12 USC 1847 - Penalties

U.S Code last checked for updates: Oct 16, 2024

§ 1847.

Penalties

(a)

Criminal penalty

(1)

Whoever knowingly violates any provision of this chapter or, being a company, violates any regulation or order issued by the Board under this chapter, 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 chapter 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.

Every officer, director, agent, and employee of a bank holding company shall be subject to the same penalties for false entries in any book, report, or statement of such bank holding company as are applicable to officers, directors, agents, and employees of member banks for false entries in any books, reports, or statements of member banks under section 1005 of title 18.

(b)

Civil money penalty

(1)

Penalty

(2)

Assessment; etc.

(3)

Hearing

(4)

Disbursement

(5)

“Violate” defined

(6)

Regulations

(c)

Notice under this section after separation from service

(d)

Penalty for failure to make reports

(1)

First tier

Any company which—

(A)

maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error—

(i)

fails to make, submit, or publish such reports or information as may be required under this chapter or under regulations prescribed by the Board pursuant to this chapter, within the period of time specified by the Board; 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 misleading information is not corrected. The company shall have the burden of proving that an error was inadvertent and that a report was inadvertently transmitted or published late.

(2)

Second tier

Any company which—

(A)

(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

(4)

Assessment; etc.

(5)

Hearing

(May 9, 1956, ch. 240, § 8, 70 Stat. 138; Pub. L. 95–630, title I, § 106(a), Nov. 10, 1978, 92 Stat. 3647; Pub. L. 97–320, title IV, § 424(a), (d)(4), Oct. 15, 1982, 96 Stat. 1522, 1523; Pub. L. 101–73, title IX, §§ 905(i), 907(j), 911(e), Aug. 9, 1989, 103 Stat. 461, 475, 481.)

cite as: 12 USC 1847