Bill > SB548

This bill amends Georgia law to exempt certain for-profit organizations from being classified as "credit repair services organizations" if they meet specific consumer protection requirements. These requirements include obtaining a $50,000 bond filed with the Attorney General to cover potential fines or damages, providing buyers with a written contract detailing services and monthly costs, and giving buyers an informational statement about their right to dispute credit report items themselves and to pursue claims against the bond. Additionally, these organizations must offer a notice of cancellation allowing buyers to rescind the agreement within ten business days of signing and to cancel services at any time, with a pre-printed form for contacting the organization. The bill also references federal law, specifically 15 U.S.C. Section 1679a, which defines "credit repair organization" under federal regulations.

https://www.legis.ga.gov/legislation/73509