Terms Used In Louisiana Revised Statutes 9:3573.2

  • Consumer: means a natural person who purchases goods, services, or movable or immovable property or rights therein, for a personal, family, or household purpose and includes a purchaser or buyer in a consumer credit sale or transaction made with the use of a seller credit card or otherwise, or a borrower or debtor in a consumer loan, revolving loan account, or a lender credit card. See Louisiana Revised Statutes 9:3516
  • Licensed lender: means a person licensed by the commissioner to make consumer loans pursuant to this Chapter. See Louisiana Revised Statutes 9:3516
  • Organization: means corporation, government or governmental subdivision or agency, trust, estate, partnership, cooperative, or association. See Louisiana Revised Statutes 9:3516
  • Person: as used in this Chapter means an individual or corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein. See Louisiana Revised Statutes 9:3516

A.  As used in this Part, the following terms shall have the following meanings:

(1)  “Buyer” means an individual who is solicited to purchase or who purchases the services of a credit repair services organization.

(2)  “Consumer reporting agency” shall have the meaning assigned by Section 603(f), Fair Credit Reporting Act (15 U.S.C. Section 1681 et seq.).

(3)  “Credit repair services organization” means a person who, with respect to a buyer, in return for the payment of money or other valuable consideration, directly or indirectly, provides or represents that he can or will, directly or indirectly, provide any of the following services:

(a)  Improving a buyer’s credit record, history, or rating.

(b)  Advice or assistance to a buyer with regard to improving a buyer’s credit record, history, or rating, including the sale of a self-help instructional guide.

(4)  “Person” means an individual, corporation, partnership, trust, association, joint venture pool, syndicate, sole proprietorship, unincorporated organization, or any other form of entity not specifically listed herein.

B.  The following are exempt from this Part:

(1)  Repealed by Acts 2004, No. 79, §2, eff. May 28, 2004.

(2)  A licensed lender or other person authorized to make or broker loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by 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. Section 1701 et seq.), provided the credit repair service is in connection with a loan and no additional fee is charged.

(3)  A bank or savings association whose deposits or accounts are federally insured or a wholly-owned subsidiary of such a bank or savings association.

(4)  A credit union doing business in this state.

(5)  A person licensed to practice law in this state while acting within the course and scope of the person’s practice as an attorney, and when such attorney is not actively and principally engaged as a credit repair services organization and such attorney’s credit repair services are ancillary to the providing of other legal services.  The exemption provided for in this Paragraph does not apply when an attorney is paid a fee by a client solely for the purposes of providing services, directly or indirectly, as a credit repair services organization as defined in Paragraph(A)(4) of this Section.

(6)  A consumer reporting agency.

(7)  Certified public accountants licensed to practice their profession in the state of Louisiana, while acting within the course and scope of their practice as a certified public accountant, and when such certified public accountant is not actively and principally engaged as a credit repair services organization and such certified public accountant’s credit repair services are ancillary to the providing of other accounting services.  The exemption provided for in this Paragraph does not apply when a certified public accountant is paid a fee by a client solely for the purposes of providing services, directly or indirectly, as a credit repair services organization defined in Paragraph(A)(4) of this Section.

Acts 1992, No. 345, §1; Acts 1995, No. 332, §1; Acts 2003, No. 1027, §1, eff. Dec. 31, 2003; Acts 2004, No. 79, §2, eff. May 28, 2004; Acts 2006, No. 190, §1; Acts 2008, No. 858, §1, eff. July 9, 2008.