Page:United States Statutes at Large Volume 103 Part 1.djvu/503

 PUBLIC LAW 101-73 —AUG. 9, 1989 103 STAT. 475 "(viii) VIOLATE DEFINED.— For purposes of this paragraph, the term 'violate' includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. "(ix) REGULATIONS.—The Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation shall prescribe regulations establishing such procedures as may be necessary to carry out this subparagraph.'. (j) BANK HOLDING COMPANIES.— Section 8 of the Bank Holding Company Act of 1956 (12 U.S.C. 1847) is amended— (1) in subsection (a), by striking out the first 2 sentences and inserting in lieu thereof the following: "(a) CRIMINAL PENALTY. — "(1) Whoever knowingly violates any provision of this Act or, being a company, violates any regulation or order issued by the Board under this Act, shall be imprisoned not more than 1 year, fined not more than $100,000 per day for each day during which the violation continues, or both. "(2) Whoever, with the intent to deceive, defraud, or profit significantly, knowingly violates any provision of this Act shall be imprisoned not more than 5 years, fined not more than $1,000,000 per day for each day during which the violation continues, or both."; and (2) by amending subsection (b) to read as follows: " (b) CIVIL MONEY PENALTY. — "(1) PENALTY. —Any company which violates, and any individ- ual who participates in a violation of, any provision of this Act, or any regulation or order issued pursuant thereto, shall forfeit and pay a civil penalty of not more than $25,000 for each day during which such violation continues. "(2) ASSESSMENT; ETC.—Any penalty imposed under paragraph (1) may be assessed and collected by the Board in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) of the Federal Deposit Insurance Act for penalties imposed (under such section) and any such assessment shall be subject to the provisions of such section. "(3) HEARING.— The company or other person against whom any penalty is assessed under this subsection shall be afforded an agency hearing if such association or person submits a request for such hearing within 20 days after the issuance of the notice of assessment. Section 8(h) of the Federal Deposit Insur- ance Act shall apply to any proceeding under this subsection. "(4) DISBURSEMENT. — All penalties collected under authority of this subsection shall be deposited into the Treasury. "(5) VIOLATE DEFINED. — For purposes of this section, the term 'violate' includes any action (alone or with another or others) for or toward causing, bringing about, participating in, counsel- ing, or aiding or abetting a violation. "(6) REGULATIONS.—The Board shall prescribe regulations establishing such procedures as may be necessary to carry out this subsection.". (k) SAVINGS AND LOAN HOLDING COMPANIES.— Section 10(i) of the Home Owners Loan Act of 1933 (as amended by section 301 of this Act) is amended— (1) by striking paragraphs (1) and (2) and inserting in lieu thereof the following: " (1) CRIMINAL PENALTY.—

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