7 U.S.C. § 2009cc–13 — Additional penalties for noncompliance

FEDERAL · 7 U.S.C. · Chapter 50

Additional penalties for noncompliance

Current through Pub. L. 119-102

Title 7 — Agriculture·Ch. 50 — AGRICULTURAL CREDIT·Subch. VIII

(a)In general With respect to any rural business investment company that violates or fails to comply with this subchapter (including any rule, regulation, order, or participation agreement under this subchapter), the Secretary may, in accordance with this section—

(1)void the participation agreement between the Secretary and the rural business investment company; and

(2)cause the rural business investment company to forfeit all of the rights and privileges derived by the rural business investment company under this subchapter.

(b)Adjudication of noncompliance

(1)In general Before the Secretary may cause a rural business investment company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the rural business inves

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(a) In general
With respect to any rural business investment company that violates or fails to comply with this subchapter (including any rule, regulation, order, or participation agreement under this subchapter), the Secretary may, in accordance with this section—
(1) void the participation agreement between the Secretary and the rural business investment company; and
(2) cause the rural business investment company to forfeit all of the rights and privileges derived by the rural business investment company under this subchapter.
(b) Adjudication of noncompliance
(1) In general
Before the Secretary may cause a rural business investment company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the rural business investment company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the rural business investment company is located.
(2) Parties authorized to file causes of action
Each cause of action brought by the United States under this subsection shall be brought by the Secretary or by the Attorney General.

7 U.S.C. § 2009cc–13 (Additional penalties for noncompliance) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

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History

(Pub. L. 87–128, title III, §384N, as added Pub. L. 107–171, title VI, §6029, May 13, 2002, 116 Stat. 400.)