31-3-201. Definitions. As used in this part, the following words and terms shall have the following meanings unless the context clearly requires a different meaning:
     (1) "Debt adjusting" means the making of a contract, express or implied, with a debtor whereby the debtor agrees to pay a certain amount of money or other thing of value periodically to the person engaged in the debt-adjusting business who shall, for a consideration, distribute the same among certain specified creditors in accordance with a plan agreed upon. The term includes debt adjustment, budget counseling, debt management, or debt-pooling service or the holding of oneself out by words of similar import as providing services to debtors in the management of their debts and contracting with the debtor for a fee to:
     (a) effect the adjustment, compromise, or discharge of any account, note, or other indebtedness of the debtor; or
     (b) receive from the debtor and disperse to his creditors any money or other thing of value.
     (2) "Person" means an individual, corporation, partnership, trust, firm, association, or other legal entity.

     History: En. Sec. 1, Ch. 300, L. 1969; R.C.M. 1947, 18-401.