when the license of a payroll processor has expired or terminated for any reason, the administrator may appoint a receiver who shall proceed to close the payroll processor. The person appointed by the administrator as a receiver may be the