The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1079
SEC. 1079. REVIEW, REPORT, AND PROGRAM WITH
RESPECT TO EXCHANGE FACILITATORS.
(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 subtitle
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.
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