(a) A credit services organization is a person who, with respect to the extension of credit by others and in return for the payment of money or other valuable consideration, provides, or represents that the person can or will provide, any of the following services:
(1) Improving a buyer's credit record, history or rating;
(2) Obtaining an extension of credit for a buyer; or
(3) Providing advice or assistance to a buyer with regard to paragraph (a)(1) or (2) of this section.
(b) The following are exempt from this chapter:
(1) A 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, or a lender approved by the United States Secretary of Housing and Urban Development for participation in a mortgage insurance program under the National Housing Act (12 U.S.C. § 1701 et seq.);
(2) A bank or building/savings and loan association whose deposits or accounts are federally insured, or a subsidiary of such a bank or savings and loan association;
(3) A credit union doing business in this State;
(4) A person licensed under Chapter 22 of Title 5 or Chapter 24A of this title;
(5) A nonprofit organization exempt from taxation under § 501(c)(3) of the Internal Revenue Code of 1986 [26 U.S.C. § 501(c)(3)];
(6) A person licensed as a real estate broker or salesperson under Chapter 29 of Title 24 acting within the course and scope of that license;
(7) A person licensed to practice law in this State acting within the course and scope of the person's practice as an attorney;
(8) A broker-dealer registered with the Securities and Exchange Commission or the Commodity Future Trading Commission acting within the course and scope of that regulation;
(9) A consumer reporting agency;
(10) Mortgage loan or loan brokers who are not engaged in the other activities of credit services organizations as described in subsection (a) of this section; and
(11) A person licensed to practice public accounting in this State acting within the course and scope of the person's practice as an accountant.