2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter V - Bureau of Consumer Financial Protection (Sections 5481 - 5603)
Part G - Regulatory Improvements (Sections 5601 - 5603)
Sec. 5603 - Review, report, and program with respect to exchange facilitators
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER V - BUREAU OF CONSUMER FINANCIAL PROTECTION Part G - Regulatory Improvements Sec. 5603 - Review, report, and program with respect to exchange facilitators |
Contains | section 5603 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 111-203, title X, §1079, July 21, 2010, 124 Stat. 2077. |
Statutes at Large Reference | 124 Stat. 2077 |
Public and Private Law | Public Law 111-203 |
Download PDF
The Director shall review all Federal laws and regulations relating to the protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes.
(b) ReportNot later than 1 year after the designated transfer date, the Director shall submit to Congress a report describing—
(1) recommendations for legislation to ensure the appropriate protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes;
(2) recommendations for updating the regulations of Federal departments and agencies to ensure the appropriate protection of such consumers; and
(3) recommendations for regulations to ensure the appropriate protection of such consumers.
(c) ProgramNot later than 2 years after the date of the submission of the report under subsection (b), the Bureau shall, consistent with part B, propose regulations or otherwise establish a program to protect consumers who use exchange facilitators.
(d) Exchange facilitator definedIn this section, the term "exchange facilitator" means a person that—
(1) facilitates, for a fee, an exchange of like kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayer's relinquished property and transfers a replacement property to the taxpayer as a qualified intermediary (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(4)) or enters into an agreement with the taxpayer to take title to a property as an exchange accommodation titleholder (within the meaning of Revenue Procedure 2000–37) or enters into an agreement with a taxpayer to act as a qualified trustee or qualified escrow holder (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(3));
(2) maintains an office for the purpose of soliciting business to perform the services described in paragraph (1); or
(3) advertises any of the services described in paragraph (1) or solicits clients in printed publications, direct mail, television or radio advertisements, telephone calls, facsimile transmissions, or other electronic communications directed to the general public for purposes of providing any such services.
(Pub. L. 111–203, title X, §1079, July 21, 2010, 124 Stat. 2077.)
Disclaimer: These codes may not be the most recent version. The United States Government Printing Office may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the US site. Please check official sources.