15 U.S.C. § 689m: Additional penalties for…

Summary

The Administrator can cancel a New Markets Venture Capital company’s participation agreement and make the company lose all program rights and benefits if the company breaks the chapter, a related regulation, or its participation agreement. The Administrator can only do this after a U.S. court in the district where the company’s main office is located finds the company violated or failed to comply, and the case must be brought by the Administrator or the Attorney General.

Title 15, §689m

Commerce and Trade, Source: USLM XML via OLRC

(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)

(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.

§689m Additional Penalties for Noncompliance

Summary

Title 15, §689m

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