110 STAT. 3009 -455 PUBLIC LAW 104-208—SEPT. 30, 1996 Credit Repair Organizations Act. "TITLE IV—CREDIT REPAIR ORGANIZATIONS 15 USC 1601 note. 15 USC 1679. 15 USC 1679a. "Sec. "401. Short title. "402. Findings and purposes. "403. DeHnitions. "404. Prohibited practices. "405. Disclosures. "406. Credit repair organizations contracts. "407. Right to cancel contract. "408. Noncompliance with this title. "409. Civil liability. "410. Administrative enforcement. "411. Statute of limitations. "412. Relation to State law. "413. Effective date. "SEC. 401. SHORT TITLE. "This title may be cited as the 'Credit Repair Organizations Act'. "SEC. 402. FINDINGS AND PURPOSES. " (a) FINDINGS. —The Congress makes the following findings: "(1) Consumers have a vital interest in establishing and maintaining their credit worthiness 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. "(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 title 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. "SEC. 403. DEFINITIONS. "For purposes of this title, the following definitions apply: "(1) CONSUMER. —The term 'consumer' means an individual. "(2) CONSUMER CREDIT TRANSACTION.— The term 'consumer credit transaction' means any transaction in which credit is offered or extended to an individual for personal, family, or household purposes. "(3) CREDIT REPAIR ORGANIZATION.— The term 'credit repair organization'—
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