18 U.S.C. § 215 — Receipt of commissions or gifts for procuring loans

submitted 78 years ago by ch. 645 to r/title-18-CRIMES-AND-CRIMINAL-PROCEDURE · 244 words · no verdicts yet

in plain englishAI-generated · not legal advice

It's a crime to corruptly give, offer, or promise anything of value to influence a financial institution's officer, director, employee, agent, or attorney, or for that insider to corruptly demand or accept it. Punishment can be a fine up to $1,000,000, three times the value involved, or a smaller fine for lesser amounts, plus up to 30 years in prison, or both. Normal salary and business expenses are excluded, and regulators must publish compliance guidelines.

(a) This applies to two situations: (1) corruptly giving, offering, or promising anything of value to someone with intent to influence or reward a financial institution officer, director, employee, agent, or attorney, in connection with the institution's business; and (2) that same kind of insider corruptly asking for, demanding, accepting, or agreeing to accept anything of value for someone else's benefit, intending to be influenced or rewarded in connection with the institution's business. The penalty is a fine of up to $1,000,000, or three times the value of what was given or received — whichever is more — or up to 30 years in prison, or both. But if the value involved is $1,000 or less, the penalty is a smaller fine or up to one year in prison, or both. (b) [Transferred] — This paragraph has been moved elsewhere and no longer appears here. (c) This section does not apply to normal salary, wages, fees, or other pay, or to business expenses that are paid or reimbursed in the ordinary course of business. (d) The federal agencies that regulate financial institutions must jointly write guidelines to help officers, directors, employees, agents, and attorneys comply with this section, and must make those guidelines available to the public.

the actual law source: uscode.house.gov ↗public domain

(a)

Whoever—

(1)

corruptly gives, offers, or promises anything of value to any person, with intent to influence or reward an officer, director, employee, agent, or attorney of a financial institution in connection with any business or transaction of such institution; or

(2)

as an officer, director, employee, agent, or attorney of a financial institution, corruptly solicits or demands for the benefit of any person, or corruptly accepts or agrees to accept, anything of value from any person, intending to be influenced or rewarded in connection with any business or transaction of such institution;

shall be fined not more than $1,000,000 or three times the value of the thing given, offered, promised, solicited, demanded, accepted, or agreed to be accepted, whichever is greater, or imprisoned not more than 30 years, or both, but if the value of the thing given, offered, promised, solicited, demanded, accepted, or agreed to be accepted does not exceed $1,000, shall be fined under this title or imprisoned not more than one year, or both.

[(b)

Transferred]

(c)

This section shall not apply to bona fide salary, wages, fees, or other compensation paid, or expenses paid or reimbursed, in the usual course of business.

(d)

Federal agencies with responsibility for regulating a financial institution shall jointly establish such guidelines as are appropriate to assist an officer, director, employee, agent, or attorney of a financial institution to comply with this section. Such agencies shall make such guidelines available to the public.

Source credit: (June 25, 1948, ch. 645, 62 Stat. 695, § 215, formerly § 220; Sept. 21, 1950, ch. 967, § 4, 64 Stat. 894; renumbered § 215, Pub. L. 87–849, § 1(d), Oct. 23, 1962, 76 Stat. 1125; Pub. L. 98–473, title II, § 1107(a), Oct. 12, 1984, 98 Stat. 2145; Pub. L. 99–370, § 2, Aug. 4, 1986, 100 Stat. 779; Pub. L. 101–73, title IX, §§ 961(a), 962(e)(1), Aug. 9, 1989, 103 Stat. 499, 503; Pub. L. 101–647, title XXV, § 2504(a), Nov. 29, 1990, 104 Stat. 4861; Pub. L. 103–322, title XXXIII, § 330016(1)(H), Sept. 13, 1994, 108 Stat. 2147; Pub. L. 104–294, title VI, § 606(a), Oct. 11, 1996, 110 Stat. 3511.)

history & why it existsrecord from the source credit

1948Enacted · Act of June 25, 1948, ch. 645 · 62 Stat. 695
1950Amended · Act of Sept. 21, 1950, ch. 967 · 64 Stat. 894
1962Amended · Pub. L. 87-849 · 76 Stat. 1125
1984Amended · Pub. L. 98-473 · 98 Stat. 2145
1986Amended · Pub. L. 99-370 · 100 Stat. 779
1989Amended · Pub. L. 101-73 · 103 Stat. 499, 503
1990Amended · Pub. L. 101-647 · 104 Stat. 4861
1994Amended · Pub. L. 103-322 · 108 Stat. 2147
1996Amended · Pub. L. 104-294 · 110 Stat. 3511

A history note hasn’t been published yet. The record shows enactment by ch. 645 on 1948-06-25.

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