Current as of: February 2010 (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.".Legislative History ________________________________________________________________________
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