,i #aai? ,,congress #a/ ,session ,h4 ,r4 #afeb ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,febru>y #bg1 #bjbe,mr4 ,b>r introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices ,a ,,bill ,to am5d ! ,consum] ,f9ancial ,protection ,act ( #bjaj to cl>ify /&>ds = ,,udaap en=cem5t actions br\ght by ! ,bureau ( ,consum] ,f9ancial ,protection1 & = o!r purposes4 #a4 ,%ort title ,?is ,act may be cit$ z ! ,rectify+ ,undef9$ ,descriptions ( ,abusive ,acts & ,practices ,act or ! ,rectify+ ,,udaap ,act4 #b4 ,mitigat+ factors 9 assess+ civil p5alties ,section #ajee7;c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefe7;c77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,rulemak+ ,! ,bureau %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is p>agraph1 issue a rule t e/abli%es policies & proc$ures relat+ to ! imposition ( civil monet>y p5alties s\ght "u ?is subsection1 includ+ ! application ( ! mitigat+ factors describ$ 9 p>agraph 7#c74 4 #c4 ,rulemak+ relat+ to unfair1 deceptive or abusive acts or practices 7a7 ,9 g5]al ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,rulemak+ 7#a7 ,9 g5]al ,! ,bureau may prescribe rules applicable to a cov]$ p]son or s]vice provid] id5tify+ z unlawful unfair1 deceptive1 or abusive acts or practices 9 connection ) any transaction ) a consum] = a consum] f9ancial product or s]vice1 or ! (f]+ ( a consum] f9ancial product or s]vice4 ,rules "u ?is section may include requirem5ts = ! purpose ( prev5t+ su* acts or practices4 7#b7 ,co/ b5efit analysis requir$ ,any f9al rule issu$ by ! ,bureau relat+ to abusive1 unfair1 or deceptive acts or practices %all include a co/-b5efit analysis4 7#c7 ,def9ition ( abusive act or practice ,! ,bureau %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is subsection1 issue a rule t def9es ! t]m abusive act or practice = ! purposes ( ?is section4 4 7b7 ,opportunity = comm5t ,! ,bureau ( ,consum] ,f9ancial ,protection %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is subsection1 all[ ! public to submit comm5ts ) respect to any confusion ab\t h[ ! ,bureau ( ,consum] ,f9ancial ,protection uses its au?ority ) respect to unfair1 deceptive1 or abusive acts or practices4 #d4 ,au?ority to decl>e an act unlawful bas$ on discrim9ation ,! ,bureau ( ,consum] ,f9ancial ,protection may n int]pret ! au?ority ( ! ,bureau ( ,consum] ,f9ancial ,protection relat+ to unfair1 deceptive1 or abusive acts & practices1 z su* t]m is us$ 9 section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 to include discrim9atory practices4 #e4 ,cl>ify+ ! abusive /&>d = ! ,bureau ( ,consum] ,f9ancial ,protection ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by /rik+ subsection 7d7 & ins]t+ ! foll[+3 7d7 ,abusive 7#a7 ,9 g5]al ,! ,bureau %all h no au?ority to decl>e an act or practice ( a cov]$ p]son abusive 9 connection ) ! provision ( a consum] f9ancial product or s]vice1 unless ! act or practice-- 7,a7 int5tionally & mat]ially int]f]es ) ! ability ( a consum] to und]/& a t]m or condition ( a consum] f9ancial product or s]vice2 or 7,b7 takes unreasonable advantage (-- 7i7 a lack ( und]/&+ by ! consum] ) respect to ! possible impact1 mat]ial risks1 co/s1 or conditions ( ! product or s]vice1 or ! likelihood ( ! risks1 co/s1 or conditions ( ! product or s]vice negatively affect+ ! consum]2 & 7ii7 ! reasonable reliance ! consum] places on an affirmative action or repres5tation ( su* cov]$ p]son to induce su* consum] to rely on su* action or repres5tation4 7#b7 ,abusive actions ,conduct ( a cov]$ p]son %all be consid]$ abusive if-- 7,a7 ! act or practice causes or is likely to cause sub/antial injury to consum]s :i* is n reasonably avoidable by consum]s1 provid$1 h[ev]1 t if ! act or practice 0 timely1 cle>ly & conspicu\sly disclos$ to consum]s1 ! injury is presum$ to be reasonably avoidable2 or 7,b7 su* sub/antial injury is n outweigh$ by c\nt]vail+ b5efits to consum]s or to competition4 7e7 ,good-,fai? ef=t ,to comply 7#a7 ,9 g5]al ,! ,bureau may n seek monet>y relief f a cov]$ p]son "u ?is section unless ! cov]$ p]son has n e/abli%$ by a prepond]ance ( ! evid5ce t !y made a good-fai? ef=t to comply4 7#b7 ,au?ority to seek legal or equitable rem$ies ,! limitation describ$ 9 subp>agraph 7,a7 %all n re/rict ! au?ority ( ! ,bureau to seek legal or equitable rem$ies1 su* z damages & re/itution1 to r$ress an id5tifiable consum] injury caus$ by ! abusive acts or practices ( su* cov]$ p]son4 4 #f4 ,notice & opportunity to cure ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,notice & opportunity ,to cure 7#a7 ,9 g5]al ,if a cov]$ p]son self-id5tifies a pot5tial unfair1 deceptive1 or abusive act or practice c>ri$ out by su* cov]$ p]son1 ! ,bureau %all1 n lat] ?an #ij days aft] su* self-id5tification1 provide a writt5 notice 9 ! =m ( a pot5tial action & reque/ = response lett] or a notice & opportunity to respond & advise lett] ( ! pot5tial unfair1 deceptive1 or abusive act or practice to su* cov]$ p]son & in=m ! cov]$ p]son t su* p]son has #ahj days aft] ! date ! cov]$ p]son receives su* notice to cure su* pot5tial unfair1 deceptive1 or abusive act be=e ! ,bureau may pursue o!r legal action4 7#b7 ,toll+ ( /atute ( limitations ,any applicable /atute ( limitations t applies to conduct "u :i* ! ,bureau has giv5 notice & an opportunity to cure %all n toll until-- 7,a7 ! cov]$ p]son cures ! pot5tial abusive1 unfair1 or deceptive act or practice & notifies ! ,bureau t su* act or practice has be5 cur$2 7,b7 ! cov]$ p]son notifies ! ,bureau t su* cov]$ p]son w n cure ! act or practice2 or 7,c7 ! #ahj-;day p]iod to cure ends4 4 #g4 ,abusive1 unfair1 or deceptive acts or practices en=cem5t actions 7a7 ,9 g5]al ,subtitle ,e ( title ,x ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefa et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #ajei4 ,unfair1 ,deceptive1 or ,abusive ,acts or ,practices ,en=cem5t ,actions ,en=cem5t actions br\ght by ! ,bureau "u section #ajca "u ?is title %all be br\ght 9-- 7#a7 ! ,unit$ ,/ates di/rict c\rt locat$ :]e ! cov]$ p]son has its headqu>t]s location2 or 7#b7 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,columbia4 4 7b7 ,actions "u section #ajca ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj is am5d$ by add+ at ! end ! foll[+3 7g7 ,en=cem5t ,actions 7#a7 ,9 g5]al ,if ! ,bureau br+s an en=cem5t action "u ?is section1 ! ,bureau %all /ate ) p>ticul>ity ! circum/ances t ! ,bureau alleges con/itute violation ( ?is section4 7#b7 ,alt]native ,claims ,if ! ,bureau br+s an en=cem5t action "u ?is section-- 7,a7 claim+ t an activity is unfair or deceptive1 ! ,bureau may n claim 9 ! alt]native t ! activity is abusive2 & 7,b7 claim+ t an activity is abusive1 ! ,bureau may n claim 9 ! alt]native t ! activity is unfair or deceptive4 4 #h4 ,look-back provisions = ! ,consum] ,f9ancial ,protection ,bureau ,subtitle ,b ( title ,x ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeaa et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #ajbi;,b ,exam9ation p]iod limitations 7a7 ,9 g5]al ,:5 en=c+ ,f$]al consum] f9ancial laws1 ! ,bureau may n seek a civil money p5alty = any violat+ conduct t occurr$ prior to ! mo/ rec5t assignm5t ( a consum] compliance rat+4 7b7 ,rule ( con/ruction ,?is limitation describ$ 9 subsection 7a7 may n be con/ru$ to re/rict ! ability ( ! ,bureau to seek o!r =ms ( legal or equitable relief available "u subp>agraphs 7,a7 ?r\gh 7,g7 ( section #ajee7;a77#b7 = any violat+ conduct t occurr$ prior to ! mo/ rec5t assignm5t ( a consum] compliance rat+4 4