republic-os/legal/us/code/title-12/chapter-53/section-5603.md

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LegalText	12 U.S.C. § 5603	Review, report, and program with respect to exchange facilitators	us	united_states_code	code_section	12	BANKS AND BANKING	53	WALL STREET REFORM AND CONSUMER PROTECTION	5603	12 U.S.C. § 5603	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s5603	data/legal/raw/us/code/title-12/usc12.xml	900a8e1f4f0ea38867129989d4e09c3083ffd2942d1635220546f5bb0f34394b	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	46605d992451899b8752640807c97840e18a43cee0b28b994cea16f51bcd4c0c	2026-07-04	official	legal us-code

12 U.S.C. § 5603 - Review, report, and program with respect to exchange facilitators

Text

(a) Review The 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) Report Not 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) Program Not 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 defined In 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, § 1079, July 21, 2010, 124 Stat. 2077.)