§ 378. Dealers in securities engaging in banking business; individuals or associations engaging in banking business; examinations and reports; penalties

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1933

   Banking Act of 1933

   Pub. L. 73–89 § 21 · 48 Stat. 162

   Enacted · 12 U.S.C. § 378

   June 16, 1933, ch. 89, § 21, 48 Stat. 189

   Source evidence

   Code source credit
   June 16, 1933, ch. 89, § 21, 48 Stat. 189

   Enacted provision · exact public law section
   Sec. 21. (a) After the expiration of one year after the date of Vol. 38, p. 259. U.S.C., p. 279; Supp. VI, p. 135. enactment of this Act it shall be unlawful— (1) For any person, firm, corporation, association, business trust, Unlawful acts. Receiving deposits subject to repayment by stock selling, etc., organization. or other similar organization, engaged in the business of issuing, underwriting, selling, or distributing, at wholesale or retail, or through syndicate participation, stocks, bonds, debentures, notes, or other securities, to engage at the same time to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor; or (2) For any person, firm, corporation, association, business trust, Receiving deposits without submitting to examination. or other similar organization, other than a financial institution or private banker subject to examination and regulation under State or Federal law, to engage to any extent whatever in the business of receiving deposits subject to check or to repayment upon presentation of a passbook, certificate of deposit, or other evidence of debt, or upon request of the depositor, unless such person, firm, corporation, association, business trust, or other similar organization shall submit to periodic examination by the Comptroller of the Currency or by the Federal reserve bank of the district and shall make and publish Reports required. periodic reports of its condition, exhibiting in detail its resources and liabilities, such examination and reports to be made and published at the same times and in the same manner and with like effect and penalties as are now provided by law in respect of national banking associations transacting business in the same locality. (b) Whoever shall willfully violate any of the provisions of this Penalty provisions. section shall upon conviction be fined not more than $5,000 or imprisoned not more than five years, or both, and any officer, director, employee, or agent of any person, firm,. corporation, association, business trust, or other similar organization who knowingly participates in any such violation shall be punished by a like fine or imprisonment or both.

2. 1935

   Public Law not identified

   1. Added · 12 U.S.C. § 378(a)

      Subsec. (a). Act Aug. 23, 1935, added two provisos to end of par. (1)

   2. Amended · 12 U.S.C. § 378(a)

      Subsec. (a). Act Aug. 23, 1935, amended par. (2) generally

   Unresolved: No Public Law or Statutes at Large citation in the Code source.

   Source evidence

   Code amendment note
   Subsec. (a). Act Aug. 23, 1935, added two provisos to end of par. (1) and amended par. (2) generally.

3. 1959

   Pub. L. 86–230 § 23 · 73 Stat. 457

   Inserted · 12 U.S.C. § 378(a)

   Pub. L. 86–230 inserted “and subjected, by the laws of the United States, or of the State, Territory, or District wherein located, to examination and regulation,” after “District,” in cl. (2)(A)

   Source evidence

   Code amendment note
   Subsec. (a). Pub. L. 86–230 inserted “and subjected, by the laws of the United States, or of the State, Territory, or District wherein located, to examination and regulation,” after “District,” in cl. (2)(A).

   Enacted provision · exact public law section
   Sec. 23. Section 21(a) (2) (A) of the Act of June 16, 1933 (ch. 89, 49 Stat. 707. 48 Stat. 189; 12 U.S.C. 378), is amended by inserting after “District,” the following: “and subjected, by the laws of the United States, or of the State, Territory, or District wherein located, to examination and regulation,”.

4. 1968

   Housing and Urban Development Act of 1968

   Pub. L. 90–448 title VIII § 804(d) · 82 Stat. 476

   Inserted · 12 U.S.C. § 378(a)(1)

   Pub. L. 90–448 inserted “, or issuing securities” in first proviso

   Source evidence

   Code amendment note
   Subsec. (a)(1). Pub. L. 90–448 inserted “, or issuing securities” in first proviso.

   Enacted provision · exact public law section
   (d) The first proviso of section 21(a) (1) of the Banking Act of 1933 (12 U.S.C. 378(a)(1)) is amended by inserting “, or issuing 48 stat. 189; 49 stat. 707. securities,” immediately following “investment securities”.

   Effective date note
   For effective date of amendment by Pub. L. 90–448, see section 808 of Pub. L. 90–448, set out as a note under section 1716b of this title.

5. 1978

   International Banking Act of 1978

   Pub. L. 95–369 § 12 · 92 Stat. 607

   Inserted · 12 U.S.C. § 378(a)(2)(B)

   Pub. L. 95–369 inserted reference to permission by the United States to engage in such business and subjection by the laws of the United States to examination and regulation

   Source evidence

   Code amendment note
   Subsec. (a)(2)(B). Pub. L. 95–369 inserted reference to permission by the United States to engage in such business and subjection by the laws of the United States to examination and regulation.

   Enacted provision · exact public law section
   Sec. 12. amendment to the banking act of 1933 Section 21 of the Banking Act of 1933 (12 U.S.C. 378) is amended by striking clause (B) of paragraph (2) of subsection (a) thereof and inserting in lieu thereof the following: “(B) shall be permitted by the United States, any State, territory, or district to engage in such business and shall be subjected by the laws of the United States, or such State, territory, or district to examination and regulations or,”.

4 of 6 references resolved to an enrolled provision · 2 unresolved