Sec. 6. Notice and opportunity to cure
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Section 1031 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5531 ) is amended by adding at the end the following: If a covered person self-identifies a potential unfair, deceptive, or abusive act or practice carried out by such covered person, the Bureau shall, not later than 90 days after such self-identification, provide a written notice in the form of a potential action and request for response letter or a notice and opportunity to respond and advise letter of the potential unfair, deceptive, or abusive act or practice to such covered person and inform the covered person that such person has 180 days after the date the covered person receives such notice to cure such potential unfair, deceptive, or abusive act before the Bureau may pursue other legal action.
Any applicable statute of limitations that applies to conduct under which the Bureau has given notice and an opportunity to cure shall not toll until— the covered person cures the potential abusive, unfair, or deceptive act or practice and notifies the Bureau that such act or practice has been cured; the covered person notifies the Bureau that such covered person will not cure the act or practice; or the 180-day period to cure ends. .
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Sec. 6
Notice and opportunity to cure
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