12 USC 5565 - Relief available

U.S Code last checked for updates: May 05, 2024

§ 5565.

Relief available

(a)

Administrative proceedings or court actions

(1)

Jurisdiction

(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

(b)

Recovery of costs

(c)

Civil money penalty in court and administrative actions

(1)

In general

(2)

Penalty amounts

(A)

First tier

(B)

Second tier

(C)

Third tier

(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

(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.)

cite as: 12 USC 5565