Us Code § 689m - Additional penalties for noncompliance
Full text of Us Code United States Code § 689m — Additional penalties for noncompliance, with citation guidance and answers to common questions.
§ 689m. Additional penalties for noncompliance
(a) In general
With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—
(1) void the participation agreement between the Administrator and the company; and
(2) cause the company to forfeit all of the rights and privileges derived by the company from this chapter.
(b) Adjudication of noncompliance
(1) In general
Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the 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 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 Administrator or by the Attorney General.
(Pub. L. 85–699, title III, §364, as added Pub. L. 106–554, §1(a)(8) [§1(b)(3)], Dec. 21, 2000, 114 Stat. 2763, 2763A–663.)
Editorial Notes
References in Text
For definition of "this chapter", referred to in subsec. (a), see References in Text note set out under section 661 of this title.
About This Section
15 U.S.C. § 689m is part of Title 15 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
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