Page:United States Statutes at Large Volume 103 Part 1.djvu/369

 PUBLIC LAW 101-73—AUG. 9, 1989 103 STAT. 341 "(4) UNDERCAPITALIZED SAVINGS ASSOCIATION DEFINED. —For purposes of this subsection, the term 'undercapitaHzed savings association' means any savings association— "(A) the assets of which exceed the Habilities of such association; and "(B) which does not comply with one or more of the capital standards in effect under section 5(t). " (r) PENALTY FOR FAILURE TO PROVIDE TIMELY AND ACCURATE REPORTS. — "(1) FIRST TIER.—Any savings and loan holding company, and any subsidiary of such holding company, which— "(A) maintains procedures reasonably adapted to avoid any inadvertent and unintentional error and, as a result of such an error— "(i) fails to submit or publish any report or informa- tion required under this section or regulations prescribed by the Director, within the period of time specified by the Director; or "(ii) submits or publishes any false or misleading report or information; or "(B) inadvertently transmits or publishes any report which is minimally late, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false or mis- leading information is not corrected. Such holding company or subsidiary shall have the burden of proving by a preponderence of the evidence that an error was inadvertent and unintentional and that a report was inadvertently transmitted or published late. "(2) SECOND TIER.—Any savings and loan holding company, and any subsidiary of such holding company, which— "(A) fails to submit or publish any report or information required under this section or under regulations prescribed by the Director, within the period of time specified by the Director; or "(B) submits or publishes any false or misleading report or information, in a manner not described in paragraph (1) shall be subject to a penalty of not more than $20,000 for each day during which such failure continues or such false or misleading information is not corrected. "(3) THIRD TIER. —If any savings and loan holding company or any subsidiary of such a holding company knowingly or with reckless disregard for the accuracy of any information or report described in paragraph (2) submits or publishes any false or misleading report or information, the Director may assess a penalty of not more than $1,000,000 or 1 percent of total assets of such company or subsidiary, whichever is less, per day for each day during which such failure continues or such false or misleading information is not corrected. "(4) ASSESSMENT. —Any penalty imposed under paragraph (1), (2), or (3) shall be assessed and collected by the Director in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) of the Federal Deposit Insurance Act (for penalties im- posed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such subsection.

�