Ask Reggi Your Question Now
Can you summarize 12 USC 5531?
Specific Bureau Authorities > Prohibiting unfair, deceptive, or abusive acts or practices
Short Summary
This legal document, 5531 of the United States Code, falls under the provisions of the Bureau of Consumer Financial Protection. It grants the Bureau the authority to take action against covered persons or service providers who commit or engage in unfair, deceptive, or abusive acts or practices in connection with transactions involving consumer financial products or services. The Bureau is empowered to prescribe rules identifying such acts or practices as unlawful and may consider established public policies as evidence in determining unfairness. The document also outlines the criteria for declaring an act or practice as unfair or abusive, including substantial injury to consumers and interference with consumer understanding or reliance. The Bureau is required to consult with relevant federal agencies when prescribing rules, and the rules must consider the seasonality and irregularity of income for credit secured by residential real estate or a dwelling. Specific penalties for non-compliance or violations are not mentioned in this document.
Whom does it apply to?
Covered persons or service providers engaging in transactions with consumers for consumer financial products or services, or offering consumer financial products or services
What does it govern?
Prohibiting unfair, deceptive, or abusive acts or practices
What are exemptions?
No specific exemptions are mentioned.
What are the Penalties?
Not specified in the provided document.
Jurisdiction
U.S. Federal Government