32-1001. Definitions
In this chapter, unless the context otherwise requires:
1. " Claim" means an obligation for the payment of money or its equivalent and a sum or sums owed, due or asserted to be owed or due to another, for which a person is employed to demand payment and collect or enforce such payment, and includes:
(a) Obligations for the payment of money to another, in the form of conditional sales agreements, notwithstanding the personal property sold thereunder, for which payment is claimed or may be or is repossessed in lieu of payment.
(b) An obligation for the payment of money or its equivalent and a sum or sums owed, due or asserted to be owed or due which is sold or assigned to a purchaser or assignee for which either:
(i) The final payment has not been tendered to the seller or assignor.
(ii) Title has not yet passed.
(iii) The purchaser or assignee has a right of recourse against the seller or assignor.
2. " Collection agency" means:
(a) All persons engaged directly or indirectly in soliciting claims for collection or in collection of claims owed, due or asserted to be owed or due.
(b) Any person who, in the process of collecting debts occurring in the operation of his own business, uses any name other than his own which would indicate that a third person is collecting or attempting to collect such debts.
3. " Department" means the department of financial institutions.
4. " Financial institution" means a person who does business under any other law of this state or law of another state or the United States relating to banks, trust companies, savings and loan associations, credit unions and savings banks.
5. " Person" means an individual, firm, partnership, association or corporation.
6. " Superintendent" means the superintendent of financial institutions.
Section: Previous 32-927 32-928 32-929 32-930 32-931 32-933 32-934 32-1001 32-1004 32-1021 32-1022 32-1023 32-1024 32-1025 32-1026 NextLast modified: October 13, 2016