§4501 — Title 15 Commerce and Trade | U.S. Code

Summary

Says how money paid back as restitution under the Emergency Petroleum Allocation Act of 1973 or the Economic Stabilization Act of 1970 must be handled, paid out, and earn interest. It covers funds the government official who collected them or the courts hold in escrow on or after October 21, 1986, and any amounts later found by court or agency actions (including settlements or judgments) to be payments for violations, even if the money is held by a court. Money that a court held in escrow before October 21, 1986 may stay with that court but must be paid out only under these rules. Exceptions are amounts already paid before October 21, 1986 under section 155 of Public Law 97–377 or any final order or settlement; amounts with enforceable rights under the settlement approved July 7, 1986 in In Re: Department of Energy Stripper Well Exemption Litigation, M.D.L. No. 378; and amounts ordered for specific injured persons (including indirect restitution) by any order or judgment. The Treasury will hold the escrow accounts for the government and pay interest at the highest rate earned by Federal trust fund investments in short‑ and long‑term U.S. Government securities (including minority bank investments).

Title 15, §4501

Commerce and Trade — Source: USLM XML via OLRC

(a)This chapter (other than section 4504 of this title)—

(1)specifies the procedure for the disbursement of funds collected, including interest thereon, by the Secretary or the courts pursuant to the Emergency Petroleum Allocation Act of 1973 [15 U.S.C. 751 et seq.] or the Economic Stabilization Act of 1970 (and the regulations issued thereunder) as restitution for actual or alleged violations of such Acts or regulations; and

(2)subject to subsection (c), applies to—

(A)any amount of such funds held in escrow by the Secretary through accounts administered by the Secretary of the Treasury on or after October 21, 1986; and

(B)any amount of such funds determined at any time, pursuant to judicial or administrative proceedings (including any settlement agreement or declaratory judgment) instituted by the Secretary to enforce such Acts and regulations, to be amounts paid for such actual or alleged violations, including any such amounts held in escrow by any court.

(b)Amounts described in subsection (a)(2) and held in an escrow account by a court before October 21, 1986, may continue to be held by such court but shall be disbursed, together with any interest thereon, by the Secretary or, as appropriate, by the court only in accordance with the provisions of this chapter.

(c)Subsection (a)(2) does not apply to—

(1)any amount actually disbursed before October 21, 1986, to any person or class of persons pursuant to section 155 of Public Law 97–377 or any final judicial or administrative order or judgment (including any settlement agreement or declaratory judgment);

(2)any amount to which any person or class of persons has an enforceable right, created or vested, or governed by the terms and conditions of the settlement approved on July 7, 1986, in In Re: the Department of Energy Stripper Well Exemption Litigation, M.D.L. No. 378, in the United States District Court for the District of Kansas; and

(3)any amount designated by judicial or administrative order or judgment (including any settlement agreement or declaratory judgment) for disbursement at any time to any specific person or class of persons—

(A)identified in such order or judgment as injured by the violation or alleged violation of the Acts described in subsection (a)(1) (including the regulations thereunder); or

(B)identified in such order or judgment issued before October 21, 1986, for indirect restitution.

(d)Subject to subsections (b) and (c), the amounts covered by subsection (a) shall be held in appropriate escrow accounts administered for the Secretary by the Secretary of the Treasury.

(e)Consistent with the disbursement requirements of this chapter, the Secretary of the Treasury shall provide that amounts described in subsection (a) shall earn interest at the maximum rate earned on investments of Federal trust funds by the Secretary of the Treasury in short-term and long-term securities issued by the Federal Government (including minority bank investments).

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Emergency Petroleum Allocation Act of 1973, referred to in subsec. (a)(1), is Pub. L. 93–159, Nov. 27, 1973, 87 Stat. 628, which was classified generally to chapter 16A (§ 751 et seq.) of this title, was omitted from the Code pursuant to section 760g of this title, which provided for the expiration of the President’s authority under that chapter on Sept. 30, 1981. The Economic Stabilization Act of 1970, referred to in subsec. (a)(1), is title II of Pub. L. 91–379, Aug. 15, 1970, 84 Stat. 799, formerly set out as an Economic Stabilization Provisions note under section 1904 of Title 12, Banks and Banking. section 155 of Public Law 97–377, referred to in subsec. (c)(1), is section 155 of Pub. L. 97–377, title I, Dec. 21, 1982, 96 Stat. 1919, which is not classified to the Code.

Statutory Notes and Related Subsidiaries

Short Title

Pub. L. 99–509, title III, § 3001, Oct. 21, 1986, 100 Stat. 1881, provided that: “This subtitle [subtitle A (§§ 3001–3008) of title III of Pub. L. 99–509, enacting this chapter] may be cited as the ‘Petroleum Overcharge Distribution and Restitution Act of 1986’.”

§4501 Restitutionary Amounts Covered