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H.B. 137
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7 LONG TITLE
8 General Description:
9 This bill modifies the Credit Services Organizations Act.
10 Highlighted Provisions:
11 This bill:
12 . modifies the definition of a credit services organization to include a person that
13 provides debt-management services, as defined in this bill; and
14 . makes technical changes.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 AMENDS:
21 13-21-2, as last amended by Laws of Utah 2011, Chapter 289
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23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 13-21-2 is amended to read:
25 13-21-2. Definitions -- Exemptions.
26 As used in this chapter:
27 (1) "Buyer" means an individual who is solicited to purchase or who purchases the
28 services of a credit services organization.
29 (2) "Credit reporting agency" means a person [
30 on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of
31 assembling or evaluating consumer credit information or other information on consumers for
32 the purpose of furnishing consumer reports to third persons.
33 (3) (a) "Credit services organization" means a person [
34 person or [
35 to the extension of credit by others, sells, provides, or performs, or represents that the person
36 can or will sell, provide, or perform, in return for the payment of money or other valuable
37 consideration any of the following services:
38 (i) improving a buyer's credit record, history, or rating;
39 (ii) [
40 regard to Subsection (3)(a)(i); or
41 (iii) [
42 (b) "Credit services organization" does not include:
43 (i) a person authorized to make loans or extensions of credit under the laws of this state
44 or the United States [
45 United States and [
46 and extensions of credit;
47 (ii) a depository institution:
48 (A) as defined in Section 7-1-103 ; or
49 (B) that is regulated or supervised by the Federal Deposit Insurance Corporation or the
50 National Credit Union Administration;
51 (iii) a person licensed as a principal broker under Title 61, Chapter 2f, Real Estate
52 Licensing and Practices Act, if the person is acting within the course and scope of that license;
53 (iv) a person licensed to practice law in this state if:
54 (A) the person renders the services described in Subsection (3)(a) within the course and
55 scope of the person's practice as an attorney; and
56 (B) the services described in Subsection (3)(a) are incidental to the person's practice as
57 an attorney;
58 (v) a broker-dealer registered with the Securities and Exchange Commission or the
59 Commodity Futures Trading Commission if the broker-dealer is acting within the course and
60 scope of that regulation;
61 (vi) a credit reporting agency if the services described in Subsection (3)(a) are
62 incidental to the credit reporting agency's services; or
63 (vii) a person [
64 registered under Title 13, Chapter 42, Uniform Debt-Management Services Act.
65 (4) "Debt-management services" is as defined in Section 13-42-102 .
66 [
67 and defer its payment, offered or granted primarily for personal, family, or household purposes.
Legislative Review Note
as of 2-6-13 1:32 PM