FEDERAL · 12 U.S.C. · Chapter 3
Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties
Current through Pub. L. 119-102
No member bank shall act as the medium or agent of any nonbanking corporation, partnership, association, business trust, or individual in making loans on the security of stocks, bonds, and other investment securities to brokers or dealers in stocks, bonds, and other investment securities. Every violation of this provision by any member bank shall be punishable by a fine of not more than $100 per day during the continuance of such violation; and such fine may be collected, by suit or otherwise, by the Federal reserve bank of the district in which such member bank is located.
Free access — add to your briefcase to read the full text and ask questions with AI
12 U.S.C. § 374a (Acting as agent for nonbanking borrower in making loans on securities to dealers in stocks, bonds, etc.; penalties) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Related
Atlas Roofing Company, Inc. v. Occupational Safety and Health Review Commission, United States Department Oflabor
518 F.2d 990 (Fifth Circuit, 1975)
Holcomb v. Specialized Loan Servicing, LLC
(S.D. Texas, 2024)
Source Credit
History
(Dec. 23, 1913, ch. 6, §19(d), formerly §19 (par. 7), as added June 16, 1933, ch. 89, §11(a), 48 Stat. 181; renumbered §19(d), Pub. L. 89–597, §2(b), Sept. 21, 1966, 80 Stat. 824.)
Editorial Notes
Editorial Notes
Codification
Section is comprised of subsec. (d), formerly seventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.
Codification
Section is comprised of subsec. (d), formerly seventh par., of section 19 of act Dec. 23, 1913, as redesignated by Pub. L. 89–597.