6-701. Definitions

222 words·~1 min read·/az/title-6/6-701

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

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 this chapter.

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