For purposes of this subchapter, the following definitions apply:
The term “consumer” means an individual.
(2) Consumer credit transaction
The term “consumer credit transaction” means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes.
(3) Credit repair organization
The term “credit repair organization”—
(A)means any person who uses any instrumentality of interstate commerce or the mails to sell, provide, or perform (or represent that such person can or will sell, provide, or perform) any service, in return for the payment of money or other valuable consideration, for the express or implied purpose of—
(i)improving any consumer’s credit record, credit history, or credit rating; or
(ii)providing advice or assistance to any consumer with regard to any activity or service described in clause (i); and
(B)does not include—
(i)any nonprofit organization which is exempt from taxation under section
501(c)(3) of title
(ii)any creditor (as defined in section
1602 of this title), with respect to any consumer, to the extent the creditor is assisting the consumer to restructure any debt owed by the consumer to the creditor; or
(iii)any depository institution (as that term is defined in section
1813 of title
12) or any Federal or State credit union (as those terms are defined in section
1752 of title
12), or any affiliate or subsidiary of such a depository institution or credit union.
The term “credit” has the meaning given to such term in section
1602(e) of this title.
For a prior section 403 ofPub. L. 90–321, see note set out under section
1679 of this title.
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.