1. If any private professional guardian company wishes to discontinue its business, the company shall furnish to the Commissioner satisfactory evidence of the release and discharge from all obligations which the company has assumed or which have been imposed by law. Thereafter, the Commissioner shall enter an order cancelling the license of the private professional guardian company.
2. If the Commissioner enters an order cancelling a license pursuant to this section, the Commissioner shall send a copy of the order to each district court in this State.