Section 24-5-15-2 - "Credit services organization"(a) As used in this chapter, "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:(1) Improving a buyer's credit record, credit history, or credit rating.(2) Obtaining an extension of credit for a buyer.(3) Obtaining a delay or forbearance of a buyer's obligation under a mortgage.(4) Obtaining a lower interest rate for: (B) a residential mortgage loan; to which the buyer is a debtor or a prospective debtor.
(5) Providing debt settlement services on behalf of a buyer.(6) Providing advice or assistance to a buyer concerning the services described in subdivisions (1) through (5).(b) The term "credit services organization" does not include any of the following: (1) A person authorized to make loans or extensions of credit under state or federal laws that is subject to regulation and supervision under state or federal laws, or a lender approved by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the federal National Housing Act (12 U.S.C. 1701 et seq.).(2) A bank or savings association or a subsidiary of a bank or savings association that has deposits or accounts that are eligible for insurance by the Federal Deposit Insurance Corporation.(3) A credit union doing business in Indiana.(4) A nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code.(5) A person licensed as a real estate broker under IC 25-34.1 if the person is acting within the course and scope of the person's license.(6) A person admitted to the practice of law in Indiana if the person is acting within the course and scope of the person's practice as an attorney.(7) A 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 the broker-dealer's regulation.(8) A consumer reporting agency (as defined in the Federal Fair Credit Reporting Act (15 U.S.C. 1681 et seq.)).(9) A loan servicer acting on behalf of the holder of: (B) a residential mortgage loan.(10) A debt management company (as defined in IC 28-1-29-1(2)).As added by P.L. 142-1990, SEC.1. Amended by P.L. 8-1991, SEC.7; P.L. 79-1998, SEC.27; P.L. 171-2006, SEC.1; P.L. 114-2010, SEC.13.