407.637. Credit service organization--exemptions.
Credit service organization--exemptions.
407.637. 1. A credit services organization is a person who, withrespect to the extension of credit by others and in return for the payment ofmoney or other valuable consideration, provides or represents that the personcan or will provide any of the following services:
(1) Improving the 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 subdivision(1) or (2) of this subsection.
2. The following are exempt from the provisions of sections 407.635 to407.644:
(1) A person authorized to make loans or extensions of credit under thelaws of this state or the United States who is subject to regulation andsupervision by this state or the United States, or a lender approved by theUnited States Secretary of Housing and Urban Development for participation ina mortgage insurance program under the federal National Housing Act, 12 U.S.C.Section 1701, et seq.;
(2) A bank or savings and loan association whose deposits or accountsare eligible for insurance by the Federal Deposit Insurance Corporation, or asubsidiary of such a bank or savings and loan association;
(3) A credit union doing business in this state;
(4) A nonprofit organization exempt from taxation under section501(c)(3) of the Internal Revenue Code;
(5) A person licensed as a real estate broker or salesperson pursuant tochapter 339, RSMo, acting within the course and scope of that license;
(6) A person licensed to practice law in this state acting within thecourse and scope of the person's practice as an attorney;
(7) A broker-dealer registered with the Securities and ExchangeCommission or the Commodity Futures Trading Commission acting within thecourse and scope of that regulation;
(8) A consumer reporting agency;
(9) A person whose primary business is making loans secured by liens onreal property;
(10) A person who is licensed as a certified public accountant pursuantto chapter 326, RSMo, acting within the course and scope of that license; oran individual who is enrolled to practice before the Internal Revenue Service;or an accountant, who is accredited by the Accreditation Council forAccountancy.
(L. 1991 S.B. 112 § 2)