§ 66-221. Definitions. - North Carolina Statutes

§ 66‑221.  Definitions.

As used in this Article,unless the context requires otherwise:

(1)        "Credit repairbusiness" means any person who, with respect to the extension of credit byothers, sells, provides, or performs, or represents that such person can orwill sell, provide, or perform any of the following services in return for thepayment of money or other valuable consideration:

a.         Improving,repairing, or correcting a consumer's credit record, history, or rating;

b.         Obtaining revolvingcharge card credit or retail installment credit;

c.         Providing advice orassistance to a consumer with regard to either sub‑subdivision a. or b.above.

(2)        "Credit repairbusiness" does not include:

a.         Any bank, creditunion, or savings institution organized and chartered under the laws of thisState or the United States, or any consumer finance lender licensed pursuant toArticle 15 of Chapter 53 of the General Statutes;

b.         Any nonprofitorganization exempt from taxation under section 501(c)(3) of the InternalRevenue Code (26 U.S.C. § 501(c)(3));

c.         Any person licensedas a real estate broker or real estate salesman by this State where the personis acting within the course and scope of the license;

d.         Any person licensedto practice law in this State where the person renders services within thecourse and scope of that person's practice as a lawyer;

e.         Any broker‑dealerregistered with the Securities and Exchange Commission or the CommoditiesFuture Trading Commission where the broker‑dealer is acting within thecourse and scope of that regulation; or

f.          Any consumerreporting agency as defined in the Federal Fair Credit Reporting Act.

(3)        "Consumer"means any individual who is solicited to purchase or who purchases the servicesof a credit repair business.  (1991, c. 327, s. 1.)