18 U.S.C. § 337 — Coins as security for loans

submitted 61 years ago by Pub. L. 89-81 to r/title-18-CRIMES-AND-CRIMINAL-PROCEDURE · 59 words · no verdicts yet

in plain englishAI-generated · not legal advice

The Secretary of the Treasury can name certain U.S. coins by public proclamation. During that time, no one may lend or borrow money using those coins as security. Breaking this rule can mean a fine, up to a year in prison, or both.

The Secretary of the Treasury can publicly name certain U.S. coins, by a proclamation printed in the Federal Register, and set a time period for that proclamation. During that time period, no one may lend money or credit using those named coins as security, and no one may borrow money or credit that way either. Anyone who does — lender or borrower — can be fined, sent to prison for up to one year, or both.

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

Whoever lends or borrows money or credit upon the security of such coins of the United States as the Secretary of the Treasury may from time to time designate by proclamation published in the Federal Register, during any period designated in such a proclamation, shall be fined under this title or imprisoned not more than one year, or both.

Source credit: (Added Pub. L. 89–81, title II, § 212(a), July 23, 1965, 79 Stat. 257; amended Pub. L. 103–322, title XXXIII, § 330016(1)(L), Sept. 13, 1994, 108 Stat. 2147.)

history & why it existsrecord from the source credit

1965Enacted · Pub. L. 89-81 · 79 Stat. 257
1994Amended · Pub. L. 103-322 · 108 Stat. 2147

A history note hasn’t been published yet. The record shows enactment by Pub. L. 89-81 on 1965-07-23.

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