PUBLIC LAW 104-208—SEPT. 30, 1996 110 STAT. 3009 -458 "'If the credit bureau's reinvestigation does not resolve the dispute to your satisfaction, you may send a brief statement to the credit bureau, to be kept in your file, explaining why you think the record is inaccurate. The credit bureau must include a summary of your statement about disputed information with any report it issues about you. "The Federal Trade Commission regulates credit bureaus and credit repair organizations. For more information contact: "'The Public Reference Branch " 'Federal Trade Commission "' Washington, D.C. 20580'. "(b) SEPARATE STATEMENT REQUIREMENT. —The written statement required under this section shall be provided as a document which is separate from any written contract or other agreement between the credit repair organization and the consumer or any other written material provided to the consumer. "(c) RETENTION OF COMPLIANCE RECORDS. — "(1) IN GENERAL.— The credit repair organization shall maintain a copy of the statement signed by the consumer acknowledging receipt of the statement. "(2) MAINTENANCE FOR 2 YEARS.—The copy of any consumer's statement shall be maintained in the organization's files for 2 years after the date on which the statement is signed b)^he consumer. "SEC. 406. CREDIT REPAIR ORGANIZATIONS CONTRACTS. 15 USC 1679d. "(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) 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) meets the requirements of this subsection unless such contract includes (in writing)— "(1) the terms and conditions of pa3anent, 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
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