12 U.S.C. § 5536

Current through P.L. 118-47 (published on www.congress.gov on 03/23/2024)

Section 5536 - Prohibited acts

(a) In general

It shall be unlawful for-

(1) any covered person or service provider-

(A) to offer or provide to a consumer any financial product or service not in conformity with Federal consumer financial law, or otherwise commit any act or omission in violation of a Federal consumer financial law; or

(B) to engage in any unfair, deceptive, or abusive act or practice;

(2) any covered person or service provider to fail or refuse, as required by Federal consumer financial law, or any rule or order issued by the Bureau thereunder-

(A) to permit access to or copying of records;

(B) to establish or maintain records; or

(C) to make reports or provide information to the Bureau; or

(3) any person to knowingly or recklessly provide substantial assistance to a covered person or service provider in violation of the provisions of section 5531 of this title, or any rule or order issued thereunder, and notwithstanding any provision of this title,¹ the provider of such substantial assistance shall be deemed to be in violation of that section to the same extent as the person to whom such assistance is provided.

(b) Exception

No person shall be held to have violated subsection (a)(1) solely by virtue of providing or selling time or space to a covered person or service provider placing an advertisement.

¹ See References in Text note below.

12 U.S.C. § 5536

Pub. L. 111-203, title X, §10361036,, 124 Stat. 2010.

EDITORIAL NOTES

REFERENCES IN TEXTThis title, where footnoted in subsec. (a)(3), is title X of Pub. L. 111-203, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.

STATUTORY NOTES AND RELATED SUBSIDIARIES

EFFECTIVE DATESection effective on the designated transfer date, see section 1037 of Pub. L. 111-203 set out as a note under section 5531 of this title.

Bureau: The term "Bureau" means the Bureau of Consumer Financial Protection.
Federal consumer financial law: The term "Federal consumer financial law" means the provisions of this title,1 the enumerated consumer laws, the laws for which authorities are transferred under subtitles F and H, and any rule or order prescribed by the Bureau under this title,1 an enumerated consumer law, or pursuant to the authorities transferred under subtitles F and H. The term does not include the Federal Trade Commission Act [ 15 U.S.C. 41 et seq.].
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.
person: The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.