12 U.S.C. § 5518
The Bureau shall conduct a study of, and shall provide a report to Congress concerning, the use of agreements providing for arbitration of any future dispute between covered persons and consumers in connection with the offering or providing of consumer financial products or services.
The Bureau, by regulation, may prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers. The findings in such rule shall be consistent with the study conducted under subsection (a).
The authority described in subsection (b) may not be construed to prohibit or restrict a consumer from entering into a voluntary arbitration agreement with a covered person after a dispute has arisen.
Notwithstanding any other provision of law, any regulation prescribed by the Bureau under subsection (b) shall apply, consistent with the terms of the regulation, to any agreement between a consumer and a covered person entered into after the end of the 180-day period beginning on the effective date of the regulation, as established by the Bureau.
12 U.S.C. § 5518
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective on the designated transfer date, see section 1029A of Pub. L. 111-203 set out as a note under section 5511 of this title.
- Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- consumer financial product or service
- The term "consumer financial product or service" means any financial product or service that is described in one or more categories under-(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
- consumer
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- covered person
- The term "covered person" means-(A) any person that engages in offering or providing a consumer financial product or service; and(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.