§5536 — Title 12 Banks and Banking | U.S. Code

Summary

It is illegal for a covered person or service provider to sell or give a consumer a financial product or service that breaks federal consumer financial law, or to do anything unfair, deceptive, or abusive. They must also follow federal rules to let the Bureau access or copy records, keep required records, and send required reports or information. Anyone who knowingly or recklessly gives major help to a covered person breaking these rules is treated as breaking them too. Simply selling ad time or space to someone who places an ad does not by itself make the seller guilty.

Title 12, §5536

Banks and Banking — Source: USLM XML via OLRC

(a)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,11 See References in Text note below. 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)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.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, where footnoted in subsec. (a)(3), is title X of Pub. L. 111–203, July 21, 2010, 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1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code.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 Date

Section 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.

§5536 Prohibited Acts