Page:United States Statutes at Large Volume 105 Part 3.djvu/485

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PUBLIC LAW 102-242—DEC. 19, 1991 105 STAT. 2369 the institution, whichever is less, per day for each day during which the failure continues or the false or misleading information in such statement is not corrected. "(D) ASSESSMENT PROCEDURE. — Any penalty imposed under this paragraph shall be assessed and collected by the Corporation in the manner provided in subparagraphs (E), (F), (G), and (I) of section 8(i)(2) (for penalties imposed under such section) and any such assessment (including the determination of the amount of the penalty) shall be subject to the provisions of such section. "(E) HEARING. — Any insured depository institution against which any penalty is assessed under this paragraph shall be afforded an agency hearing if the institution submits a request for such hearing within 20 days after the issuance of the notice of the assessment. Section 8(h) shall apply to any proceeding under this subparagraph.", (b) INSURED CREDIT UNIONS.— Section 202(d)(2) of the Federal Credit Union Act (12 U.S.C. 1782(d)(2)) is amended to read as follows: "(2) PENALTY FOR FAILURE TO MAKE ACCURATE CERTIFIED STATE- MENT OR TO PAY DEPOSIT OR PREMIUM. — "(A) FIRST TIER.—Any insured credit union which— "(i) maintains procedures reasonably adapted to avoid any inadvertent error and, unintentionally and as a result of such an error, fails to submit any certified statement under subsection (b)(1) within the period of time required or submits a false or misleading certified statement under such subsection; or "(ii) submits the statement at a time which is minimally after the time required, shall be subject to a penalty of not more than $2,000 for each day during which such failure continues or such false and misleading information is not corrected. The insured credit union shall have the burden of proving that an error was inadvertent or that a statement was inadvertently submitted late. "(B) SECOND TIER.—Any insured credit union which— "(i) fails to submit any certified statement under subsection (b)(1) within the period of time required or submits a false or misleading certified statement in a manner not described in subparagraph (A); or "(ii) fails or refuses to pay any deposit or premium for insurance required under this title, shall be subject to a penalty of not more than $20,000 for each day during which such failure continues, such false and misleading information is not corrected, or such deposit or premium is not paid. "(C) THIRD TIER. —Notwithstanding subparagraphs (A) and (B), if any insured depository institution knowingly or with reckless disregard for the accuracy of any certified statement under subsection (b)(1) or submits a false or misleading certified statement under such subsection, the Corporation may assess a penalty of not more than $1,000,000 or not more than 1 percent of the total assets of the institution, whichever is less, per day for each day during which the failure continues or the false or misleading information in such statement is not corrected.