12-U.S.C.-374A

§374A – Acting As Agent For Nonbanking Borrower In Making Loans On Securities to Dealers In Stocks, Bonds, Etc.; Penalties

Pathway

Title 12 > Chapter 3 > Subchapter X > Section 374a

Details

• Reference: Section 374a
• Legend: §374A – Acting As Agent For Nonbanking Borrower In Making Loans On Securities to Dealers In Stocks, Bonds, Etc.; Penalties
• USCode Year: 2013

Provision Content

No member bank shall act as the medium or agent of any nonbanking corporation, partnership, association, business trust, or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in stocks, bonds, and other investment securities. Every violation of this provision by any member bank shall be punishable by a fine of not more than $100 per day during the continuance of such violation; and such fine may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such member bank is located.

(Dec. 23, 1913, ch. 6, §19(d), formerly §19 (par. 7), as added June 16, 1933, ch. 89, §11(a), 48 Stat. 181; renumbered §19(d), Pub. L. 89–597, §2(b), Sept. 21, 1966, 80 Stat. 824.)

Codification

Section is comprised of subsec. (d), formerly seventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.

U.S. Encyclopedia of Law Coverage

12-U.S.C.-373 in the Legal Encyclopedia: Banking Law

In this entry about 12-U.S.C.-373, 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.

12-U.S.C.-371B-1 in the Legal Encyclopedia: Federal Reserve System

In this entry about 12-U.S.C.-371B-1, find legal reference material, bibliographies and premiere content related to federal reserve system in the American Encyclopedia of Law, presenting a comprehensive view of the United States federal reserve system-specific issues, written by authorities in the field.

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