Source: http://law2.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1735f-15&num=0&edition=prelim
Timestamp: 2019-04-23 16:02:05
Document Index: 573750821

Matched Legal Cases: ['§ 1735', '§537', '§108', '§561', '§219', '§219', '§561', '§561', '§108', '§561']

[USC10] 12 USC 1735f-15: Civil money penalties against multifamily mortgagors
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12 USC 1735f-15: Civil money penalties against multifamily mortgagors Text contains those laws in effect on April 22, 2019
The Secretary may also impose a civil money penalty under this section on-
(x) Failure to furnish the Secretary, by the expiration of the 90-day period beginning on the first day after the completion of each fiscal year (unless the Secretary has approved an extension of the 90-day period in writing), with a complete annual financial report, in accordance with requirements prescribed by the Secretary, including requirements that the report be-
The Secretary shall establish standards and procedures governing the imposition of civil money penalties under subsections (b) and (c). These standards and procedures-
In this section, the terms "agent employed to manage the property that has an identity of interest" and "identity of interest agent" mean an entity-
(June 27, 1934, ch. 847, title V, §537, as added Pub. L. 101–235, title I, §108(a), Dec. 15, 1989, 103 Stat. 2003 ; amended Pub. L. 105–65, title V, §561(a), Oct. 27, 1997, 111 Stat. 1414 ; Pub. L. 108–447, div. I, title II, §219(b), (c), Dec. 8, 2004, 118 Stat. 3319 .)
2004-Subsec. (c)(1)(B)(ii). Pub. L. 108–447, §219(b), inserted "other revenues, or contract rights," after "rents,".
1997-Subsec. (b)(1). Pub. L. 105–65, §561(a)(1), substituted "on that mortgagor, on a general partner of a partnership mortgagor, or on any officer or director of a corporate mortgagor" for "on that mortgagor".
Pub. L. 105–65, title V, §561(c), Oct. 27, 1997, 111 Stat. 1416 , provided that: "The amendments made by subsection (a) [amending this section] shall apply only with respect to-
Pub. L. 101–235, title I, §108(b), Dec. 15, 1989, 103 Stat. 2007 , provided that: "The amendment made by subsection (a) [enacting this section] shall apply only with respect to violations referred to in the amendment that occur on or after the effective date of this section [Dec. 15, 1989]."
Pub. L. 105–65, title V, §561(b), Oct. 27, 1997, 111 Stat. 1416 , provided that:
"(1) Public comment.-The Secretary shall implement the amendments made by this section [amending this section and enacting provisions set out as a note under this section] by regulation issued after notice and opportunity for public comment. The notice shall seek comments primarily as to the definitions of the terms 'ownership interest in' and 'effective control', as those terms are used in the definition of the terms 'agent employed to manage the property that has an identity of interest' and 'identity of interest agent'.
"(2) Timing.-A proposed rule implementing the amendments made by this section shall be published not later than 1 year after the date of enactment of this Act [Oct. 27, 1997]."