Wisconsin § 422.501 - Definitions.

§ 422.501. Definitions.

In this subchapter: 422.501(1) (1) “Buyer” means a natural person or customer who is solicited to purchase or who purchases the services of a credit services organization. 422.501(1m) (1m) “Consumer reporting agency” has the meaning given in 15 USC 1681a (f). 422.501(2) (2) 422.501(2)(a) (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: 422.501(2)(a)1. 1. Improving a buyer’s credit record, credit history or credit rating. 422.501(2)(a)2. 2. Arranging for or obtaining an extension of credit for a buyer. 422.501(2)(a)3. 3. Providing advice or assistance to a buyer with regard to subd. 1. or 2. 422.501(2)(b) (b) “Credit services organization” does not include any of the following: 422.501(2)(b)1. 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. 422.501(2)(b)2. 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. 422.501(2)(b)3. 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. 422.501(2)(b)4. 4. A person licensed as an adjustment service company under s.