§ 24-5-15-2 — "Credit services organization"

Indiana § 24-5-15-2

• Jurisdiction: Indiana
• Art. 5: CONSUMER SALES
• Ch. 15: Credit Services Organizations

Text

(a) As used in this chapter, "credit services
organization" means a person that, with respect to the extension of
credit by another person, sells, provides, performs, or represents that
the person can or will sell, provide, or perform, in return for the
payment of money or other valuable consideration, any of the following
services:
(1) Improving a buyer's credit record, credit history, or credit
rating.
(2) Obtaining an extension of credit for a buyer.
(3) Obtaining a delay or forbearance of a buyer's obligation under
a mortgage.
(4) Obtaining a lower interest rate for:
(A) a consumer loan; or
(B) a residential mortgage loan;
to which the buyer is a debtor or a prospective debtor.
(5) Providing debt settlement services on behalf of a buyer.
(6) Providing advice or assistance to a buyer concerning the
services described in subdivisions (1) through (5).
(b) The term "credit services organization" does not include any of
the following:
(1) A person authorized to make loans or extensions of credit
under state or federal laws that is subject to regulation and
supervision under state or federal laws, or a lender approved by
the United States Secretary of Housing and Urban Development
for participation in a mortgage insurance program under the
federal National Housing Act (12 U.S.C. 1701 et seq.).
(2) A bank or savings association or a subsidiary of a bank or
savings association that has deposits or accounts that are eligible
for insurance by the Federal Deposit Insurance Corporation.
(3) A credit union doing business in Indiana.
(4) A nonprofit organization exempt from taxation under Section
501(c)(3) of the Internal Revenue Code.
(5) A person licensed as a real estate broker under IC 25-34.1 if
the person is acting within the course and scope of the person's
license.
(6) A person admitted to the practice of law in Indiana if the
person is acting within the course and scope of the person's
practice as an attorney.
(7) A broker-dealer registered with the Securities and Exchange
Commission or the Commodity Futures Trading Commission if
the broker-dealer is acting within the course and scope of the
broker-dealer's regulation.
(8) A consumer reporting agency (as defined in the Federal Fair
Credit Reporting Act (15 U.S.C. 1681 et seq.)).
(9) A loan servicer acting on behalf of the holder of:
(A) a consumer loan; or
(B) a residential mortgage loan.
(10) A debt management company (as defined in IC 28-1-29-1(2)).

Legislative History

As added by P.L.142-1990, SEC.1. Amended by P.L.8-1991, SEC.7; P.L.79-1998, SEC.27; P.L.171-2006, SEC.1; P.L.114-2010, SEC.13.