2010 Arkansas Code
Title 5 - Criminal Offenses
Subtitle 6 - Offenses Against Public Health, Safety, Or Welfare
Chapter 63 - Business Misconduct
Subchapter 3 - Debt Adjusting
§ 5-63-301 - Definitions.

5-63-301. Definitions.

As used in this subchapter:

(1) "Debt adjuster" means a person who engages in, attempts to engage in, or offers to engage in the practice or business of debt adjusting;

(2) "Debt adjusting" means the:

(A) Entering into or making of a contract, express or implied, with a particular debtor in which the debtor agrees to pay a certain amount of money periodically to the person engaged in the debt adjusting business that, for a consideration, agrees to distribute, or distributes, the money among certain specified creditors in accordance with an agreed upon plan; or

(B) Business or practice of any person that holds oneself out as acting or offering or attempting to act for a consideration as an intermediary between a debtor and the debtor's creditors for the purpose of settling, compounding, or in anyway altering the terms of payment of any debt of a debtor and, to that end, receives money or other property from the debtor or on behalf of the debtor for the payment to or distribution among the creditors of the debtor;

(3) "Debtor" means an individual and includes two (2) or more individuals who are jointly and severally, or jointly or severally, indebted to a creditor; and

(4) "Person" includes an individual, partnership, association, and corporation.

Disclaimer: These codes may not be the most recent version. Arkansas may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.