Section 7-102 - Scope of title.
§ 7-102. Scope of title.
(a) Definitions.-
(1) In this section the following words have the meanings indicated.
(2) "Common ownership" means direct or indirect ownership of more than 50% of a person.
(3) "Principal business" means a business activity of a person that comprises more than 50% of the total business activities of the person.
(b) Exclusions.- This title does not apply to:
(1) a bank;
(2) a federal or State credit union;
(3) a mortgage lender;
(4) a person acting under an order of a court of competent jurisdiction;
(5) a licensed real estate broker, or an individual acting on behalf of the real estate broker, in the collection of rent or allied charges for property;
(6) a savings and loan association;
(7) a title company as to its escrow business;
(8) a trust company;
(9) a lawyer who is collecting a debt for a client, unless the lawyer has an employee who:
(i) is not a lawyer; and
(ii) is engaged primarily to solicit debts for collection or primarily makes contact with a debtor to collect or adjust a debt through a procedure identified with the operation of a collection agency; or
(10) a person who is collecting a debt for another person if:
(i) both persons are related by common ownership;
(ii) the person who is collecting a debt does so only for those persons to whom it is related by common ownership;
(iii) the principal business of the person who is collecting a debt is not the collection of debts; and
(iv) before collecting a debt, the person files with the Board:
1. the correct name of the person;
2. an address and telephone number of a contact person; and
3. the name of the person's resident agent.
[An. Code 1957, art. 56, § 323; 1992, ch. 4, § 2; 2001, ch. 558.]