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United States · Bill · HR

H.R. 458 (100th)

Credit Repair Organizations Act

openUnited States· United States Congress· EN

Introduced

7 January 1987

Last action

15 September 1988 · Committee

Status

Subcommittee Hearings Held.

Sponsors

Rep. Annunzio, Frank [D-IL-11], Rep. Henry, Paul B. [R-MI-5], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Porter, John Edward [R-IL-10], Rep. St Germain, Fernand J. [D-RI-1], Rep. Vander Jagt, Guy [R-MI-9], Rep. Yates, Sidney R. [D-IL-9], Rep. Ackerman, Gary L. [D-NY-5], Rep. Barton, Joe [R-TX-6], Rep. Beilenson, Anthony C. [D-CA-24], Rep. Bosco, Douglas H. [D-CA-1], Sen. Brown, Hank [R-CO], Rep. Byron, Beverly B. [D-MD-6], Rep. Hayes, James A. [D-LA-7], Rep. Lehman, William [D-FL-17], Rep. Owens, Wayne [D-UT-2], Rep. Pursell, Carl D. [R-MI-2], Rep. Schaefer, Dan [R-CO-6], Rep. Schuette, Bill [R-MI-10], Rep. Stump, Bob [R-AZ-3], Rep. Wylie, Chalmers P. [R-OH-15], Rep. Neal, Stephen L. [D-NC-5], Sen. Carper, Thomas R. [D-DE], Rep. Boulter, Beau [R-TX-13], Rep. Pelosi, Nancy [D-CA-11], Rep. Hiler, John Patrick [R-IN-3], Rep. Chapman, Jim [D-TX-1], Rep. Lewis, John [D-GA-5], Rep. Lloyd, Marilyn [D-TN-3], Rep. McCurdy, Dave [D-OK-4], Rep. Mfume, Kweisi [D-MD-7], Rep. Rhodes, John J., III [R-AZ-1], Rep. Skeen, Joe [R-NM-2], Rep. Upton, Fred [R-MI-6], Rep. Darden, George (Buddy) [D-GA-7], Sen. Durbin, Richard J. [D-IL], Rep. Feighan, Edward F. [D-OH-19], Sen. Lott, Trent [R-MS], Rep. Montgomery, G. V. (Sonny) [D-MS-3], Rep. Roemer, Buddy [D-LA-4], Rep. Kolbe, Jim [R-AZ-8], Rep. Ridge, Thomas J. [R-PA-21], Rep. Roth, Toby [R-WI-8], Rep. Espy, Mike [D-MS-2], Rep. Kleczka, Gerald D. [D-WI-4], Rep. Morella, Constance A. [R-MD-8], Rep. Barnard, Doug, Jr. [D-GA-10], Rep. Fazio, Vic [D-CA-3]

Subjects

Discovery layer

Source updated

28 August 2025

Official sourceView documentsShare

Summary

Credit Repair Organizations Act - Amends the Consumer Credit Protection Act to prohibit any credit repair organization (any person who provides a service for the purpose of improving a consumer's credit record) from: (1) charging or receiving any money prior to the completion of its services (unless it has obtained a $50,000 surety bond); (2) charging or receiving money solely for the referral of a customer to a retailer if the credit which may be extended to the buyer is upon substantially the same terms as those available to the general public; (3) advising any client to make an untrue or misleading statement; and (4) using any untrue or misleading statement. Requires the organization to provide the consumer with a written disclosure statement which includes a description of: (1) the consumer's rights; (2) the services to be provided by the organization; and (3) the total amount the consumer will be charged. Sets forth contract requirements and the rights of the consumer with regard to cancellation of such contract. Subjects any organization which fails to comply with any provision of this Act to civil liability. Grants any appropriate U.S. district court jurisdiction in such actions (without regard to the amount in controversy). Provides a two year statute of limitations for such actions (unless the defendant has willfully misrepresented any information required under this Act). Provides for the administrative enforcement of this Act by the Federal Trade Commission, as provided in the Federal Trade Commission Act.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 7 January 1987

    Referred

    Referred to Subcommittee on Consumer Affairs and Coinage.

    Source: Committee

  2. 7 January 1987

    Introduced

    Referred to House Committee on Banking, Finance and Urban Affairs.

    Source: IntroReferral

  3. 7 January 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 7 January 1987

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 15 September 1988

    Committee

    Subcommittee Hearings Held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

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Related records

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Sources

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