Section 5603 - Review, report, and program with respect to exchange facilitators(a) ReviewThe 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, §10791079,, 124 Stat. 2077. - Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- Director
- The term "Director" means the Director of the Bureau.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.