PRIA, Government Policy, Made Personal

Summary

The Director can still send notices and take action under this part of the law against someone who used to be connected to a regulated entity. Leaving the job—by resignation, firing, or any other separation—does not stop that power, as long as the notice is served within six years after the person stops being associated with the regulated entity.

Title 12, §4637

Banks and Banking, Source: USLM XML via OLRC

The resignation, termination of employment or participation, or separation of an entity-affiliated party shall not affect the jurisdiction and authority of the Director to issue any notice and proceed under this subchapter against any such entity-affiliated party, if such notice is served before the end of the 6-year period beginning on the date such entity-affiliated party ceases to be associated with the regulated entity.

Notes & Related Subsidiaries

Editorial Notes

Prior Provisions

A prior section 1379 of Pub. L. 102–550 was renumbered section 1379B and is classified to section 4639 of this title.

Amendments

2008—Pub. L. 110–289, § 1157(4), which directed the substitution of “regulated entity.” for “enterprise.” could not be executed because of the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below. Pub. L. 110–289, § 1157(3), which directed the substitution of “entity-affiliated party” for “director or officer” wherever appearing, was executed by making the substitution for “director or executive officer” in two places, to reflect the probable intent of Congress. Pub. L. 110–289, § 1157(2), which directed the substitution of “an entity-affiliated party” for “a director or executive officer of an enterprise”, was executed by making the substitution for “a director or executive officer of a regulated entity”, to reflect the probable intent of Congress and the prior amendment by Pub. L. 110–289, § 1156(b)(1). See below. Pub. L. 110–289, § 1157(1), substituted “6-year” for “2-year”. Pub. L. 110–289, § 1156(b)(1), substituted “a regulated entity” for “an enterprise” and “the regulated entity” for “the enterprise”.

§4637 Notice After Separation From Service