12-U.S.C.-5518

§5518 – Authority to Restrict Mandatory Pre-Dispute Arbitration

Pathway

Title 12 > Chapter 53 > Subchapter V > Part B > Section 5518

Details

• Reference: Section 5518
• Legend: §5518 – Authority to Restrict Mandatory Pre-Dispute Arbitration
• USCode Year: 2013

Provision Content

(a) Study and report

The Bureau shall conduct a study of, and shall provide a report to Congress concerning, the use of agreements providing for arbitration of any future dispute between covered persons and consumers in connection with the offering or providing of consumer financial products or services.

(b) Further authority

The Bureau, by regulation, may prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers. The findings in such rule shall be consistent with the study conducted under subsection (a).

(c) Limitation

The authority described in subsection (b) may not be construed to prohibit or restrict a consumer from entering into a voluntary arbitration agreement with a covered person after a dispute has arisen.

(d) Effective date

Notwithstanding any other provision of law, any regulation prescribed by the Bureau under subsection (b) shall apply, consistent with the terms of the regulation, to any agreement between a consumer and a covered person entered into after the end of the 180-day period beginning on the effective date of the regulation, as established by the Bureau.

(Pub. L. 111–203, title X, §1028, July 21, 2010, 124 Stat. 2003.)

Effective Date

Section effective on the designated transfer date, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-5497 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-5497, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

12-U.S.C.-5493 in the Legal Encyclopedia: Banking Reform

In this entry about 12-U.S.C.-5493, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.

Topic Map

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