Page:United States Statutes at Large Volume 84 Part 1.djvu/1175

 84 STAT. ]

PUBLIC LAW 91-508-OCT. 26, 1970

(1) to require, retain, or maintain, with respect to its functions as an uninsured bank or uninsured institution or its functions referred to in subsection (b), any records or evidence of any type which the Secretary is authorized under section 21 of the Federal Deposit Insurance Act to require insured banks to require, retain, or maintain; and (2) to maintain procedures to assure compliance with requirements imposed under this chapter. For the purposes of any civil or criminal penalty, a separate violation of any requirement under this paragraph occurs with respect to each day and each separate office, branch, or place of business in which the violation occurs or continues. (b) The authority of the Secretary under this section extends to any person engaging in the business of carrying on any of the following functions: (1) Issuing or redeeming checks, money orders, travelers' checks, or similar instruments, except as an incident to the conduct of its own nonfinancial business. (2) Transferring funds or credits domestically or internationaly. (3) Operating a currency exchange or otherwise dealing in foreign currencies or credits. (4) Operating a credit card system. (5) Performing such similar, related, or substitute functions for any of the foregoing or for banking as may be specified by the Secretary in regulations. § 124. Injunctions Whenever it appears to the Secretary that any person has engaged, is engaged, or is about to engage in any acts or practices constituting a violation of any regulation under this chapter, he may in his discretion bring an action, in the proper district court of the United States or the proper United States court of any territory or other place subject to the jurisdiction of the United States, to enjoin such acts or practices, and upon a proper showing a permanent or temporary injunction or restraining order shall be granted without bond. Upon application of the Secretary, any such court may also issue mandatory injunctions commanding any person to comply with any regulation of the Secretary under this chapter. § 125. Civil penalties (a) For each willful violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully participates in the violation, a civil penalty not exceeding $1,000. (b) I n the event of the failure of any person to pay any penalty assersed under this section, a civil action for the recovery thereof may, in the discretion of the Secretary, be brought in the name of the United States.

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