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.”.
For a prior section 406 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.