50-1117.Same; definitions.Definitions as used in this act: (a) "Commissioner" meansthe state bank commissioner.
(b) "Consumer" means an individual who is a resident of this state.
(c) "Credit services organization" means a person who engages in, or holdsout to the public aswilling to engage in, the business of debt management services for a fee,compensation or gain,or in the expectation of a fee, compensation or gain.
(d) "Debt management service" means:
(1) Receiving or offering to receive funds from a consumer for the purpose ofdistributing thefunds among such consumer's creditors in full or partial payment of suchconsumer'sdebts;
(2) improving or offering to improve a consumer's credit record, history orrating; or
(3) negotiating or offering to negotiate to defer or reduce a consumer'sobligations withrespect to credit extended by others.
(e) "Insolvent" means a person whose debts exceed their assets.
(f) "Person" means any individual, corporation, partnership, association,unincorporatedorganization or other form of entity, however organized, including a nonprofitentity.
(g) "Related interest" means a person:
(1) With respect to an individual who is:
(A) The spouse of the individual;
(B) a brother, brother-in-law, sister, sister-in-law of the individual;
(C) an ancestor or lineal descendant of the individual or the individual'sspouse; and
(D) any other relative, by blood, adoption or marriage, of the individual orsuchindividual's spouse who shares the same residence with the individual.
(2) With respect to a corporation, partnership, association, unincorporatedorganization orother form of entity, however organized, including a nonprofit entity, whichis:
(A) Directly or indirectly controlling, controlled by or under common controlby aperson; or
(B) an officer or director of a person or a person performing similarfunctions.
(h) "Registrant" means a person who is registered by the commissioner as acredit servicesorganization.
(i) "Trust account" means an account established by the applicant orregistrant in a federally insuredfinancial institution usedto hold funds paid by consumers to a credit services organization fordisbursement to creditors of consumers that is designated as a trust account orother appropriate designation indicating thefunds in the account are:
(1) Not funds of the applicant or registrant or its owners, officers oremployees; and
(2) unavailable to creditors of the applicant or registrant.
50-1117.Same; definitions.Definitions as used in this act: (a) "Commissioner" meansthe state bank commissioner.
(b) "Consumer" means an individual who is a resident of this state.
(c) "Credit services organization" means a person who engages in, or holdsout to the public aswilling to engage in, the business of debt management services for a fee,compensation or gain,or in the expectation of a fee, compensation or gain.
(d) "Debt management service" means:
(1) Receiving or offering to receive funds from a consumer for the purpose ofdistributing thefunds among such consumer's creditors in full or partial payment of suchconsumer'sdebts;
(2) improving or offering to improve a consumer's credit record, history orrating; or
(3) negotiating or offering to negotiate to defer or reduce a consumer'sobligations withrespect to credit extended by others.
(e) "Insolvent" means a person whose debts exceed their assets.
(f) "Person" means any individual, corporation, partnership, association,unincorporatedorganization or other form of entity, however organized, including a nonprofitentity.
(g) "Related interest" means a person:
(1) With respect to an individual who is:
(A) The spouse of the individual;
(B) a brother, brother-in-law, sister, sister-in-law of the individual;
(C) an ancestor or lineal descendant of the individual or the individual'sspouse; and
(D) any other relative, by blood, adoption or marriage, of the individual orsuchindividual's spouse who shares the same residence with the individual.
(2) With respect to a corporation, partnership, association, unincorporatedorganization orother form of entity, however organized, including a nonprofit entity, whichis:
(A) Directly or indirectly controlling, controlled by or under common controlby aperson; or
(B) an officer or director of a person or a person performing similarfunctions.
(h) "Registrant" means a person who is registered by the commissioner as acredit servicesorganization.
(i) "Trust account" means an account established by the applicant orregistrant in a federally insuredfinancial institution usedto hold funds paid by consumers to a credit services organization fordisbursement to creditors of consumers that is designated as a trust account orother appropriate designation indicating thefunds in the account are:
(1) Not funds of the applicant or registrant or its owners, officers oremployees; and
(2) unavailable to creditors of the applicant or registrant.
50-1117.Same; definitions.Definitions as used in this act: (a) "Commissioner" meansthe state bank commissioner.
(b) "Consumer" means an individual who is a resident of this state.
(c) "Credit services organization" means a person who engages in, or holdsout to the public aswilling to engage in, the business of debt management services for a fee,compensation or gain,or in the expectation of a fee, compensation or gain.
(d) "Debt management service" means:
(1) Receiving or offering to receive funds from a consumer for the purpose ofdistributing thefunds among such consumer's creditors in full or partial payment of suchconsumer'sdebts;
(2) improving or offering to improve a consumer's credit record, history orrating; or
(3) negotiating or offering to negotiate to defer or reduce a consumer'sobligations withrespect to credit extended by others.
(e) "Insolvent" means a person whose debts exceed their assets.
(f) "Person" means any individual, corporation, partnership, association,unincorporatedorganization or other form of entity, however organized, including a nonprofitentity.
(g) "Related interest" means a person:
(1) With respect to an individual who is:
(A) The spouse of the individual;
(B) a brother, brother-in-law, sister, sister-in-law of the individual;
(C) an ancestor or lineal descendant of the individual or the individual'sspouse; and
(D) any other relative, by blood, adoption or marriage, of the individual orsuchindividual's spouse who shares the same residence with the individual.
(2) With respect to a corporation, partnership, association, unincorporatedorganization orother form of entity, however organized, including a nonprofit entity, whichis:
(A) Directly or indirectly controlling, controlled by or under common controlby aperson; or
(B) an officer or director of a person or a person performing similarfunctions.
(h) "Registrant" means a person who is registered by the commissioner as acredit servicesorganization.
(i) "Trust account" means an account established by the applicant orregistrant in a federally insuredfinancial institution usedto hold funds paid by consumers to a credit services organization fordisbursement to creditors of consumers that is designated as a trust account orother appropriate designation indicating thefunds in the account are:
(1) Not funds of the applicant or registrant or its owners, officers oremployees; and
(2) unavailable to creditors of the applicant or registrant.
