[Code of Federal Regulations]

[Title 31, Volume 3]

[Revised as of July 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 31CFR501.709]



[Page 58-59]

 

                  TITLE 31--MONEY AND FINANCE: TREASURY

 

 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY

 

PART 501_REPORTING, PROCEDURES AND PENALTIES REGULATIONS--Table of 

Contents

 

          Subpart D_Trading With the Enemy Act (TWEA) Penalties

 

Sec. 501.709  Penalty notice.



    (a) If, after considering any written response to the Prepenalty 

Notice, and any other relevant facts, the Director determines that there 

was a violation by the respondent and that a monetary penalty is 

warranted, the Director promptly shall issue a Penalty Notice informing 

the respondent that, absent a timely request for an administrative 

hearing, the Director will impose the civil monetary penalty described 

in the Penalty Notice. The Penalty Notice shall inform the respondent:

    (1) Of the respondent's right to submit a written request for an 

administrative hearing not later than 30 days after the date of service 

of the Penalty Notice;

    (2) That in the absence of a timely request for a hearing, the 

issuance of the



[[Page 59]]



Penalty Notice constitutes final agency action;

    (3) That, absent a timely request for a hearing, payment (or 

arrangement with the Financial Management Service of the Department for 

installment payment) of the assessed penalty must be made not later than 

30 days after the date of service of the Penalty Notice; and

    (4) That absent a timely request for a hearing, the respondent must 

furnish respondent's taxpayer identification number pursuant to 31 

U.S.C. 7701 and that the Director intends to use such information for 

the purposes of collecting and reporting on any delinquent penalty 

amount in the event of a failure to pay the penalty imposed.