12 U.S.C. § 1955 — Civil penalties
submitted 56 years ago by Pub. L. 91-508 to r/title-12-BANKS-AND-BANKING · 112 words · no verdicts yet
This section sets rules about “Civil penalties.” Its subsections state the duties, permissions, definitions, penalties, exceptions, and conditions that apply.
(a) For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person* to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director*, officer, or employee of it who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.
(b) In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery of it may, in the discretion of the Secretary, be brought in the name of the United States.
For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person* to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director*, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.
In the event of the failure of any person to pay any penalty assessed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.
Source credit: (Pub. L. 91–508, title I, § 125, Oct. 26, 1970, 84 Stat. 1117; Pub. L. 100–690, title VI, § 6185(d)(3)(B), Nov. 18, 1988, 102 Stat. 4357; Pub. L. 102–550, title XV, § 1535(c)(1), Oct. 28, 1992, 106 Stat. 4067.)
- 1970Enacted · Pub. L. 91-508 · 84 Stat. 1117
- 1988Amended · Pub. L. 100-690 · 102 Stat. 4357
- 1992Amended · Pub. L. 102-550 · 106 Stat. 4067
A history note hasn’t been published yet. The record shows enactment by Pub. L. 91-508 on 1970-10-26.
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