Page:United States Statutes at Large Volume 120.djvu/1117

 120 STAT. 1086

PUBLIC LAW 109–280—AUG. 17, 2006 (d) shall apply to appraisals prepared with respect to returns or submissions filed after the date of the enactment of this Act. (3) SPECIAL RULE FOR CERTAIN EASEMENTS.—In the case of a contribution of a qualified real property interest which is a restriction with respect to the exterior of a building described in section 170(h)(4)(C)(ii) of the Internal Revenue Code of 1986, and an appraisal with respect to the contribution, the amendments made by subsections (a) and (b) shall apply to returns filed after July 25, 2006.

SEC. 26 USC 501.

VerDate 14-DEC-2004

10:20 Jul 12, 2007

1220.

ADDITIONAL STANDARDS ORGANIZATIONS.

FOR

CREDIT

COUNSELING

(a) IN GENERAL.—Section 501 (relating to exemption from tax on corporations, certain trusts, etc.) is amended by redesignating subsection (q) as subsection (r) and by inserting after subsection (p) the following new subsection: ‘‘(q) SPECIAL RULES FOR CREDIT COUNSELING ORGANIZATIONS.— ‘‘(1) IN GENERAL.—An organization with respect to which the provision of credit counseling services is a substantial purpose shall not be exempt from tax under subsection (a) unless such organization is described in paragraph (3) or (4) of subsection (c) and such organization is organized and operated in accordance with the following requirements: ‘‘(A) The organization— ‘‘(i) provides credit counseling services tailored to the specific needs and circumstances of consumers, ‘‘(ii) makes no loans to debtors (other than loans with no fees or interest) and does not negotiate the making of loans on behalf of debtors, ‘‘(iii) provides services for the purpose of improving a consumer’s credit record, credit history, or credit rating only to the extent that such services are incidental to providing credit counseling services, and ‘‘(iv) does not charge any separately stated fee for services for the purpose of improving any consumer’s credit record, credit history, or credit rating. ‘‘(B) The organization does not refuse to provide credit counseling services to a consumer due to the inability of the consumer to pay, the ineligibility of the consumer for debt management plan enrollment, or the unwillingness of the consumer to enroll in a debt management plan. ‘‘(C) The organization establishes and implements a fee policy which— ‘‘(i) requires that any fees charged to a consumer for services are reasonable, ‘‘(ii) allows for the waiver of fees if the consumer is unable to pay, and ‘‘(iii) except to the extent allowed by State law, prohibits charging any fee based in whole or in part on a percentage of the consumer’s debt, the consumer’s payments to be made pursuant to a debt management plan, or the projected or actual savings to the consumer resulting from enrolling in a debt management plan. ‘‘(D) At all times the organization has a board of directors or other governing body—

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