This Act may be cited as the Consumer Protection and Recovery Act.

(a) Permanent injunctions and other equitable relief Section 13 of the Federal Trade Commission Act (15 U.S.C. 53U.S. Code — Title 15, Section 53View official source on GovInfo) is amended— (1) in subsection (b)— (A) in paragraph (1), by inserting has violated, after corporation; (B) in paragraph (2)— (i) by striking that and inserting that either (A); and (ii) by striking final, and inserting final; or (B) the permanent enjoining thereof or the ordering of equitable relief under subsection (e),; and (C) in the matter following paragraph (2)— (i) by striking to enjoin any such act or practice; (ii) by striking Upon and inserting In a suit under paragraph (2)(A), upon; (iii) by striking without bond; (iv) by striking proper cases and inserting a suit under paragraph (2)(B); (v) by striking injunction. and inserting injunction, equitable relief under subsection (e), or such other relief as the court determines to be just and proper, including temporary or preliminary equitable relief.; (vi) by striking Any suit and inserting Any suit under this subsection; and (vii) by striking In any suit under this section and inserting In any such suit; and (2) by adding at the end the following: (e) Equitable relief (1) Restitution; contract rescission and reformation; refunds; return of property In a suit brought under subsection (b)(2)(B), the Commission may seek, and the court may order, with respect to the violation that gives rise to the suit, restitution for losses, rescission or reformation of contracts, refund of money, or return of property. (2) Disgorgement In a suit brought under subsection (b)(2)(B), the Commission may seek, and the court may order, disgorgement of any unjust enrichment that a person, partnership, or corporation obtained as a result of the violation that gives rise to the suit. (3) Calculation Any amount that a person, partnership, or corporation is ordered to pay under paragraph (2) with respect to a violation shall be offset by any amount such person, partnership, or corporation is ordered to pay, and the value of any property such person, partnership, or corporation is ordered to return, under paragraph (1) with respect to such violation. (4) Limitations period (A) In general A court may not order equitable relief under this subsection with respect to any violation occurring before the period that begins on the date that is 10 years before the date on which the Commission files the suit in which such relief is sought. (B) Calculation For purposes of calculating the beginning of the period described in subparagraph (A), any time during which an individual against which the equitable relief is sought is outside of the United States shall not be counted.. (b) Conforming amendment Section 16(a)(2)(A) of the Federal Trade Commission Act (15 U.S.C. 56(a)(2)(A)U.S. Code — Title 15, Section 56(a)(2)(A)View official source on GovInfo) is amended by striking (relating to injunctive relief). (c) Applicability The amendments made by this section shall apply with respect to any action or proceeding that is pending on, or commenced on or after, the date of the enactment of this Act.