CFR > Title 12 - Banks and Banking > CHAPTER VI—FARM CREDIT ADMINISTRATION > SUBCHAPTER B—FARM CREDIT SYSTEM (parts 609 to 655) > PART 622—RULES OF PRACTICE AND PROCEDURE > SUBPART B—Rules and Procedures for Assessment and Collection of Civil Money Penalties (§622.51 to §622.62-622.75) > 622.55—Notice of assessment of civil money penalty.

622.55—Notice of assessment of civil money penalty.

(a) Notice of assessment. The notice of assessment for a civil money penalty will state:
(1) The legal authority for the assessment;
(2) The amount of the civil money penalty being assessed;
(3) The date by which the civil money penalty must be paid;
(4) The matter of fact or law constituting the grounds for assessment of the civil money penalty;
(5) The right of the institution or person being assessed to a formal hearing to challenge the assessment;
(6) That failure to request a hearing constitutes a waiver of the opportunity for a hearing and the notice of assessment will constitute a final and unappealable order; and
(7) The time limit to request such a formal hearing.
(b) Service. The notice of assessment may be served upon the institution or person being assessed by personal service or by certified mail with a return receipt to the institution's or the person's last known address. Such service constitutes issuance of the notice.

Code of Federal Regulations

[51 FR 21139, June 11, 1986, as amended at 70 FR 12585, Mar. 15, 2005]