2011 Wisconsin Code
Chapter 422. Consumer credit transactions.
CREDIT SERVICES ORGANIZATIONS
422.501 Definitions. In this subchapter:
(1) “Buyer” means a natural person or customer who is solicited to purchase or who purchases the services of a credit services organization.
(1m) “Consumer reporting agency” has the meaning given in 15 USC 1681a (f).
(a) “Credit services organization” means a person or merchant who, with respect to the extension of credit by others, sells, provides or performs, or represents that the person will sell, provide or perform, any of the following services in return for the payment of money or for other valuable consideration:
1. Improving a buyer’s credit record, credit history or credit rating.
2. Arranging for or obtaining an extension of credit for a buyer.
3. Providing advice or assistance to a buyer with regard to subd. 1. or 2.
(b) “Credit services organization” does not include any of the following:
1. A person organized, chartered or holding a license or authorization certificate to make loans or extensions of credit pursuant to the laws of this state or the United States and who is subject to regulation and supervision by an official or agency of this state or the United States.
2. A bank or savings and loan association whose deposits or accounts are insured by the federal deposit insurance corporation, or a credit union whose deposits or accounts are insured by the national credit union administration.
3. A nonprofit organization described under section 501 (c) (3) of the internal revenue code and exempt from taxation under section 501 (a) of the internal revenue code.
4. A person licensed as an adjustment service company under s. 218.02 if the person is acting within the course and scope of that license.
5. A person licensed as a real estate broker or salesperson under ch. 452 if the person is acting within the course and scope of that license.
6. A person licensed to practice law in this state if the person is rendering services within the course and scope of his or her practice as an attorney at law.
7. A broker-dealer or agent registered under s. 551.406 if the broker-dealer or agent is acting within the course and scope of that license.
8. A person licensed as a mortgage banker, mortgage loan originator, or mortgage broker under s. 224.72 or 224.725 if the person is acting within the course and scope of the license.
9. A consumer reporting agency, if the consumer reporting agency is acting within the scope of assembling or evaluating consumer credit information on consumers for the purpose of furnishing consumer reports, as defined in 15 USC 1681a (d), to 3rd parties.
(3) “Extension of credit” means the right to defer payment of debt or to incur debt and defer its payment, that is offered or granted for debt that is incurred primarily for personal, family or household purposes.