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U.S. Code as of:
01/19/04
Section 582. Receipt of United States or bank notes as collateral
No national banking association shall hereafter offer or receive
United States notes or national-bank notes as security or as
collateral security for any loan of money, or for a consideration
agree to withhold the same from use, or offer or receive the
custody or promise of custody of such notes as security, or as
collateral security, or consideration for any loan of money. Any
association offending against the provisions of this section shall
be deemed guilty of a misdemeanor and shall be fined not more than
$1,000 and a further sum equal to one-third of the money so loaned.
The officer or officers of any association who shall make any such
loan shall be liable for a further sum equal to one-quarter of the
money loaned; and any fine or penalty incurred by a violation of
this section shall be recoverable for the benefit of the party
bringing such suit.
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