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States District Court for the District of Colum-
bia or the United States District Court for the
judicial district in which the home office of such
national market funded lending institution is lo-
cated for an injunction setting aside, limiting,
modifying, or suspending the enforcement, oper-
ation, or effectiveness of such order, and such
court shall have jurisdiction to issue such in-
junction. Failure to seek judicial review within
such 10-day period shall constitute a waiver
thereof and shall constitute consent by the na-
tional market funded lending institution or any
company which controls such national market
funded lending institution to the issuance of a
final order of revocation of its charter.
‘‘(c) CRIMINAL PENALTIES.—
‘‘(1) 
UNAUTHORIZED
ORGANIZATION.—Any
person who violates the provisions of this title or any
regulation or order issued by the Comptroller pursu-
ant hereto by knowingly organizing a national mar-
ket funded lending institution, collecting money from
others for such purpose, or representing himself or
herself as authorized to do so, or transacting busi-
ness as a national market lending institution, with-
out a validly issued and unrevoked charter from the
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Comptroller of the Currency, or, in the case of a na-
tional market funded lending institution which has
had its charter revoked, by failing to give notice to
depositors of charter revocation when and as di-
rected by the Comptroller under this section, shall
be imprisoned not more than one year, fined not
more than $100,000 for each day during which such
violation continues, or both.
‘‘(2) VIOLATION OF ACTIVITIES LIMITATION.—
Whoever violates this section by knowingly causing
a national market funded lending institution to ac-
cept any deposit or by representing to any person
that any deposit accepted by such national market
funded lending institution is an ‘‘insured deposit’’
within the meaning of section 3(m) of Federal De-
posit Insurance Act (12 U.S.C. 1813(m)) shall be
imprisoned not more than 5 years, fined not more
than $500,000 per day for each day during which
such violation continues, or both.
‘‘(3) VIOLATION
DEFINED.—For purposes of
this section, the term ‘‘violation’’ includes any action
(alone or with another or others) for or toward caus-
ing, bringing about, participating in, counseling or
aiding or abetting a violation.
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‘‘(d) VOLUNTARY LIQUIDATION.—A national market
funded lending institution may go into voluntary liquida-
tion and be closed by a vote of its shareholders owning
two-thirds of its stock, pursuant to sections 5220 and
5221 of the Revised States (12 U.S.C. 181, 182).
‘‘(e) CONSERVATORSHIP.—The Comptroller may ap-
point a conservator to take possession and control of a
national market funded lending institution pursuant to the
Bank Conservation Act (12 U.S.C. 201 et seq.).
‘‘(f) CONVERSIONS OF DEPOSITORY INSTITUTIONS
INTO NATIONAL MARKET FUNDED LENDING INSTITU-
TIONS.—Any depository institution (as defined in section
3(c)(1) of the Federal Deposit Insurance Act) may, by the
vote of its shareholders owning not less than two-thirds
of the stock of such depository institution, and with the
approval of the Comptroller upon such terms as he or she
shall determine are necessary to further the purposes of
this section, be converted into a national market funded
lending institution, provided, however that said conversion
shall not be in contravention of any applicable State law.
Such national market funded lending institution shall have
the same powers and privileges and shall be subject to the
same duties, liabilities and regulations in all respects, as
national market funded lending institutions originally or-
ganized under this section.’’.
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TITLE VII—EFFECTIVE DATE
SEC. 701. EFFECTIVE DATE.
Except as otherwise provided, this Act shall take ef-
fect on January 1, 1998.
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