407.638. A credit services organization, a salesperson,agent or representative of a credit services organization, or anindependent contractor who sells or attempts to sell the servicesof a credit services organization may not:
(1) Charge a buyer or receive from a buyer money or othervaluable consideration before completing performance of allservices the credit services organization has agreed to performfor the buyer, unless the credit services organization hasobtained in accordance with section 407.639 a surety bond in theamount required by subsection 4 of section 407.639, issued by asurety company authorized to do business in this state, or hasestablished and maintained a surety account at a federallyinsured bank or savings and loan association located in thisstate in which the amount required by subsection 5 of section407.639 is held in trust as required by section 407.639;
(2) Charge a buyer or receive from a buyer money or othervaluable consideration solely for referral of the buyer to aretail seller who will or may extend credit to the buyer if thecredit that is or will be extended to the buyer is substantiallythe same as that available to the general public;
(3) Make or use a false or misleading representation in theoffer or sale of the services of a credit services organization,including:
(a) Guaranteeing to "erase bad credit" or words to thateffect unless the representation clearly discloses that this canbe done only if the credit history is inaccurate or obsolete; and
(b) Guaranteeing an extension of credit regardless of theperson's previous credit problem or credit history unless therepresentation clearly discloses the eligibility requirements forobtaining an extension of credit;
(4) Engage, directly or indirectly, in a fraudulent ordeceptive act, practice or course of business in connection withthe offer or sale of the services of a credit servicesorganization;
(5) Make, or advise a buyer to make, a statement withrespect to a buyer's credit worthiness, credit standing, orcredit capacity that is false or misleading or that should beknown by the exercise of reasonable care to be false ormisleading, to a consumer reporting agency or to a person who hasextended credit to a buyer or to whom a buyer is applying for anextension of credit;
(6) Advertise or cause to be advertised, in any mannerwhatsoever, the services of a credit services organizationwithout filing a registration statement with the director offinance, unless otherwise provided by this chapter.
407.638. A credit services organization, a salesperson,agent or representative of a credit services organization, or anindependent contractor who sells or attempts to sell the servicesof a credit services organization may not:
(1) Charge a buyer or receive from a buyer money or othervaluable consideration before completing performance of allservices the credit services organization has agreed to performfor the buyer, unless the credit services organization hasobtained in accordance with section 407.639 a surety bond in theamount required by subsection 4 of section 407.639, issued by asurety company authorized to do business in this state, or hasestablished and maintained a surety account at a federallyinsured bank or savings and loan association located in thisstate in which the amount required by subsection 5 of section407.639 is held in trust as required by section 407.639;
(2) Charge a buyer or receive from a buyer money or othervaluable consideration solely for referral of the buyer to aretail seller who will or may extend credit to the buyer if thecredit that is or will be extended to the buyer is substantiallythe same as that available to the general public;
(3) Make or use a false or misleading representation in theoffer or sale of the services of a credit services organization,including:
(a) Guaranteeing to "erase bad credit" or words to thateffect unless the representation clearly discloses that this canbe done only if the credit history is inaccurate or obsolete; and
(b) Guaranteeing an extension of credit regardless of theperson's previous credit problem or credit history unless therepresentation clearly discloses the eligibility requirements forobtaining an extension of credit;
(4) Engage, directly or indirectly, in a fraudulent ordeceptive act, practice or course of business in connection withthe offer or sale of the services of a credit servicesorganization;
(5) Make, or advise a buyer to make, a statement withrespect to a buyer's credit worthiness, credit standing, orcredit capacity that is false or misleading or that should beknown by the exercise of reasonable care to be false ormisleading, to a consumer reporting agency or to a person who hasextended credit to a buyer or to whom a buyer is applying for anextension of credit;
(6) Advertise or cause to be advertised, in any mannerwhatsoever, the services of a credit services organizationwithout filing a registration statement with the director offinance, unless otherwise provided by this chapter.
407.638. A credit services organization, a salesperson,agent or representative of a credit services organization, or anindependent contractor who sells or attempts to sell the servicesof a credit services organization may not:
(1) Charge a buyer or receive from a buyer money or othervaluable consideration before completing performance of allservices the credit services organization has agreed to performfor the buyer, unless the credit services organization hasobtained in accordance with section 407.639 a surety bond in theamount required by subsection 4 of section 407.639, issued by asurety company authorized to do business in this state, or hasestablished and maintained a surety account at a federallyinsured bank or savings and loan association located in thisstate in which the amount required by subsection 5 of section407.639 is held in trust as required by section 407.639;
(2) Charge a buyer or receive from a buyer money or othervaluable consideration solely for referral of the buyer to aretail seller who will or may extend credit to the buyer if thecredit that is or will be extended to the buyer is substantiallythe same as that available to the general public;
(3) Make or use a false or misleading representation in theoffer or sale of the services of a credit services organization,including:
(a) Guaranteeing to "erase bad credit" or words to thateffect unless the representation clearly discloses that this canbe done only if the credit history is inaccurate or obsolete; and
(b) Guaranteeing an extension of credit regardless of theperson's previous credit problem or credit history unless therepresentation clearly discloses the eligibility requirements forobtaining an extension of credit;
(4) Engage, directly or indirectly, in a fraudulent ordeceptive act, practice or course of business in connection withthe offer or sale of the services of a credit servicesorganization;
(5) Make, or advise a buyer to make, a statement withrespect to a buyer's credit worthiness, credit standing, orcredit capacity that is false or misleading or that should beknown by the exercise of reasonable care to be false ormisleading, to a consumer reporting agency or to a person who hasextended credit to a buyer or to whom a buyer is applying for anextension of credit;
(6) Advertise or cause to be advertised, in any mannerwhatsoever, the services of a credit services organizationwithout filing a registration statement with the director offinance, unless otherwise provided by this chapter.
