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.