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GA SB371
Bill
Status
Introduced
1/25/2022
Primary Sponsor
Larry Walker
Click for details
AI Summary
- Amends Georgia Code Section 16-9-59 to exempt certain for-profit credit repair services organizations from the state's existing restrictions, provided they comply with specified consumer protection requirements
- Requires qualifying credit repair organizations to obtain a $50,000 surety bond filed with the Department of Banking and Finance, which must remain in place for at least one year after ceasing operations in Georgia and can be used to cover administrative fines or civil damages
- Mandates that credit repair organizations provide buyers with a written contract detailing services and monthly charges, an information statement notifying buyers of their right to dispute credit report items on their own, and disclosure that only items the buyer affirms are unfair, inaccurate, or unsubstantiated will be challenged
- Requires a notice of cancellation granting buyers the right to rescind the agreement within five business days and to cancel services at any time
- Prohibits qualifying credit repair organizations from engaging in debt adjusting as defined under Georgia Code Section 18-5-1
Legislative Description
Fraud; for-profit credit repair services; authorize
Last Action
Senate Tabled
3/9/2022
Committee Referrals
Agriculture and Consumer Affairs1/26/2022
Full Bill Text
No bill text available