124 STAT. 1995 PUBLIC LAW 111–203—JULY 21, 2010 extent as if the Bureau were an appropriate Federal bank agency under section 7(c) of the Bank Service Company Act (12 U.S.C. 1867(c)). When conducting any examination or requiring any report from a service provider subject to this subsection, the Bureau shall coordinate with the appropriate prudential regulator. SEC. 1027. LIMITATIONS ON AUTHORITIES OF THE BUREAU; PRESERVA- TION OF AUTHORITIES. (a) EXCLUSION FOR MERCHANTS, RETAILERS, AND OTHER SELLERS OF NONFINANCIAL GOODS OR SERVICES.— (1) SALE OR BROKERAGE OF NONFINANCIAL GOOD OR SERVICE.—The Bureau may not exercise any rulemaking, super- visory, enforcement or other authority under this title with respect to a person who is a merchant, retailer, or seller of any nonfinancial good or service and is engaged in the sale or brokerage of such nonfinancial good or service, except to the extent that such person is engaged in offering or providing any consumer financial product or service, or is otherwise sub- ject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H. (2) OFFERING OR PROVISION OF CERTAIN CONSUMER FINAN- CIAL PRODUCTS OR SERVICES IN CONNECTION WITH THE SALE OR BROKERAGE OF NONFINANCIAL GOOD OR SERVICE.— (A) IN GENERAL.—Except as provided in subparagraph (B), and subject to subparagraph (C), the Bureau may not exercise any rulemaking, supervisory, enforcement, or other authority under this title with respect to a merchant, retailer, or seller of nonfinancial goods or services, but only to the extent that such person— (i) extends credit directly to a consumer, in a case in which the good or service being provided is not itself a consumer financial product or service (other than credit described in this subparagraph), exclusively for the purpose of enabling that consumer to purchase such nonfinancial good or service directly from the merchant, retailer, or seller; (ii) directly, or through an agreement with another person, collects debt arising from credit extended as described in clause (i); or (iii) sells or conveys debt described in clause (i) that is delinquent or otherwise in default. (B) APPLICABILITY.—Subparagraph (A) does not apply to any credit transaction or collection of debt, other than as described in subparagraph (C)(i), arising from a trans- action described in subparagraph (A)— (i) in which the merchant, retailer, or seller of nonfinancial goods or services assigns, sells or other- wise conveys to another person such debt owed by the consumer (except for a sale of debt that is delin- quent or otherwise in default, as described in subpara- graph (A)(iii)); (ii) in which the credit extended significantly exceeds the market value of the nonfinancial good or service provided, or the Bureau otherwise finds that the sale of the nonfinancial good or service is done as a subterfuge, so as to evade or circumvent the provisions of this title; or 12 USC 5517.
