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Current as of January 01, 2024 | Updated by Findlaw Staff
(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) 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) 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.”.
Cite this article: FindLaw.com - 15 U.S.C. § 1679d - U.S. Code - Unannotated Title 15. Commerce and Trade § 1679d. Credit repair organizations contracts - last updated January 01, 2024 | https://codes.findlaw.com/us/title-15-commerce-and-trade/15-usc-sect-1679d/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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