The Credit Repair Services Organization Act, (LA. R. S. 9:3573.1 et seq) charges the Louisiana Attorney General’s Office with insuring that all credit repair services organizations register and file a $100,000.00 surety bond with the Louisiana Attorney General’s Office prior to conducting business in the state.
The act defines a Credit Repair Services Organization as 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/she can or will, directly or indirectly, provide any of the following services:
A) Improving a buyers credit record, history, or rating.
B) Giving advice or assistance to a buyer with regard to improving a buyer’s credit record, credit history, or credit rating, including the sale of self-help instructional guide.
The act also requires that such organizations meet certain requirements regarding the forms and terms of the contracts and disclosures. It provides a buyer a cause of action for damages for violations of the act as well as civil and criminal penalties.
The act defines a Credit Repair Services Organization as 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/she can or will, directly or indirectly, provide any of the following services:
A) Improving a buyers credit record, history, or rating.
B) Giving advice or assistance to a buyer with regard to improving a buyer’s credit record, credit history, or credit rating, including the sale of self-help instructional guide.
The act also requires that such organizations meet certain requirements regarding the forms and terms of the contracts and disclosures. It provides a buyer a cause of action for damages for violations of the act as well as civil and criminal penalties.