Page:United States Statutes at Large Volume 103 Part 1.djvu/504

 103 STAT. 476 PUBLIC LAW 101-73 —AUG. 9, 1989 "(A) Whoever knowingly violates any provision of this section or being a company, violates any regulation or order issued by the Director under this section, 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. "(B) Whoever, with the intent to deceive, defraud, or profit significantly, knowingly violates any provision of this section shall be fined not more than $1,000,000 per day for each day during which the violation continues, imprisoned not more than 5 years, or both."; " (2) by redesignating paragraphs (3) and (4) as paragraphs (2) and (3), respectively; and (3) by amending paragraph (3) (as so redesignated by para- graph <2) of this subsection) to read as follows: "(3) CIVIL MONEY PENALTY.— "(A) PENALTY.— Any company which violates, and any person who participates in a violation of, any provision of this section, 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. "(B) ASSESSMENT; ETC. —Any penalty imposed under subparagraph (A) may be assessed and collected by the Director in the meinner 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. ] "(C) HEARING.— The company or other person against I whom any penalty is assessed under this paragraph shall be afforded an agency hearing if such company 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 Insurance Act shall apply to any proceed- ing under this paragraph. (D) DISBURSEMENT.— Al l penalties collected under authority of this paragraph shall be deposited into the Treasury. "(E) 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, counseling, or aiding or abetting a violation. " (F) REGULATIONS.—The Director shall prescribe regula- tions establishing such procedures as may be necessary to carry out this paragraph.". 12 USC 93 note. (1) EFFECTIVE DATE.—The amendments made by this section shall apply with respect to conduct engaged in by any person after the date of the enactment of this Act, except that the increased maxi- mum civil penalties of $5,000 and $25,000 per violation or per day may apply to such conduct engaged in before such date if such conduct— (1) is not already subject to a notice (initiating an administra- tive proceeding) issued by the appropriate Federal banking agency (as defined in section 3(q) of the Federal Deposit Insur- ance Act) or the National Credit Union Administration Board; and (2) occurred after the completion of the last report of exam- ination of the institution involved by the appropriate Federal

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