As used in the Credit Services Organization Act:

1. "Buyer" means any individual who is solicited to purchase or who purchases the services of a credit services organization;

2.a."Credit services organization" means any person who, with respect to the extension of credit by others, 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 from any source, any of the following services more than twelve times in a calendar year:

(1)improving a buyer's credit record, history, or rating,

(2)obtaining an extension of credit for a buyer, or

(3)providing advice or assistance to a buyer with regard to division (1) or (2) of this subparagraph,

b."Credit services organization" does not include:

(1)any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States or a lender approved by the United States Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act,

(2)any bank, savings and loan institution or credit union whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation, the Federal Savings and Loan Insurance Corporation, or the National Credit Union Administration or a subsidiary of such bank, savings and loan institution or credit union,

(3)any nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code,

(4)any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license,

(5)any person licensed to practice law in this state if the person renders services within the course and scope of the practice of the person as an attorney,

(6)any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of that regulation,

(7)any consumer reporting agency as defined in the Federal Fair Credit Reporting Act, 15 U.S.C., Sections 1681 through 1681t,

(8)any person authorized to file electronic income tax returns who does not receive any consideration for refund anticipation loans,

(9)any residential mortgage broker as defined in the Mortgage Broker Licensure Act, or

(10)any insurance company, its affiliates and subsidiaries, authorized to do business in this state by the Insurance Commissioner, including insurance agents licensed in this state;

3. "Extension of credit" means the right to defer payment of debt or to incur debt and defer its payment offered or granted primarily for personal, family, or household purposes, or to anyone whose principal occupation is agricultural in nature; and

4. "Administrator" means the Administrator of the Department of Consumer Credit.

Added by Laws 1987, c. 35, § 2, emerg. eff. April 20, 1987. Amended by Laws 1987, c. 208, § 53, operative July 1, 1987; Laws 1987, c. 236, § 79, emerg. eff. July 20, 1987; Laws 1991, c. 312, § 6, eff. July 1, 1991; Laws 1992, c. 210, § 1, emerg. eff. May 15, 1992; Laws 1997, c. 401, § 12, eff. Nov. 1, 1997; Laws 1998, c. 130, § 1, eff. Nov. 1, 1998; Laws 2002, c. 171, § 1.