§ 689m - Additional penalties for noncompliance

CHAPTER 14B— SMALL BUSINESS INVESTMENT PROGRAM › SUBCHAPTER III— INVESTMENT DIVISION PROGRAMS

(a) With respect to any New Markets Venture Capital company that violates or fails to comply with any of the provisions of this chapter, of any regulation issued under this chapter, or of any participation agreement entered into under this chapter, the Administrator may in accordance with this section—

(a)(1) void the participation agreement between the Administrator and the company; and

(a)(2) cause the company to forfeit all of the rights and privileges derived by the company from this chapter.

(b)(1) Before the Administrator may cause a New Markets Venture Capital company to forfeit rights or privileges under subsection (a), a court of the United States of competent jurisdiction must find that the company committed a violation, or failed to comply, in a cause of action brought for that purpose in the district, territory, or other place subject to the jurisdiction of the United States, in which the principal office of the company is located.

(b)(2) Each cause of action brought by the United States under this subsection shall be brought by the Administrator or by the Attorney General.

Notes

Editorial Notes

References in Text

For definition of “this chapter”, referred to in subsec. (a), see References in Text note set out under section 661 of this title.