(1) Terms defined in Sections 76-1-101.5 and 76-8-101 apply to this section.
(2) An actor commits prohibited action by peace officer for collection agency or creditor if the actor:
(a) is a peace officer; and
(b)
(i) has an interest in a collection agency; or
(ii) acts as a compensated collection agent for a creditor or collection agency.
(3) A violation of Subsection (2) is a class C misdemeanor.