In this section the following words have the meanings indicated. “Common ownership” means direct or indirect ownership of more than 50% of a person. “Principal business” means a business activity of a person that comprises more than 50% of the total business activities of the person. This title does not apply to: a bank; a federal or State credit union; a mortgage lender; a person acting under an order of a court of competent jurisdiction; 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; a savings and loan association; a title company as to its escrow business; a trust company; a lawyer who is collecting a debt for a client, unless the lawyer has an employee who: is not a lawyer; and 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 a person who is collecting a debt for another person if: both persons are related by common ownership; the person who is collecting a debt does so only for those persons to whom it is related by common ownership; the principal business of the person who is collecting a debt is not the collection of debts; and before collecting a debt, the person files with the Board: the correct name of the person; an address and telephone number of a contact person; and the name of the person’s resident agent.