Page:United States Statutes at Large Volume 101 Part 3.djvu/358

From Wikisource
Jump to: navigation, search
This page needs to be proofread.
PUBLIC LAW 100-000—MMMM. DD, 1987

101 STAT. 1656

PUBLIC LAW 100-233—JAN. 6, 1988 selects and offers at least two approved insurers for each type of insurance made available to the members and borrowers; and".

12 USC 2218

"ote.

(b) CONTINUATION OF PROGRAM,—Notwithstanding the amend-

ments made to section 4.29 by subsection (a), any insurance program offered by any bank or association of the Farm Credit System on the date of the enactment of this Act that does not meet the requirements of section 4.29, as so amended, may be continued until July 1, 1988. SEC. 423. CIVIL MONEY PENALTIES. (a) ASSESSMENT AUTHORITY.—Section 5.32(a) (12 U.S.C. 2268(a)) is

amended by striking out "continues, but" and inserting in lieu thereof the following: "continues. Any such institution or person who violates any provision of this Act or any regulation issued under this Act shall forfeit and pay a civil penalty of not more than $500 per day for each day during which such violation continues. Notwithstanding the preceding sentences,". ft)) NOTIFICATION OF ALLEGED VIOLATORS.—Section 5.32(b) (12

U.S.C. 2268ft))) is amended by inserting after the subsection designation the following new sentence: "Before determining whether to assess a civil money penalty and determining the amount of such penalty, the Farm Credit Administration shall notify the institution or person to be assessed of the violation or violations alleged to have occurred or to be occurring, and shall solicit the views of the institution or person regarding the imposition of such penalty.". (c) REVIEW OF FINAL ORDERS.—Section 5.32(d) (12 U.S.C. 2268(d)) is

amended by striking out the last sentence and inserting in lieu thereof the following new sentence: "Final orders of the Farm Credit Administration issued under subsection (c) shall be reviewable under chapter 7 of title 5, United States C!ode.". SEC. 424. LIMITATION ON FCA AUTHORITY TO REQUIRE DISCLOSURE OF INFORMATION.

(a) IN GENERAL.—Section 5.17(a)(9) (12 U.S.C. 2252(a)(9)) is amended by inserting before the period the following: ", except that the Farm Credit Administration may not require any System institution to disclose in any report to stockholders information concerning the condition or classification of a loan— "(A) to a director of the institution— "(i) who has resigned before the time for filing the applicable report with the Farm Credit Administration; •>?;

12 USC 2252 note.

?.>

-

Qj.

"(ii) whose term of office will expire no later than the

  • "^

date of the meeting of stockholders to which the report relates; or .*< v.i "(B) ^Q g member of the immediate family of a director of the institution unless— ' '• "(i) the family member resides in the same household '^ as the director; or "(ii) the director has a material financial or legal " ' ^ interest in the loan or business operation of the family member.". ft)) REGULATIONS.—Within 30 days after the date of the enactment of this Act, the Farm Credit Administration shall amend its regulations as necessary to implement the amendment made by subsection (a)(