§ 1679d. — Credit repair organizations contracts.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 15USC1679d]
TITLE 15--COMMERCE AND TRADE
CHAPTER 41--CONSUMER CREDIT PROTECTION
SUBCHAPTER II-A--CREDIT REPAIR ORGANIZATIONS
Sec. 1679d. Credit repair organizations contracts
(a) Written contracts required
No services may be provided by any credit repair organization for
any consumer--
(1) unless a written and dated contract (for the purchase of
such services) which meets the requirements of subsection (b) of
this section has been signed by the consumer; or
(2) before the end of the 3-business-day period beginning on the
date the contract is signed.
(b) Terms and conditions of contract
No contract referred to in subsection (a) of this section meets the
requirements of this subsection unless such contract includes (in
writing)--
(1) the terms and conditions of payment, including the total
amount of all payments to be made by the consumer to the credit
repair organization or to any other person;
(2) a full and detailed description of the services to be
performed by the credit repair organization for the consumer,
including--
(A) all guarantees of performance; and
(B) an estimate of--
(i) the date by which the performance of the services
(to be performed by the credit repair organization or any
other person) will be complete; or
(ii) the length of the period necessary to perform such
services;
(3) the credit repair organization's name and principal business
address; and
(4) a conspicuous statement in bold face type, in immediate
proximity to the space reserved for the consumer's signature on the
contract, which reads as follows: ``You may cancel this contract
without penalty or obligation at any time before midnight of the 3rd
business day after the date on which you signed the contract. See
the attached notice of cancellation form for an explanation of this
right.''.
(Pub. L. 90-321, title IV, Sec. 406, as added Pub. L. 104-208, div. A,
title II, Sec. 2451, Sept. 30, 1996, 110 Stat. 3009-458.)
Prior Provisions
For a prior section 406 of Pub. L. 90-321, see note set out under
section 1679 of this title.
