12-U.S.C.-1955

§1955 – Civil Penalties

Pathway

Title 12 > Chapter 21 > Section 1955

Details

• Reference: Section 1955
• Legend: §1955 – Civil Penalties
• USCode Year: 2013

Provision Content

(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 thereof 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 thereof may, in the discretion of the Secretary, be brought in the name of the United States.

(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.)

Amendments

1992—Subsec. (a). Pub. L. 102–550 inserted or any person willfully causing a violation of the regulation, after applies,.

1988—Subsec. (a). Pub. L. 100–690 inserted or grossly negligent after willful and or through gross negligence after willfully and substituted $10,000 for $1,000.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-1952 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-1952, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.

Topic Map

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