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Does the "notice" provided to a debtor when consent is not obtained from 51% of creditors need to be maintained by the licensee? Is a telephone call an acceptable notice?
Yes, a copy of the notice must be retained for six years from the creation date. A written reply from the debtor stating they want to keep the account open is not required. Yes, a telephone call is considered acceptable notice, if the call is recorded and maintained to comply with the record retention requirement.