§ 689m. Additional penalties for noncompliance
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/usc/title-15/section-689mA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.)
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- Pub. L. 85–699, title III, § 364
- Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]
- 114 Stat. 2763
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§ 689m
Additional penalties for noncompliance
Stat. Comp.×1
Pub. L.Pub. L. 85–699, title III, § 364
Pub. L.Pub. L. 106–554, § 1(a)(8) [§ 1(b)(3)]
Stat.114 Stat. 2763
Cites 4Cited by 1 across 1 source