Kentucky Statutes 380.030 – Persons exempt from classification as debt adjuster
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The following persons shall not be considered debt adjusters for the purposes of this chapter:
(1) Any attorney-at-law admitted to the practice of law in this state by the Supreme Court of this Commonwealth, who is not principally engaged in the business of debt adjusting, when the person renders services in the course of his or her practice as an attorney-at-law;
(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 (1) or more creditors of the debtor, and whose services in adjusting the debtor’s debts are rendered without cost to the debtor;
(5) Any person who 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 from the debtor for the services rendered in adjusting the debts;
(6) Any charitable, religious or educational organization, determined to be exempt from taxation under Section 501(c)(3) of the Internal Revenue Code that is not in the business of debt adjusting, as defined in KRS § 380.010; and
(7) Any person who is a creditor of the debtor, when adjusting a debt or debts owed by the debtor to the person.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 86, sec. 10, effective July 15, 2010. — Amended
2005 Ky. Acts ch. 38, sec. 4, effective June 20, 2005. — Amended 1982 Ky. Acts ch.
275, sec. 1, effective July 15, 1982. — Created 1970 Ky. Acts ch. 190, sec. 5.
(1) Any attorney-at-law admitted to the practice of law in this state by the Supreme Court of this Commonwealth, who is not principally engaged in the business of debt adjusting, when the person renders services in the course of his or her practice as an attorney-at-law;
Terms Used In Kentucky Statutes 380.030
- Attorney-at-law: A person who is legally qualified and licensed to practice law, and to represent and act for clients in legal proceedings.
- Debt adjusting: means doing business in this state in debt adjusting, budget counseling, debt management, debt modification or settlement, foreclosure assistance, or debt pooling service, or holding oneself out as acting or offering or attempting to act as an intermediary between a debtor and his or her creditors for a fee, contribution, or other consideration, or by words of similar import, as providing services to debtors in the management, settlement, modification, or adjustment of their debts, to do any of the following:
(a) Effect the adjustment, compromise, settlement, modification, or discharge of any account, note or other indebtedness of the debtor. See Kentucky Statutes 380.010 - Debtor: means an individual who resides in Kentucky and is indebted to a creditor or creditors, including two (2) or more individuals who are jointly and severally, or jointly or severally, indebted to a creditor or creditors. See Kentucky Statutes 380.010
- Person: includes , but is not limited to, individuals, partnerships, associations, corporations, limited liability companies, trusts, and other legal entities. See Kentucky Statutes 380.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
(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 (1) or more creditors of the debtor, and whose services in adjusting the debtor’s debts are rendered without cost to the debtor;
(5) Any person who 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 from the debtor for the services rendered in adjusting the debts;
(6) Any charitable, religious or educational organization, determined to be exempt from taxation under Section 501(c)(3) of the Internal Revenue Code that is not in the business of debt adjusting, as defined in KRS § 380.010; and
(7) Any person who is a creditor of the debtor, when adjusting a debt or debts owed by the debtor to the person.
Effective: July 15, 2010
History: Amended 2010 Ky. Acts ch. 86, sec. 10, effective July 15, 2010. — Amended
2005 Ky. Acts ch. 38, sec. 4, effective June 20, 2005. — Amended 1982 Ky. Acts ch.
275, sec. 1, effective July 15, 1982. — Created 1970 Ky. Acts ch. 190, sec. 5.