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The Text of the Dodd-Frank Act
International Association of Risk and Compliance Professionals (IARCP)
 
Dodd Frank Act Section 1416
SEC. 1416. AMENDMENTS TO CIVIL LIABILITY PROVISIONS.

(a) INCREASE IN AMOUNT OF CIVIL MONEY PENALTIES FOR CERTAIN VIOLATIONS.
—Section 130(a) of the Truth in Lending Act (15 U.S.C. 1640(a)) is amended—

(1) in paragraph (2)(A)(ii)—

(A) by striking ‘‘$100’’ and inserting ‘‘$200’’; and

(B) by striking ‘‘$1,000’’ and inserting ‘‘$2,000’’;

(2) in paragraph (2)(B), by striking ‘‘$500,000’’ and inserting ‘‘$1,000,000’’; and

(3) in paragraph (4), by inserting ‘‘, paragraph (1) or (2) of section 129B(c), or section 129C(a)’’ after ‘‘section 129’’.

(b) STATUTE OF LIMITATIONS EXTENDED FOR SECTION 129 VIOLATIONS.— Section 130(e) of the Truth in Lending Act (15 U.S.C. 1640(e)) is amended—

(1) in the first sentence, by striking ‘‘Any action’’ and inserting ‘‘Except as provided in the subsequent sentence, any action’’; and

(2) by inserting after the first sentence the following new sentence: ‘‘Any action under this section with respect to any violation of section 129, 129B, or 129C may be brought in any United States district court, or in any other court of competent jurisdiction, before the end of the 3-year period beginning on the date of the occurrence of the violation.’’.
 


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