Page:United States Statutes at Large Volume 84 Part 1.djvu/1174

 1116

48 Stat. 1255;

81 Stat. 6 1 1. 12 USC 1724.

Ante, p. 1114.

PUBLIC LAW 91-508-OCT. 26, 1970

[84 STAT.

§ 102. Retention of records by insured institutions Title IV of the National Housing Act is amended by adding at the end thereof the following new section: "SEC. 411. The Secretary of the Treasury shall prescribe such regulations as may be appropriate to carry out, with respect to insured institutions, the purposes set forth in section 21 of the Federal Deposit Insurance Act with respect to insured banks." Chapter 2.—0THER FINANCIAL INSTITUTIONS Sec.

121. 122. 133. 124. 125. 126. 127. 128. 129.

Congressional findings and purpose. Authority of Secretary with respect to reports on ownership and control. Authority of Secretary with respect to recordkeeping and procedures. Injunctions. Civil penalties. Criminal penalty. Additional criminal penalty in certain cases. Compliance. Administrative procedure.

§ 121. Congressional findings and purpose (a) The Congress finds that certain records maintained by businesses engaged in the functions described in section 123(b) of this Act have a high degree of usefulness in criminal, tax, and regulatory investigations and proceedings. The Congress further finds that the power to require reports of changes in the ownership, control, and managements of types of financial institutions referred to in section 122 of this Act may be necessary for the same purpose. (b) I t is the purpose of this chapter to require the maintenance of appropriate types of records and the making of appropriate reports by such businesses in the United States where such records or reports have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings. § 122. Authority of Secretary with respect to reports on ownership and control Where the Secretary determines that the making of appropriate reports by uninsured banks or uninsured institutions of any type with respect to their ownership, control, and managements and any changes therein has a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings, he may by regulation require such banks or institutions to make such reports as he determines in respect of such ownership, control, and managements and changes therein. § 123. Authority of Secretary with respect to recordkeeping and procedures (a) Where the Secretary determines that the maintenance of appropriate records and procedures by any uninsured bank or uninsured institution, or any person engaging in the business of carrying on in the United States any of the functions referred to in subsection (b) of this section, has a high degree of usefulness in criminal, tax, or regulatory^ investigations or proceedings, he may by regulation require such bank, institution, or person—

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