10102745D
HOUSE BILL NO. 872
Offered January 13, 2010
Prefiled January 13, 2010
A BILL to amend and reenact §59.1-335.5 of the Code of
Virginia, relating to practices prohibited under the Virginia Credit Services
Businesses Act.
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Patron-- Cline
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Referred to Committee on Commerce and Labor
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Be it enacted by the General Assembly of Virginia:
1. That §59.1-335.5 of the Code of Virginia is amended
and reenacted as follows:
§59.1-335.5. Prohibited practices.
A credit services business, and its salespersons, agents and
representatives, and independent contractors who sell or attempt to sell the
services of a credit services business, shall not do any of the following:
1. Charge
or receive any money or other valuable consideration prior to full and complete
performance of the services that the credit services business has agreed to
perform for or on behalf of the consumer;
2.
Charge or receive any money or other valuable consideration solely for referral
of the consumer to a retail seller or to any other credit grantor who will or
may extend to the consumer, if the credit that is or will be extended to the
consumer is upon substantially the same terms as those available to the general
public;
32. Make, or counsel or advise
any consumer to make, any statement that is untrue or misleading and which is
known, or which by the exercise of reasonable care should be known, to be
untrue or misleading, to a consumer reporting agency or to any person who has
extended credit to a consumer or to whom a consumer is applying for an
extension of credit, with respect to a consumer's creditworthiness, credit
standing, or credit capacity; or
43. Make or use any untrue or
misleading representations in the offer or sale of the services of a credit
services business or engage, directly or indirectly, in any act, practice, or
course of business which operates or would operate as a fraud or deception upon
any person in connection with the offer or sale of the services of a credit
services business.
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