As used in this chapter, unless the context or subject matter otherwise requires: 1. "Collection agency" means a person that, in the ordinary course of business, engages in debt collection. 2. "Commissioner" means the commissioner of financial institutions. 3. "Communication" means the conveyance or receipt of information regarding or facilitating the collection of a debt, directly or indirectly, to or from any person through any medium. 4. "Credit card payment" means a payment made by a payment card which incurs a credit card interchange fee to the collection agency, regardless of the type of payment card used. 5. "Creditor" means a person that offers or extends credit creating a debt or to which a debt is owed. The term does not include a person to the extent that person receives an assignment or transfer of a debt in default solely for the purpose of facilitating collection of that debt. 6. "Debt" means an obligation or alleged obligation to pay money arising out of a transaction, regardless of whether the obligation has been reduced to a judgment. 7. "Debt collection" means the act of collecting or attempting to collect, directly or indirectly, debts owed or due or asserted to be owed or due another. The term also includes solicitation of debts for the purpose of collection and accepting assignment of debts for the purpose of collection. 8. "Insolvent" means the point at which a licensed entity's liabilities exceed the entity's tangible assets, which only include assets that have a physical existence and are capable of being assigned a value. 9. "Mortgage servicing company" means a company performing the required duties of a mortgage seller, such as collecting payments, releasing the lien on full payment, and confirming taxes are paid and insurance is in force.
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