The Center For Debt Management
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TITLE 15–COMMERCE AND TRADE

CHAPTER 41–CONSUMER CREDIT PROTECTION

Sub Chapter&nbspII-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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