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TITLE 15–COMMERCE AND TRADE

(a) Written contracts required

    No services may be provided by any credit repair organization for 
any consumer--
   (1) unless a written and dated contract (for the purchase of 
    such services) which meets the requirements of subsection (b) of 
    this section has been signed by the consumer; or
       (2) before the end of the 3-business-day period beginning on the 
    date the contract is signed.

(b) Terms and conditions of contract

    No contract referred to in subsection (a) of this section meets the 
requirements of this subsection unless such contract includes (in 
writing)--
 (1) the terms and conditions of payment, including the total 
    amount of all payments to be made by the consumer to the credit 
 repair organization or to any other person;
      (2) a full and detailed description of the services to be 
    performed by the credit repair organization for the consumer, 
    including--
    (A) all guarantees of performance; and
    (B) an estimate of--
        (i) the date by which the performance of the services 
            (to be performed by the credit repair organization or any 
   other person) will be complete; or
     (ii) the length of the period necessary to perform such 
            services;

       (3) the credit repair organization's name and principal business 
    address; and
   (4) a conspicuous statement in bold face type, in immediate 
    proximity to the space reserved for the consumer's signature on the 
    contract, which reads as follows: ``You may cancel this contract 
    without penalty or obligation at any time before midnight of the 3rd 
    business day after the date on which you signed the contract. See 
    the attached notice of cancellation form for an explanation of this 
    right.''.

(Pub. L. 90-321, title IV, Sec. 406, as added Pub. L. 104-208, div. A, 
title II, Sec. 2451, Sept. 30, 1996, 110 Stat. 3009-458.)

Prior Provisions

    For a prior section 406 of Pub. L. 90-321, see note set out under 
section 1679 of this title.