Sec. 6. Before executing a contract or agreement with a buyer or receiving money or other valuable consideration, a credit services organization must provide the buyer with a written statement that contains the following:

(1) A complete and detailed description of the services to be performed by the credit services organization for the buyer and the total cost of the services.

contract signature

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Terms Used In Indiana Code 24-5-15-6

  • buyer: means an individual who is solicited to purchase or who purchases the services of a credit services organization. See Indiana Code 24-5-15-1
  • Contract: A legal written agreement that becomes binding when signed.
  • credit services organization: means a person that, with respect to the extension of credit by another person, sells, provides, performs, or represents that the person can or will sell, provide, or perform, in return for the payment of money or other valuable consideration, any of the following services:

    Indiana Code 24-5-15-2

  • Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC
  • Trustee: A person or institution holding and administering property in trust.
(2) A statement explaining the buyer’s right to proceed against the bond or surety account required under section 8 of this chapter.

(3) The name and address of the:

(A) surety company that issued a bond; or

(B) depository and the trustee of a surety account and the account number of the surety account;

required under section 8 of this chapter.

(4) A complete and accurate statement of the buyer’s right to review any file on the buyer maintained by a consumer reporting agency as provided under the Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.).

(5) A statement that the buyer’s file is available for review:

(A) at no charge at the times and under the circumstances set forth in 15 U.S.C. § 1681j; and

(B) for a minimal charge at any other time as provided by 15 U.S.C. § 1681j(f).

(6) A complete and accurate statement of the buyer’s right to dispute the completeness or accuracy of an item contained in a file on the buyer maintained by a consumer reporting agency.

(7) A statement that accurate information cannot be permanently removed from the files of a consumer reporting agency.

(8) A complete and accurate statement indicating when consumer information becomes obsolete and when consumer reporting agencies are prevented from issuing reports containing obsolete information.

(9) A complete and accurate statement of the availability of nonprofit credit counseling services.

As added by P.L.142-1990, SEC.1. Amended by P.L.114-2010, SEC.15.

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