§ 6.2-711. (Effective October 1, 2010) Civil penalties; injunction.
A. To the extent provided for therein, the Commission may impose a civilpenalty of not less than $100 but not exceeding $1,000 per day for each dayof noncompliance upon financial institution holding companies subject to thelaws of the Commonwealth that fail to comply with any of the provisions of §6.2-707 for a period of longer than 30 days, after being called upon by theCommission for a statement, or to do such other act as is therein provided.The Commission may impose a civil penalty of not less than $25 but notexceeding $100 per day for each day of noncompliance upon any officer of anysuch financial institution holding company, who shall refuse to give anyexaminer the information or refuse to be sworn, as required by this title.
B. The Commission (i) may impose a civil penalty not exceeding $10,000against any financial institution holding company subject to the laws of theCommonwealth or against any of its directors, officers, or employees forviolating any lawful order of the Commission and (ii) may remove from officeany director or officer who a second time violates any such order. In allcases the defendant shall have an opportunity to be heard and to introduceevidence, and the right to appeal as provided by law.
C. Any person violating any provision of this chapter or any regulationadopted thereunder shall be subject to injunction by the Commission or by anappropriate court on motion of any party in interest. In addition, theCommission may impose a civil penalty of not more than $1,000 per day foreach day the violation continues upon any person violating any provision ofthis chapter or any regulation adopted thereunder.
(1978, c. 683, § 6.1-388; 1983, c. 194; 2010, c. 794.)
§ 6.2-711. (Effective October 1, 2010) Civil penalties; injunction.
A. To the extent provided for therein, the Commission may impose a civilpenalty of not less than $100 but not exceeding $1,000 per day for each dayof noncompliance upon financial institution holding companies subject to thelaws of the Commonwealth that fail to comply with any of the provisions of §6.2-707 for a period of longer than 30 days, after being called upon by theCommission for a statement, or to do such other act as is therein provided.The Commission may impose a civil penalty of not less than $25 but notexceeding $100 per day for each day of noncompliance upon any officer of anysuch financial institution holding company, who shall refuse to give anyexaminer the information or refuse to be sworn, as required by this title.
B. The Commission (i) may impose a civil penalty not exceeding $10,000against any financial institution holding company subject to the laws of theCommonwealth or against any of its directors, officers, or employees forviolating any lawful order of the Commission and (ii) may remove from officeany director or officer who a second time violates any such order. In allcases the defendant shall have an opportunity to be heard and to introduceevidence, and the right to appeal as provided by law.
C. Any person violating any provision of this chapter or any regulationadopted thereunder shall be subject to injunction by the Commission or by anappropriate court on motion of any party in interest. In addition, theCommission may impose a civil penalty of not more than $1,000 per day foreach day the violation continues upon any person violating any provision ofthis chapter or any regulation adopted thereunder.
(1978, c. 683, § 6.1-388; 1983, c. 194; 2010, c. 794.)
§ 6.2-711. (Effective October 1, 2010) Civil penalties; injunction.
A. To the extent provided for therein, the Commission may impose a civilpenalty of not less than $100 but not exceeding $1,000 per day for each dayof noncompliance upon financial institution holding companies subject to thelaws of the Commonwealth that fail to comply with any of the provisions of §6.2-707 for a period of longer than 30 days, after being called upon by theCommission for a statement, or to do such other act as is therein provided.The Commission may impose a civil penalty of not less than $25 but notexceeding $100 per day for each day of noncompliance upon any officer of anysuch financial institution holding company, who shall refuse to give anyexaminer the information or refuse to be sworn, as required by this title.
B. The Commission (i) may impose a civil penalty not exceeding $10,000against any financial institution holding company subject to the laws of theCommonwealth or against any of its directors, officers, or employees forviolating any lawful order of the Commission and (ii) may remove from officeany director or officer who a second time violates any such order. In allcases the defendant shall have an opportunity to be heard and to introduceevidence, and the right to appeal as provided by law.
C. Any person violating any provision of this chapter or any regulationadopted thereunder shall be subject to injunction by the Commission or by anappropriate court on motion of any party in interest. In addition, theCommission may impose a civil penalty of not more than $1,000 per day foreach day the violation continues upon any person violating any provision ofthis chapter or any regulation adopted thereunder.
(1978, c. 683, § 6.1-388; 1983, c. 194; 2010, c. 794.)
