|
|
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.’’.
Return to Index
Return to the Table of Contents
Visit the
international Association of Risk and Compliance Professionals
(IARCP)
|
|
|
