[Code of Federal Regulations]

[Title 24, Volume 1]

[Revised as of April 1, 2006]

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

[CITE: 24CFR30.50]



[Page 312]

 

                 TITLE 24--HOUSING AND URBAN DEVELOPMENT

 

PART 30_CIVIL MONEY PENALTIES: CERTAIN PROHIBITED CONDUCT--Table of 

Contents

 

                          Subpart B_Violations

 

Sec.  30.50  GNMA issuers and custodians.



    (a) General. The President of GNMA, or his or her designee, may 

initiate a civil money penalty action against a GNMA issuer or custodian 

that knowingly and materially violates any provision of 12 U.S.C. 

1723i(b), title III of the National Housing Act, or any implementing 

regulation, handbook, guaranty agreement, or contractual agreement, or 

participant letter issued by GNMA, or fails to comply with the terms of 

a settlement agreement with GNMA.

    (b) Continuing violation. Each day that a violation continues shall 

constitute a separate violation.

    (c) Amount of penalty. The maximum penalty is $6,500 for each 

violation, up to a limit of $1,250,000 during any one-year period. Each 

violation shall constitute a separate violation with respect to each 

pool of mortgages.



[61 FR 50215, Sept. 24, 1996, as amended at 68 FR 12788, Mar. 17, 2003]