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 Post subject: Statute
PostPosted: Sun Jul 16, 2006 9:24 pm 
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Missouri
Missouri Annotated Statute Title 27, Chapter 425
www.moga.state.mo.us/STATUTES/STATUTES.HTM


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PostPosted: Thu Jul 20, 2006 11:50 pm 
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Missouri Revised Statutes
Chapter 425
Debt Adjusters and Collection Agencies

(View Entire Chapter)

August 28, 2005

Sections:
425.010. Definitions.
425.020. Debt adjusting--penalty.
425.030. Circuit court may enjoin, appoint receiver.
425.040. Who not to be considered debt adjusters.
425.300. Real party in interest on assignment of claim for billing, collection,
bringing suit, attorney required to appear in court--court may sever
actions.


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PostPosted: Thu Jul 20, 2006 11:52 pm 
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Definitions.

425.010. 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)

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Debt adjusting--penalty.

425.020. 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)

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Circuit court may enjoin, appoint receiver.

425.030. 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)

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Who not to be considered debt adjusters.

425.040. 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)

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Real party in interest on assignment of claim for billing, collection, bringing suit, attorney required to appear in court--court may sever actions.

425.300. 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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