31-3-203. Exemptions. Section 31-3-202 does not apply to:
     (1) those situations involving debt adjusting incurred incidentally in the lawful practice of law in this state;
     (2) banks and fiduciaries duly authorized and admitted to transact business in this state and performing credit and financial adjusting service in the regular course of their principal business;
     (3) title insurers and abstract companies, while doing an escrow business;
     (4) judicial officers or others acting under court orders;
     (5) nonprofit or charitable corporations or associations engaged in debt adjusting;
     (6) those situations involving debt adjusting incurred incidentally in connection with the lawful practice of a certified public accountant;
     (7) bona fide trade or mercantile associations in the course of arranging adjustment of debts with business establishments;
     (8) employers for their employees;
     (9) any person (other than a collection agency):
     (a) who provides a bond in the amount of $10,000 to the department of commerce under which the person is the obligor and the bond is conditioned that the obligor shall apply all funds received and discharge all obligations for which the obligor has contracted; and
     (b) whose maximum fees do not exceed:
     (i) a processing and documentation fee of $75; and
     (ii) for debt adjusting as defined in 31-3-201, 15% of the total amounts that are owed by the debtor and that are reduced in equal monthly portions over the life of a contract;
     (10) any person who, at the request of a debtor, arranges for or makes a loan to the debtor and who, at the authorization of the debtor, acts as an adjuster of the debtor's debts in the disbursement of the proceeds of the loan without compensation for the services rendered in adjusting the debts.

     History: En. Sec. 3, Ch. 300, L. 1969; amd. Sec. 2, Ch. 185, L. 1977; R.C.M. 1947, 18-403; amd. Sec. 1, Ch. 295, L. 1989.