TITLE 15–COMMERCE AND TRADE
CHAPTER 41–CONSUMER CREDIT PROTECTION
Sub Chapter II-A –Credit Repair Organizations
Sec. 1679. Findings and purposes
(a) Findings
The Congress makes the following findings:
(1) Consumers have a vital interest in establishing and
maintaining their credit worthiness \1\ and credit standing in order
to obtain and use credit. As a result, consumers who have
experienced credit problems may seek assistance from credit repair
organizations which offer to improve the credit standing of such
consumers.
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\1\ So in original. Probably should be ``creditworthiness''.
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(2) Certain advertising and business practices of some companies
engaged in the business of credit repair services have worked a
financial hardship upon consumers, particularly those of limited
economic means and who are inexperienced in credit matters.
(b) Purposes
The purposes of this subchapter are--
(1) to ensure that prospective buyers of the services of credit
repair organizations are provided with the information necessary to
make an informed decision regarding the purchase of such services;
and
(2) to protect the public from unfair or deceptive advertising
and business practices by credit repair organizations.
(Pub. L. 90-321, title IV, Sec. 402, as added Pub. L. 104-208, div. A,
title II, Sec. 2451, Sept. 30, 1996, 110 Stat. 3009-455.)
Prior Provisions
A prior title IV of Pub. L. 90-321, May 29, 1968, 82 Stat. 164, as
amended by Pub. L. 91-344, July 20, 1970, 84 Stat. 440; Pub. L. 92-321,
June 30, 1972, 86 Stat. 382, which was set out as a note under section
1601 of this title, established a bipartisan National Commission on
Consumer Finance to study the functioning and structure of the consumer
finance industry as well as consumer credit transactions generally. The
Commission was to submit a final report by Dec. 31, 1972, and was to
cease to exist thereafter.
Effective Date of Subchapter
Section 413 of title IV of Pub. L. 90-321, as added by Pub. L. 104-
208, div. A, title II, Sec. 2451, Sept. 30, 1996, 110 Stat. 3009-462,
provided that: ``This title [enacting this subchapter] shall apply after
the end of the 6-month period beginning on the date of the enactment of
the Credit Repair Organizations Act [Sept. 30, 1996], except with
respect to contracts entered into by a credit repair organization before
the end of such period.''
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United States Code: TITLE 15– Credit Repair Organizations
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