The provisions of this act shall not apply to any retail merchants' trade association, nonprofit association formed for the purpose of collecting accounts and exchanging credit information, bankruptcy actions filed pursuant to the Federal Bankruptcy Act or acts of duly licensed attorneys distributing funds on behalf of clients.
Laws 1957, p. 161, § 4; Laws 1975, c. 76, § 1, emerg. eff. April 22, 1975.