
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 2, 2001]
[Document not affected by Public Laws enacted between
  January 2, 2001 and January 28, 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''.
