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I own an credit repair business in NY. I want to open a

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Hello, I own an credit...
Hello, I own an credit repair business in NY. I want to open a location in GA, will I be operating as a legal business being that I AM INCORPORATED IN NY?
Submitted: 11 months ago.Category: Legal
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9/19/2017
Lawyer: KLAW, Lawyer replied 11 months ago
KLAW
KLAW, Lawyer
Category: Legal
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Experience: I have over 20 years of experience in commercial real estate law, finance, consumer credit, landlord tenant, and business law.
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Good afternoon
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Lawyer: KLAW, Lawyer replied 11 months ago
I am a legal expert who will assist you today
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Lawyer: KLAW, Lawyer replied 11 months ago
Will you be operating as a credit repair solely, or in any other capacity?
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Customer reply replied 11 months ago
Only credit repair, we are incorporated as an LLC in NY State
Customer reply replied 11 months ago
No
Lawyer: KLAW, Lawyer replied 11 months ago

Ok

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Lawyer: KLAW, Lawyer replied 11 months ago

In Georgia you cannot operate a credit repair agency that extends credit or uses their information

Georgia law states that you can't run a business which says you can do any of the listed things below under the Code. Georgia makes it illegal to operate a business in relation to someone's credit history or rating. Since the only way you would be operating a credit repair business would be if it involved someone's credit rating or history due to loans or credit cards (both of which meet the definition of extension of credit) then the business is illegal.

Both the GA Governor's Office and the AGs office note that credit repair companies are illegal at http://consumer.georgia.gov/consumer-topics/credit-repair.

Here is the law. § 16-9-59. Operating credit repair services organization

(a) As used in this Code section, the term:
(1) "Buyer" means any individual who is solicited to purchase or who purchases the services of a credit repair services organization.
(2)(A) "Credit repair services organization" means any person who, with respect to the extension of credit to a buyer by others, sells, provides, or performs, or represents that he can or will sell, provide, or perform, in return for the payment of money or other valuable consideration any of the following services:
(i) Improving a buyer's credit record, history, or rating;
(ii) Obtaining an extension of credit for a buyer;
(iii) Providing advice or assistance to a buyer with regard to either division (i) or (ii) of this subparagraph.
(B) "Credit repair services organization" does not include:
(i) Any person authorized to make loans or extensions of credit under the laws of this state or the United States who is subject to regulation and supervision by this state or the United States ;
(ii) Any bank or savings and loan institution whose deposits or accounts are eligible for insurance by the Federal Deposit Insurance Corporation or the Savings Association Insurance Fund of the Federal Deposit Insurance Corporation;
(iii) Any nonprofit organization exempt from taxation under Section 501(c)(3) of the Internal Revenue Code of 1986;
(iv) Any person licensed as a real estate broker by this state if the person is acting within the course and scope of that license;
(v) Any person licensed to practice law in this state if the person renders services within the course and scope of his or her practice as an attorney;
(vi) 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 those regulatory agencies; or
(vii) Any consumer reporting agency as defined in the federal Fair Credit Reporting Act (15 U.S.C. 1681-1681t).
(3) "Extension of credit" means the right to defer payment of debt or to incur debt and defer its payment, offered or granted primarily for personal, family, or household purposes.

(b) A person commits the offense of operating a credit repair services organization when he or she owns, operates, or is affiliated with a credit repair services organization.

(c) Any person who commits the offense of operating a credit repair services organization shall be guilty of a misdemeanor.

Laws 1987, p. 1413, § 1; Laws 1988, p. 13, § 16.

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