37-34-1. Debt adjusting defined. The term, debt adjusting, means the making of a contract, express or implied, with a debtor whereby the debtor agrees to pay a certain amount of money or other thing of value periodically to the person engaged in the debt-adjusting business who shall, for consideration, distribute the same among certain specified creditors in accordance with a plan agreed upon. The term includes debt adjustment, budget counseling, debt management, or debt-pooling service or the holding of oneself out by words of similar import as providing services to debtors in the management of their debts and contracting with the debtor for a fee to effect the adjustment, compromise, or discharge of any account, note, or other indebtedness of the debtor or receive from the debtor and disperse to his creditors any money or thing of value. The term, debt adjuster, means a person who engages in, attempts to engage in, or offers to engage in the practice of debt adjusting.
Source: SL 1990, ch 387, § 1; SDCL § 22-47-1; SL 2005, ch 120, § 295.
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