Registration Of Credit Services Organization Form Page 6
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10b. A bank or savings and loan association whose deposits or accounts are eligible for
insurance by the federal deposit insurance corporation or the federal savings and loan
insurance corporation, or successor deposit insurance entities, or a subsidiary of a bank
or savings and loan association.
c. A credit union doing business in this state.
d. A nonprofit organization exempt from taxation under section 501(c)(3) of the
Internal Revenue Code, as defined in
section
422.3.
e. A person licensed as a real estate broker or salesperson, under
section
543B.20,
acting within the course and scope of that license.
f. A person licensed to practice as an attorney in this state acting within the course
and scope of the person’s practice as an attorney.
g. A broker-dealer registered with the securities and exchange commission or the
commodity futures trading commission acting within the course and scope of the
regulations of the commission that person is registered with.
h. A consumer reporting agency.
89 Acts, ch 183, §2
CS89, §533C.2
C93, §538A.2
93 Acts, ch
60, §23
538A.3 Prohibited conduct.
A credit services organization, a salesperson, agent, or representative of a credit
services organization, or an independent contractor who sells or attempts to sell the
services of a credit services organization shall not:
1. Charge a buyer or receive from a buyer money or other valuable consideration
before completing performance of all services the credit services organization has
agreed to perform for the buyer, unless the credit services organization has obtained a
bond in accordance with
section 538A.4
or established and maintained a surety
account at a federally insured bank or savings and loan association located in this state
in the amount required by
section 538A.4, subsection
5.
2. Charge a buyer or receive from a buyer money or other valuable consideration
solely for referral of the buyer to a retail seller who will or may extend credit to the buyer
if the credit that is or will be extended to the buyer is substantially the same as that
available to the general public.
3. Make or use a false or misleading representation in the offer or sale of the services
of a credit services organization.
4. Engage, directly or indirectly, in a fraudulent or deceptive act, practice, or course of
business in connection with the offer or sale of the services of a credit services
organization.
89 Acts, ch 183, §3
CS89, §533C.3
C93, §538A.3
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