6-701

6-701. Definitions

In this chapter, unless the context otherwise requires:

1. "Agency" means any business serving the public, which as part of its services
accepts money for and on behalf of a licensee.

2. "Branch office" means any office operated solely for the purpose of accepting
money and performing other services for a licensee.

3. "Creditor" means a person for whose benefit monies are being collected and
disbursed by a licensee.

4. "Debt management company" means a corporation, company, firm, partnership,
association or society, as well as a natural person, that for compensation engages in the
business of receiving money, or evidences thereof, in this state or from a resident of
this state as agent of a debtor for the purpose of distributing the same to his creditors
in payment or partial payment of his obligations.

5. "Debtor" means a person from whom monies are being accepted for disbursement to
creditors.

6. "License" means a license issued under the provisions of this chapter.

7. "Licensee" means a corporation, company, firm, partnership, association or
society, as well as a natural person, licensed by the superintendent to engage in the
business of a debt management company pursuant to the provisions of this chapter.

8. "Nonprofit religious, fraternal or cooperative organizations" means religious,
fraternal or cooperative organizations or entities whose primary functions or purposes
are not the provision of debt management services.