§ 1955. — Civil penalties.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC1955]
TITLE 12--BANKS AND BANKING
CHAPTER 21--FINANCIAL RECORDKEEPING
Sec. 1955. Civil penalties
(a) For each willful or grossly negligent violation of any
regulation under this chapter, the Secretary may assess upon any person
to which the regulation applies, or any person willfully causing a
violation of the regulation, and, if such person is a partnership,
corporation, or other entity, upon any partner, director, officer, or
employee thereof who willfully or through gross negligence participates
in the violation, a civil penalty not exceeding $10,000.
(b) In the event of the failure of any person to pay any penalty
assessed 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.
(Pub. L. 91-508, title I, Sec. 125, Oct. 26, 1970, 84 Stat. 1117; Pub.
L. 100-690, title VI, Sec. 6185(d)(3)(B), Nov. 18, 1988, 102 Stat. 4357;
Pub. L. 102-550, title XV, Sec. 1535(c)(1), Oct. 28, 1992, 106 Stat.
4067.)
Amendments
1992--Subsec. (a). Pub. L. 102-550 inserted ``or any person
willfully causing a violation of the regulation,'' after ``applies,''.
1988--Subsec. (a). Pub. L. 100-690 inserted ``or grossly negligent''
after ``willful'' and ``or through gross negligence'' after
``willfully'' and substituted ``$10,000'' for ``$1,000''.
