Effective – 28 Aug 1991 407.635. Definitions. — As used in sections 407.635 to 407.644, the following words and phrases shall mean: (1) “Buyer”, an individual who is solicited to purchase or who purchases the services of a credit services organization; (2) “Consumer reporting agency” has the meaning assigned by section 603(f) of the federal […]
Effective – 28 Aug 1991 407.637. Credit service organization — exemptions. — 1. A credit services organization is a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides or represents that the person can or will provide any of the […]
Effective – 28 Aug 1991 407.638. Prohibited activities. — A credit services organization, a salesperson, agent or representative of a credit services organization, or an independent contractor who sells or attempts to sell the services of a credit services organization may not: (1) Charge a buyer or receive from a buyer money or other valuable […]
Effective – 28 Aug 1991 407.639. Copy of bond to be filed with director of finance — purpose of bond — amount of bond — statement by director of finance. — 1. This section applies to a credit services organization required by subdivision (1) of section 407.638 to obtain a surety bond or establish a […]
Effective – 28 Aug 2015 *407.640. Registration statements, filing, contents, fee. — 1. A credit services organization shall file a registration statement with the director of finance before conducting business in this state. The registration statement must contain: (1) The name and address of the credit services organization; and (2) The name and address of […]
Effective – 28 Aug 1991 407.641. Contract, writing, contents. — 1. Before executing a contract or agreement with a buyer or receiving money or other valuable consideration, a credit services organization shall provide the buyer with a statement in writing, containing: (1) A complete and detailed description of the services to be performed by the […]
Effective – 28 Aug 1991 407.642. Contract requirements, cancellation clause. — 1. Each contract between the buyer and a credit services organization for the purchase of the services of the credit services organization must be in writing, dated, signed by the buyer and must include: (1) A statement in type that is boldfaced, capitalized, underlined, […]
Effective – 28 Aug 1991 407.643. Waiver of buyer’s rights void. — 1. A credit services organization may not attempt to cause a buyer to waive a right under sections 407.635 to 407.644. 2. A waiver by a buyer of any part of sections 407.635 to 407.644 is void. ——– (L. 1991 S.B. 112 § […]
Effective – 28 Aug 1991 407.644. Actions — damages — penalties. — 1. (1) A buyer injured by a violation of sections 407.635 to 407.644 may bring an action for recovery of damages. The damages awarded may not be less than the amount paid by the buyer to the credit services organization, plus reasonable attorney’s […]
