(a) (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) 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.
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