Chapter 14 - Debt Adjusters
CHAPTER 14 - DEBT ADJUSTERS
33-14-101. Definitions.
(a) As used in this act:
(i) "Person" means an individual, corporation,partnership, trust, firm, association or other legal entity excluding a taxexempt nonprofit consumer credit counseling service, a person admitted to thebar in this state or a copartnership or professional corporation all members ofwhich are admitted to the bar in this state;
(ii) "Debt adjusting" shall mean doing business indebt adjustments, budget counseling, debt management, or debt pooling serviceor holding oneself out, by words of similar import, as providing services todebtors in the management of their debts and contracting with a debtor for afee to:
(A) Effect the adjustment, compromise, or discharge of anyaccount, note, or other indebtedness, of the debtor; or
(B) Receive from the debtor and disburse to his creditors anymoney or other thing of value.
33-14-102. Prohibited; exception.
(a) It shall be unlawful for any person to engage in thebusiness of debt adjusting.
(b) Nothing in this act shall apply to those situationsinvolving debt adjusting as herein defined incurred in the practice of law inthis state.
33-14-103. Penalty.
Whoever,either individually or as an officer, director or employee of any person, firm,association, partnership, corporation or other legal entity, violates any ofthe provisions of this act shall upon conviction, be guilty of a misdemeanorand shall be punished by a fine of not more than one hundred dollars ($100.00)or by confinement in the county jail of not more than six (6) months or both,for each such violation.