California Civil Code 1789.15 – The information statement shall include all of the …
The information statement shall include all of the following:
(a) A complete and detailed description of the services to be performed by the credit services organization for or on behalf of the consumer and the total amount the consumer will have to pay, or become obligated to pay, for the services.
Terms Used In California Civil Code 1789.15
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Consumer: means any natural person who is solicited to purchase or who purchases the services of a credit services organization. See California Civil Code 1789.12
- Contract: A legal written agreement that becomes binding when signed.
- Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC
- Credit services organization: means a person who, with respect to the extension of credit by others, sells, provides, or performs, or represents that the person can or will sell, provide, or perform, any of the following services, in return for the payment of money or other valuable consideration:
California Civil Code 1789.12
- Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
- will: includes codicil. See California Civil Code 14
(b) The consumer’s right to proceed against the bond under the circumstances and in the manner set forth in Section 1789.18.
(c) The name and address of the surety company which issued the bond.
(d) A complete and accurate statement of the availability of nonprofit credit counseling services.
(e) The following notice: If you have a complaint about the services provided by this credit services organization or the fees charged by this credit services organization, you may submit that complaint to the Attorney General’s office, California Department of Justice, Attn: ____, P.O. Box 944255, Sacramento, CA 94244-2550.
The information statement shall be printed in at least 10-point boldface type and shall include the following statement:
“CONSUMER CREDIT FILE RIGHTS UNDER STATE AND FEDERAL LAW
You have a right to obtain a free copy of your credit report from a credit reporting agency. You may obtain this free copy of your credit report one time per year by visiting www.AnnualCreditReport.com. You will be able to view your credit report, dispute alleged inaccuracies, and obtain additional information at no fee. If requested, the consumer credit reporting agency must provide someone to help you interpret the information in your credit file.
You have a right to dispute inaccurate information by contacting the consumer credit reporting agency directly. However, neither you nor any credit repair company or credit services organization has the right to have accurate, current, and verifiable information removed from your credit report. Under the Federal Fair Credit Reporting Act, the consumer credit reporting agency must remove accurate, negative information from your report only if it is over seven years old. Bankruptcy information can be reported for 10 years.
If you have notified a credit reporting agency in writing that you dispute the accuracy of information in your credit file, the consumer credit reporting agency must then reinvestigate and modify or remove inaccurate information. The consumer credit reporting agency may not charge a fee for this service. Any pertinent information and copies of all documents you have concerning an error should be given to the consumer credit reporting agency.
If the reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the consumer credit reporting agency to keep in your file, explaining why you think the record is inaccurate. The consumer credit reporting agency must include your statement about disputed information in any report it issues about you.
You have a right to cancel the contract with the credit services organization for any reason before midnight on the fifth working day after you signed it. If for any reason you cancel the contract during this time, you do not owe any money.
You have a right to sue a credit services organization if it misleads you.”
(Amended by Stats. 2022, Ch. 965, Sec. 7. (AB 2424) Effective January 1, 2023.)