7 Pa. Stat. § 2103
Current through Pa Acts 2024-53, 2024-56 through 2024-92
An institution which fails to give written notice to the department of a deficiency in its reserve fund as required by section 705 shall pay to the department a penalty of fifty dollars ($50) for each day that it does not give such notice after the time fixed by section 705 for the giving of such notice. The department may in its discretion relieve any institution from the payment of such penalty, in whole or in part, upon a showing to the department of good cause for the failure of the institution to give such notice. If an institution fails to pay a penalty from which it has not been thus relieved, the Department of Banking may through the Department of Justice maintain an action at law to recover it.
7 P.S. § 2103