§ 5565. Relief available

654 words·~3 min read·/usc/title-12/section-5565

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(a)Administrative proceedings or court actions

(1)Jurisdiction The court (or the Bureau, as the case may be) in an action or adjudication proceeding brought under Federal consumer financial law, shall have jurisdiction to grant any appropriate legal or equitable relief with respect to a violation of Federal consumer financial law, including a violation of a rule or order prescribed under a Federal consumer financial law.

(2)Relief Relief under this section may include, without limitation—

(A)rescission or reformation of contracts;

(B)refund of moneys or return of real property;

(C)restitution;

(D)disgorgement or compensation for unjust enrichment;

(E)payment of damages or other monetary relief;

(F)public notification regarding the violation, including the costs of notification;

(G)limits on the activities or functions of the person; and

(H)civil money penalties, as set forth more fully in subsection (c).

(3)No exemplary or punitive damages Nothing in this subsection shall be construed as authorizing the imposition of exemplary or punitive damages.

(b)Recovery of costs In any action brought by the Bureau, a State attorney general, or any State regulator to enforce any Federal consumer financial law, the Bureau, the State attorney general, or the State regulator may recover its costs in connection with prosecuting such action if the Bureau, the State attorney general, or the State regulator is the prevailing party in the action.

(c)Civil money penalty in court and administrative actions

(1)In general Any person that violates, through any act or omission, any provision of Federal consumer financial law shall forfeit and pay a civil penalty pursuant to this subsection.

(2)Penalty amounts

(A)First tier For any violation of a law, rule, or final order or condition imposed in writing by the Bureau, a civil penalty may not exceed $5,000 for each day during which such violation or failure to pay continues.

(B)Second tier Notwithstanding paragraph (A), for any person that recklessly engages in a violation of a Federal consumer financial law, a civil penalty may not exceed $25,000 for each day during which such violation continues.

(C)Third tier Notwithstanding subparagraphs

(A)and (B), for any person that knowingly violates a Federal consumer financial law, a civil penalty may not exceed $1,000,000 for each day during which such violation continues.

(3)Mitigating factors In determining the amount of any penalty assessed under paragraph (2), the Bureau or the court shall take into account the appropriateness of the penalty with respect to—

(A)the size of financial resources and good faith of the person charged;

(B)the gravity of the violation or failure to pay;

(C)the severity of the risks to or losses of the consumer, which may take into account the number of products or services sold or provided;

(D)the history of previous violations; and

(E)such other matters as justice may require.

(4)Authority to modify or remit penalty The Bureau may compromise, modify, or remit any penalty which may be assessed or had already been assessed under paragraph (2). The amount of such penalty, when finally determined, shall be exclusive of any sums owed by the person to the United States in connection with the costs of the proceeding, and may be deducted from any sums owing by the United States to the person charged.

(5)Notice and hearing No civil penalty may be assessed under this subsection with respect to a violation of any Federal consumer financial law, unless—

(A)the Bureau gives notice and an opportunity for a hearing to the person accused of the violation; or

(B)the appropriate court has ordered such assessment and entered judgment in favor of the Bureau.

(Pub. L. 111–203, title X, § 1055, July 21, 2010, 124 Stat. 2029.)

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CFR

statutes-at-large

Public Law 111–203
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes

statute-compilations

Sec. 1055
RELIEF AVAILABLE

bill

Traces to 1 document

U.S. Code

Definitions
§ 5561

3 references not yet in our index

Pub. L. 111–203, title X, § 1055
124 Stat. 2029
section 1058 of Pub. L. 111–203

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cites case law

§ 5565

Relief available

Fed. Reg.×94

Bills×5

C.F.R.×4

Stat. Comp.×1

Stat.×1

U.S.C.§ 5561

Pub. L.Pub. L. 111–203, title X, § 1055

Stat.124 Stat. 2029

Pub. L.section 1058 of Pub. L. 111–203

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