Louisiana Revised Statutes 37:2582 – Definitions
Terms Used In Louisiana Revised Statutes 37:2582
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Director: means director of the Division of Occupational Standards. See Louisiana Revised Statutes 37:2582
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Individual: means the person or persons for whom the credit of financial adjusting service is performed. See Louisiana Revised Statutes 37:2582
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: means any individual, firm partnership, association or corporation. See Louisiana Revised Statutes 37:2582
As used in this Chapter:
(1) “Financial Planning and Management Service” means the planning and management of the financial affairs of an individual, and distribution of money to the creditors thereof, or acting as the agent of an individual in the distribution of his income to his creditors, whether or not the person so acting receives a fee or charge for such services. Any person, partnership, association or corporation so engaged shall be deemed to be rendering “financial planning and management service”.
This term shall not be deemed to include the following when engaged in the regular course of their respective business and professions:
(a) Attorneys at law;
(b) Banks, fiduciaries, financing and lending institutions as duly authorized and admitted to transact business in the State of Louisiana and performing credit and financial adjusting service in the regular course of their principal business;
(c) Title insurers and abstract companies, while doing an escrow business;
(d) Employees of licensees under this Chapter;
(e) Judicial officers or others acting pursuant to court order;
(f) Nonprofit organizations giving debt management service;
(g) Employers for their employees;
(h) Associations for their members.
(2) “Director” means director of the Division of Occupational Standards.
(3) “Individual” means the person or persons for whom the credit of financial adjusting service is performed.
(4) “Person” means any individual, firm partnership, association or corporation.
Nothing in this Chapter shall be construed to permit persons engaged in the planning and management of the financial affairs of an individual as defined in this Chapter and required to secure a license under this Chapter to engage in the practice of law.
Acts 1970, No. 423, §2.