Subd. 1. Applicability.

The definitions in this section apply to sections 332.52 to 332.60.

Subd. 2. Buyer.

"Buyer" means any individual who is solicited to purchase or who purchases the services of a credit services organization.

Subd. 3. Credit services organization.

1. (a) "Credit services organization" means any person that, with respect to the extension of credit by others, sells, provides, performs, or represents that the person will sell, provide, or perform, in return for the payment of money or other valuable consideration, any of the following services:

   1. (1) improve a buyer's credit record, history, or rating;
   2. (2) obtain an extension of credit for a buyer; or
   3. (3) provide advice or assistance to a buyer with regard to either clause (1) or (2).

2. (b) "Credit services organization" does not include:

   1. (1) any person authorized to make loans or extensions of credit under the laws of this state or the United States, if the person is subject to regulation and supervision by this state or the United States or a lender approved by the United States Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act, United States Code, title 12, section 1701 et seq.;
   2. (2) any bank, savings bank, or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or a subsidiary of the bank, savings bank, or savings and loan institution;
   3. (3) any credit union, federal credit union, or out-of-state credit union doing business in this state;
   4. (4) any nonprofit organization exempt from taxation under section 501(c)(3) of the Internal Revenue Code of 1986, as amended through December 31, 1990;
   5. (5) any person licensed as a prorating agency under the laws of this state if the person is acting within the course and scope of that license;
   6. (6) any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license;
   7. (7) any person licensed as a collection agency under the laws of this state if the person is acting within the course and scope of that license;
   8. (8) any person licensed to practice law in this state if the person renders services within the course and scope of practice as an attorney;
   9. (9) any broker-dealer registered with the Securities and Exchange Commission or the Commodity Futures Trading Commission if the broker-dealer is acting within the course and scope of that regulation; or
   10. (10) any consumer reporting agency as defined in the federal Fair Credit Reporting Act, United States Code, title 15, sections 1681 to 1681t, as amended through December 31, 1990.

Subd. 4. Extension of credit.

"Extension of credit" means the right, offered or granted primarily for personal, family, or household purposes, to defer payment of debt or to incur debt and defer its payment.