
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: 12USC4585]

 
                       TITLE 12--BANKS AND BANKING
 
              CHAPTER 46--GOVERNMENT SPONSORED ENTERPRISES
 
         SUBCHAPTER I--SUPERVISION AND REGULATION OF ENTERPRISES
 
                     Part B--Authority of Secretary
 
                 subpart 3--enforcement of housing goals
 
Sec. 4585. Civil money penalties


(a) Authority

    The Secretary may impose a civil money penalty, in accordance with 
the provisions of this section, on any enterprise that has failed--
        (1) to submit a housing plan that substantially complies with 
    section 4566(c) of this title within the applicable period;
        (2) to make a good faith effort to comply with a housing plan 
    for the enterprise submitted and approved under section 4566(c) of 
    this title; or
        (3) to submit the information required under subsection (m) or 
    (n) of section 1723a of this title, subsection (e) or (f) of section 
    1456 of this title, or section 4567 of this title.

(b) Amount of penalty

    The amount of the penalty, as determined by the Secretary, may not 
exceed--
        (1) for any failure described in subsection (a)(1) of this 
    section, $25,000 for each day that the failure occurs; and
        (2) for any failure described in subsection (a)(2) or (3) of 
    this section, $10,000 for each day that the failure occurs.

(c) Procedures

                          (1) Establishment

        The Secretary shall establish standards and procedures governing 
    the imposition of civil money penalties under this section. Such 
    standards and procedures--
            (A) shall provide for the Secretary to notify the enterprise 
        in writing of the Secretary's determination to impose the 
        penalty, which shall be made on the record;
            (B) shall provide for the imposition of a penalty only after 
        the enterprise has been given an opportunity for a hearing on 
        the record pursuant to section 4582 of this title; and
            (C) may provide for review by the Director for any 
        determination or order, or interlocutory ruling, arising from a 
        hearing.

            (2) Factors in determining amount of penalty

        In determining the amount of a penalty under this section, the 
    Secretary shall give consideration to such factors as the gravity of 
    the offense, any history of prior offenses, ability to pay the 
    penalty, injury to the public, benefits received, deterrence of 
    future violations, and such other factors as the Secretary may 
    determine, by regulation, to be appropriate.

(d) Action to collect penalty

    If an enterprise fails to comply with an order by the Secretary 
imposing a civil money penalty under this section, after the order is no 
longer subject to review as provided by sections 4582 and 4583 of this 
title, the Secretary may request the Attorney General of the United 
States to bring an action in the United States District Court for the 
District of Columbia to obtain a monetary judgment against the 
enterprise and such other relief as may be available. The monetary 
judgment may, in the court's discretion, include the attorneys fees and 
other expenses incurred by the United States in connection with the 
action. In an action under this subsection, the validity and 
appropriateness of the order imposing the penalty shall not be subject 
to review.

(e) Settlement by Secretary

    The Secretary may compromise, modify, or remit any civil money 
penalty which may be, or has been, imposed under this section.

(f) Transition period limitation

    The Secretary may not impose any civil money penalty under this 
section for any failure by an enterprise, during the 2-year period 
beginning on January 1, 1993, to comply with an approved housing plan, 
unless the Secretary determines that the enterprise has intentionally 
failed to make a good faith effort to comply with an approved plan.

(g) Deposit of penalties

    The Secretary shall deposit any civil money penalties collected 
under this section into the general fund of the Treasury.

(Pub. L. 102-550, title XIII, Sec. 1345, Oct. 28, 1992, 106 Stat. 3966.)

                  Section Referred to in Other Sections

    This section is referred to in sections 4582, 4583, 4584 of this 
title.
