32-1001

32-1001. Definitions

In this chapter, unless the context otherwise requires:

1. "Claim" means an obligation for the payment of money or its equivalent and a sum
or sums owed, due or asserted to be owed or due to another, for which a person is
employed to demand payment and collect or enforce such payment, and includes:

(a) Obligations for the payment of money to another, in the form of conditional
sales agreements, notwithstanding the personal property sold thereunder, for which
payment is claimed or may be or is repossessed in lieu of payment.

(b) An obligation for the payment of money or its equivalent and a sum or sums
owed, due or asserted to be owed or due which is sold or assigned to a purchaser or
assignee for which either:

(i) The final payment has not been tendered to the seller or assignor.

(ii) Title has not yet passed.

(iii) The purchaser or assignee has a right of recourse against the seller or
assignor.

2. "Collection agency" means:

(a) All persons engaged directly or indirectly in soliciting claims for collection
or in collection of claims owed, due or asserted to be owed or due.

(b) Any person who, in the process of collecting debts occurring in the operation
of his own business, uses any name other than his own which would indicate that a third
person is collecting or attempting to collect such debts.

3. "Department" means the department of financial institutions.

4. "Financial institution" means a person who does business under any other law of
this state or law of another state or the United States relating to banks, trust
companies, savings and loan associations, credit unions and savings banks.

5. "Person" means an individual, firm, partnership, association or corporation.

6. "Superintendent" means the superintendent of financial institutions.