12 U.S.C. § 4585 — Civil money penalties⚖ mistrial
submitted 18 years ago by Pub. L. 102-550 to r/title-12-BANKS-AND-BANKING · 596 words · no verdicts yet
This section addresses civil money penalties. It sets the rules and duties stated in the section.
(a) The Director* may impose a civil money penalty on an enterprise* that fails to file a required report after the specified notice, comment opportunity, and final determination; fails to provide information required by the cited laws; or, for the housing goals in sections 4562(a) and 4563(a)(1), fails to timely submit or carry out a remedial housing plan or comply with the plan. (b) The maximum is $100,000 per day for failures described in subsection (a)(1), (5), or (6), and $50,000 per day for failures described in (a)(2), (3), or (4). (c)(1) The Director must set penalty standards and procedures. They must require written, on-the-record notice; a hearing on the record under section 4582 before imposing a penalty; and may allow Director review of a determination, order, or interim ruling. (2) The Director must consider the offense’s seriousness, prior offenses, ability to pay, public injury, benefits received, deterrence, reasonable time to achieve the goal, and other regulatory factors. (d) If an enterprise does not pay after the order is no longer reviewable, the Director may sue in the District of Columbia federal court for a money judgment and other available relief. The judgment may include United States attorney fees and expenses. The penalty order’s validity and appropriateness cannot be reviewed in that action. (e) The Director may settle, change, or forgive a penalty. (f) Collected penalties must help fund the Housing Trust Fund.
The Director* may impose a civil money penalty, in accordance with the provisions of this section, on any enterprise* that has failed to—
submit a report under section 4547 1 of this title, following a notice of such failure, an opportunity for comment by the enterprise, and a final determination by the Director;
submit the information required under subsection (m) or (n) of section 1723a of this title or subsection (e) or (f) of section 1456 of this title;
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, submit a housing plan or perform its responsibilities under a remedial order issued pursuant to section 4566(c) of this title within the required period; or
solely with respect to the housing goals established under sections 4562(a) and 4563(a)(1) of this title, comply with a housing plan for the enterprise under section 4566(c) of this title.
The amount of a penalty under this section, as determined by the Director, may not exceed—
for any failure described in paragraph (1), (5), or (6) of subsection (a), $100,000 for each day that the failure occurs; and
for any failure described in paragraph (2), (3), or (4) of subsection (a), $50,000 for each day that the failure occurs.
The Director shall establish standards and procedures governing the imposition of civil money penalties under this section. Such standards and procedures—
shall provide for the Director to notify the enterprise in writing of the determination of the Director to impose the penalty, which shall be made on the record;
shall provide for the imposition of a penalty only after the enterprise has been given an opportunity for a hearing on the record pursuant to section 4582 of this title; and
may provide for review by the Director of any determination or order, or interlocutory ruling, arising from a hearing.
In determining the amount of a penalty under this section, the Director shall give consideration to factors including—
the gravity of the offense;
any history of prior offenses;
ability to pay the penalty;
injury to the public;
benefits received;
deterrence of future violations;
the length of time that the enterprise should reasonably take to achieve the goal; and
such other factors as the Director may determine, by regulation, to be appropriate.
If an enterprise fails to comply with an order by the Director imposing a civil money penalty under this section, after the order is no longer subject to review, as provided in sections 4582 and 4583 of this title, the Director may bring an action in the United States District Court for the District of Columbia to obtain a monetary judgment against the enterprise, and such other relief as may be available. The monetary judgment may, in the court’s discretion, include the attorneys’ fees and other expenses incurred by the United States in connection with the action. In an action under this subsection, the validity and appropriateness of the order imposing the penalty shall not be subject to review.
The Director may compromise, modify, or remit any civil money penalty which may be, or has been, imposed under this section.
The Director shall use any civil money penalties collected under this section to help fund the Housing Trust Fund established under section 4568 of this title.
Source credit: (Pub. L. 102–550, title XIII, § 1345, as added Pub. L. 110–289, div. A, title I, § 1130(d)(2), July 30, 2008, 122 Stat. 2709.)
- 2008Enacted · Pub. L. 102-550 · 122 Stat. 2709
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-550 on 2008-07-30.
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