Missouri Statute | Act | Code |Debtor-creditor Relations| US Code - US Statute | Chapter 425 Debt Adjusters And Collection Agencies

As used in this chapter, the following terms mean:

(1) "Debt adjuster", a person who acts or offers to act for a
consideration as an intermediary between a debtor and his creditors for
the purpose of settling, compounding, or in any wise altering the terms
of payment of any debts of the debtor; and to that end receives money or
other property from the debtor, or on behalf of the debtor, for payment
to, or distribution among, the creditors of the debtor;

(2) "Debtor", an individual or individuals jointly and severally or
jointly or severally indebted. (L. 1963 p. 646 § 1)

Any person who acts or offers to act as a debt adjuster in this
state is guilty of a misdemeanor and upon conviction shall be punished as
provided by law. (L. 1963 p. 646 § 1)

The circuit court shall have power, in an action brought in the
name of the state by the attorney general, to enjoin any person from
acting or offering to act as a debt adjuster; and, in the action, may
appoint a receiver for the property and money employed in the transaction
of business by the person as a debt adjuster, to insure, so far as may be
possible, the return to debtors of so much of their money and property as
has been received by the debt adjuster, and has not been paid to the
creditors of the debtors. (L. 1963 p. 646 § 1)

The following persons shall not be considered debt adjusters for
the purposes of this chapter:

(1) Any attorney at law of this state;

(2) Any person who is a regular, full-time employee of a debtor, and who
acts as an adjuster of his employer's debts;

(3) Any person acting pursuant to any order or judgment of court, or
pursuant to authority conferred by any law of this state or of the United
States;

(4) Any person who is a creditor of the debtor, or an agent of one or
more creditors of the debtor, and whose services in adjusting the
debtor's debts are rendered without cost to the debtor; and

(5) 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. (L. 1963 p. 646 § 1)

Collection agencies may take assignment of claims in their own
name as real parties in interest for the purpose of billing and
collection and bringing suit in their own and the claimant's names
thereon, provided that no suit authorized by this section may be
instituted on behalf of a collection agency in any court unless the
collection agency appears by a duly authorized and licensed attorney at
law. Upon good cause being shown, a court may sever any actions brought
under this section. (L. 1992 S.B. 688 § 5)

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