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 following services:

 a. Improving a buyer’s credit record, history, or rating.
 b. Providing advice or assistance to a buyer with regard to paragraph “a”.

Terms Used In Iowa Code 538A.2

  • Commission: means the real estate commission as established by chapter 543B. See Iowa Code 543C.1
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
  • Money: means the same as defined in section 554. See Iowa Code 554E.1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
  • Record: means the same as defined in section 554D. See Iowa Code 554E.1
  • state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
  • United States: includes all the states. See Iowa Code 4.1
 2. The following are exempt from this chapter:

 a. A person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision of this state or the United States, or a lender approved by the United States secretary of housing and urban development for participation in a mortgage insurance program under the National Housing Act, 12 U.S.C. § 1701 et seq.
 b. A bank or savings and loan association whose deposits or accounts are eligible for insurance by the federal deposit insurance corporation or the federal savings and loan insurance corporation, or successor deposit insurance entities, or a subsidiary of a bank or savings and loan association.
 c. A credit union doing business in this state.
 d. A nonprofit organization exempt from taxation under section 501(c)(3) of the Internal Revenue Code, as defined in section 422.3.
 e. A person licensed as a real estate broker or salesperson, under section 543B.20, acting within the course and scope of that license.
 f. A person licensed to practice as an attorney in this state acting within the course and scope of the person’s practice as an attorney.
 g. A broker-dealer registered with the securities and exchange commission or the commodity futures trading commission acting within the course and scope of the regulations of the commission that person is registered with.
 h. A consumer reporting agency.
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