Credit service organization
A credit services organization is a business that charges money to help people fix their credit, get a loan, or give advice about those things. Certain businesses and professionals do not have to follow these rules — like banks, credit unions, lawyers, real estate agents, accountants, and nonprofit groups.
407.637. organization — ions. — 1. A is a person who, with respect to the by others and in for the payment of money or other , provides or represents that the person can or will provide any of the following services:
(1) Improving the buyer's credit , history or rating;
(2) Obtaining an extension of credit for a buyer; or
(3) Providing advice or assistance to a buyer with regard to (1) or (2) of this .
2. The following are exempt from the of sections 407.635 to 407.644:
(1) A person to make loans or extensions of credit under the laws of this state or the United States who is subject to and supervision by this state or the United States, or a lender approved by the United States of Housing and Urban Development for participation in a mortgage insurance program under the federal Housing Act, 12 U.S.C. Section 1701, et seq.;
(2) A bank or whose or accounts are eligible for insurance by the , or a of such a bank or savings and loan association;
(3) A doing business in this state;
(4) A exempt from taxation under section 501(c)(3) of the Internal Revenue Code;
(5) A person d as a broker or salesperson acting within the course and scope of that license;
(6) A person licensed to practice law in this state acting within the course and scope of the person's practice as an attorney;
(7) A with the or the acting within the course and scope of that regulation;
(8) A ;
(9) A person whose primary business is making loans secured by liens on ;
(10) A person who is licensed as a pursuant to chapter 326 acting within the course and scope of that license; or an individual who is ; or an accountant, who is accredited by the .
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Source & history notes
(L. 1991 S.B. 112 § 2)
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