[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 18USC1014]
TITLE 18--CRIMES AND CRIMINAL PROCEDURE
PART I--CRIMES
CHAPTER 47--FRAUD AND FALSE STATEMENTS
Sec. 1014. Loan and credit applications generally; renewals and
discounts; crop insurance
Whoever knowingly makes any false statement or report, or willfully
overvalues any land, property or security, for the purpose of
influencing in any way the action of the Farm Credit Administration,
Federal Crop Insurance Corporation or a company the Corporation
reinsures, the Secretary of Agriculture acting through the Farmers Home
Administration or successor agency, the Rural Development Administration
or successor agency, any Farm Credit Bank, production credit
association, agricultural credit association, bank for cooperatives, or
any division, officer, or employee thereof, or of any regional
agricultural credit corporation established pursuant to law, or a
Federal land bank, a Federal land bank association, a Federal Reserve
bank, a small business investment company, as defined in section 103 of
the Small Business Investment Act of 1958 (15 U.S.C. 662), or the Small
Business Administration in connection with any provision of that Act, a
Federal credit union, an insured State-chartered credit union, any
institution the accounts of which are insured by the Federal Deposit
Insurance Corporation, the Office of Thrift Supervision, any Federal
home loan bank, the Federal Housing Finance Board, the Federal Deposit
Insurance Corporation, the Resolution Trust Corporation, the Farm Credit
System Insurance Corporation, or the National Credit Union
Administration Board, a branch or agency of a foreign bank (as such
terms are defined in paragraphs (1) and (3) of section 1(b) of the
International Banking Act of 1978), or an organization operating under
section 25 or section 25(a) \1\ of the Federal Reserve Act, upon any
application, advance, discount, purchase, purchase agreement, repurchase
agreement, commitment, or loan, or any change or extension of any of the
same, by renewal, deferment of action or otherwise, or the acceptance,
release, or substitution of security therefor, shall be fined not more
than $1,000,000 or imprisoned not more than 30 years, or both. The term
``State-chartered credit union'' includes a credit union chartered under
the laws of a State of the United States, the District of Columbia, or
any commonwealth, territory, or possession of the United States.
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\1\ See References in Text note below.
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(June 25, 1948, ch. 645, 62 Stat. 752; May 24, 1949, ch. 139, Sec. 21,
63 Stat. 92; July 26, 1956, ch. 741, title I, Sec. 109, 70 Stat. 667;
Pub. L. 85-699, title VII, Sec. 705, Aug. 21, 1958, 72 Stat. 699; Pub.
L. 86-168, title I, Sec. 104(h), Aug. 18, 1959, 73 Stat. 387; Pub. L.
87-353, Sec. 3(t), Oct. 4, 1961, 75 Stat. 774; Pub. L. 88-353, Sec. 5,
July 2, 1964, 78 Stat. 269; Pub. L. 91-468, Sec. 7, Oct. 19, 1970, 84
Stat. 1017; Pub. L. 91-609, title IX, Sec. 915, Dec. 31, 1970, 84 Stat.
1815; Pub. L. 97-297, Sec. 4(b), Oct. 12, 1982, 96 Stat. 1318; Pub. L.
101-73, title IX, Secs. 961(h), 962(a)(7), (8)(B), Aug. 9, 1989, 103
Stat. 500, 502; Pub. L. 101-624, title XXIII, Sec. 2303(e), Nov. 28,
1990, 104 Stat. 3981; Pub. L. 101-647, title XXV, Secs. 2504(g),
2595(a)(5), 2597(i), Nov. 29, 1990, 104 Stat. 4861, 4907, 4910; Pub. L.
103-322, title XXXIII, Secs. 330002(d), 330008(8), Sept. 13, 1994, 108
Stat. 2140, 2143; Pub. L. 103-354, title I, Sec. 119(e), Oct. 13, 1994,
108 Stat. 3208; Pub. L. 104-294, title VI, Secs. 602(b), 604(b)(22),
605(b), 607(d), Oct. 11, 1996, 110 Stat. 3503, 3508, 3509, 3511; Pub. L.
106-78, title VII, Sec. 767, Oct. 22, 1999, 113 Stat. 1174; Pub. L. 107-
100, Sec. 4(a), Dec. 21, 2001, 115 Stat. 966.)
Historical and Revision Notes
1948 Act
Based on sections 1026(a) and 1514(a) of title 7, U.S.C., 1940 ed.,
Agriculture, sections 596, 981, 1122, 1123, 1138d(a), 1248, 1312, 1313,
1441(a), and 1467(a), of title 12, U.S.C., 1940 ed., Banks and Banking,
and section 616(a) of title 15, U.S.C., 1940 ed., Commerce and Trade
(Dec. 23, 1913, ch. 6, Sec. 22(h), as added June 19, 1934, ch. 653,
Sec. 3, 48 Stat. 1107; July 17, 1916, ch. 245, Sec. 31, first paragraph,
39 Stat. 382; July 17, 1916, ch. 245, Sec. 211(b), (c), as added Mar. 4,
1923, ch. 252, Sec. 2, 42 Stat. 1460; Mar. 4, 1923, ch. 252, title II,
Secs. 209(h), 216(b), (c), 42 Stat. 1468, 1472; Jan. 22, 1932, ch. 8,
Sec. 16 (a), 47 Stat. 11; July 22, 1932, ch. 522, Sec. 21(a), 47 Stat.
738; June 13, 1933, ch. 64, Sec. 8(a), 48 Stat. 134; June 16, 1933, ch.
98, Sec. 64(a), 48 Stat. 267; Jan. 31, 1934, ch. 7, Sec. 13, 48 Stat.
347; June 3, 1935, ch. 164, Sec. 21, 49 Stat. 319; July 22, 1937, ch.
517, title IV, Sec. 52(a); 50 Stat. 531; Feb. 16, 1938, ch. 30, title V,
Sec. 514(a), 52 Stat. 76; Aug. 14, 1946, ch. 964, Sec. 3, 60 Stat.
1064).
Each of the 13 sections from which this section was derived
contained similar provisions either relating to false representations
and statements, or overvaluation of security, with respect to one or
more of the named banks, agencies, or corporations.
These were consolidated and the false statement and security
overvaluation provisions of all, form the basis of this section. The
provisions of section 981 of title 12, U.S.C., 1940 ed., Banks and
Banking, relating to acceptance of loans or gratuities by examiners,
were consolidated with similar provisions from other sections to form
section 218 [now section 213] of this title. The provisions of said
section 981 of title 12, U.S.C., 1940 ed., Banks and Banking,
prohibiting land bank and national farm loan association examiners from
performing ``any other service for compensation for any bank or banking
or loan association, or for any person connected therewith in any
capacity'' were consolidated with similar provisions from other sections
to form section 1909 of this title.
Eight of the consolidated sections contained identical punishment,
each providing for a maximum fine of $5,000 and maximum imprisonment of
2 years. Two sections provided for a maximum fine of $10,000 and maximum
imprisonment of 5 years. One section provided for maximum fine of $5,000
and maximum imprisonment of 5 years, one section provided for maximum
fine of $2,000 and maximum imprisonment of 2 years, and one section
provided for maximum fine of $5,000 and maximum imprisonment of 1 year.
The punishment by maximum fine of $5,000 or maximum imprisonment of
2 years, or both, provided in this consolidated section was adopted as
most consistent with the greater number of comparable sections. (See
sections 1008 and 1010 of this title.) This is a reasonable
reconciliation of the conflicting punishment provisions and adequate for
the offenses described.
The enumeration of ``application, advance, discount, purchase,
purchase agreement, repurchase agreement, commitment, or loan'' and the
wording ``or any change or extension of any of the same, by renewal,
deferment of action or otherwise, or the acceptance, release, or
substitution of security therefor'' does not occur in any one of the
original sections, but such enumeration and such wording are adequate,
and they represent a composite of terms and transactions mentioned in
each.
In addition, changes were made in phraseology to secure uniformity
of style, and some rephrasing was necessary, but the consolidation was
without change of substance except as above indicated.
Section 1138d(f) of Title 12, U.S.C., 1940 ed., Banks and Banking,
relating to conspiracy, was not added to this consolidated section for
reasons given in reviser's note under section 493 of this title.
1949 Act
[Section 21] conforms section 1014 of Title 18 U.S.C., to
administrative practice which in turn was modified to comply with
congressional policy. (See note to sec. 11 [of 1949 Act, set out in
Historical and Revision note under section 657 of this title]).
References in Text
The Small Business Investment Act of 1958, referred to in text, is
Pub. L. 85-699, Aug. 21, 1958, 72 Stat. 689, as amended, which is
classified principally to chapter 14B (Sec. 661 et seq.) of Title 15,
Commerce and Trade. For complete classification of this Act to the Code,
see Short Title note set out under section 661 of Title 15 and Tables.
Section 1(b) of the International Banking Act of 1978, referred to
in text, is classified to section 3101 of Title 12, Banks and Banking.
Section 25 of the Federal Reserve Act, referred to in text, is
classified to subchapter I (Sec. 601 et seq.) of chapter 6 of Title 12.
Section 25(a) of the Federal Reserve Act, which is classified to
subchapter II (Sec. 611 et seq.) of chapter 6 of Title 12, was
renumbered section 25A of that act by Pub. L. 102-242, title I,
Sec. 142(e)(2), Dec. 19, 1991, 105 Stat. 2281.
Amendments
2001--Pub. L. 107-100 inserted ``, as defined in section 103 of the
Small Business Investment Act of 1958 (15 U.S.C. 662), or the Small
Business Administration in connection with any provision of that Act''
after ``small business investment company''.
1999--Pub. L. 106-78 inserted ``or successor agency'' after
``Farmers Home Administration'' and after ``Rural Development
Administration''.
1996--Pub. L. 104-294, Secs. 602(b), 607(d), struck out
``Reconstruction Finance Corporation,'' before ``Farm Credit
Administration'', ``Farmers' Home Corporation,'' before ``the Secretary
of Agriculture'', and ``of the National Agricultural Credit
Corporation,'' before ``a Federal land bank'' and inserted at end ``The
term `State-chartered credit union' includes a credit union chartered
under the laws of a State of the United States, the District of
Columbia, or any commonwealth, territory, or possession of the United
States.''
Pub. L. 104-294, Sec. 605(b), amended directory language of Pub. L.
101-73, Sec. 961(h)(1). See 1989 Amendment note below.
Pub. L. 104-294, Sec. 604(b)(22), amended directory language of Pub.
L. 103-322, Sec. 330002(d). See 1994 Amendment note below.
1994--Pub. L. 103-354 inserted ``or a company the Corporation
reinsures'' after ``Federal Crop Insurance Corporation''.
Pub. L. 103-322, Sec. 330008(8), inserted comma after ``National
Credit Union Administration Board''.
Pub. L. 103-322, Sec. 330002(d), as amended by Pub. L. 104-294,
Sec. 604(b)(22), struck out a comma after ``National Agricultural Credit
Corporation,'' and after ``section 25(a) of the Federal Reserve Act,''.
1990--Pub. L. 101-647, Sec. 2597(i), inserted ``a branch or agency
of a foreign bank (as such terms are defined in paragraphs (1) and (3)
of section 1(b) of the International Banking Act of 1978), or an
organization operating under section 25 or section 25(a) of the Federal
Reserve Act,'' after ``or the National Credit Union Administration
Board''.
Pub. L. 101-647, Sec. 2595(a)(5), substituted ``the Office of Thrift
Supervision, any Federal home loan bank, the Federal Housing Finance
Board,'' for ``the Federal Home Loan Bank System,'' and inserted a comma
after ``Resolution Trust Corporation''.
Pub. L. 101-647, Sec. 2504(g), substituted ``30'' for ``20'' before
``years''.
Pub. L. 101-624 substituted ``Farmers Home Administration, the Rural
Development Administration'' for ``Farmers' Home Administration''.
1989--Pub. L. 101-73, Sec. 962(a)(8)(B)(i), substituted ``any Farm
Credit Bank, production credit association, agricultural credit
association, bank for cooperatives, or any division, officer, or
employee thereof'' for ``any Federal intermediate credit bank, or any
division, officer, or employee thereof, or of any corporation organized
under sections 1131-1134m of Title 12''.
Pub. L. 101-73, Sec. 962(a)(8)(B)(ii), substituted ``Farm Credit
System Insurance Corporation'' for ``Federal Savings and Loan Insurance
Corporation''.
Pub. L. 101-73, Sec. 962(a)(7), substituted ``National Credit Union
Administration Board'' for ``Administrator of the National Credit Union
Administration''.
Pub. L. 101-73, Sec. 961(h)(2), (3), (5), (6), struck out ``the
Federal Savings and Loan Insurance Corporation, any bank the deposits of
which are insured by'' after ``the accounts of which are insured by'',
struck out ``any member of'' before ``the Federal Home Loan Bank
System'', and substituted ``$1,000,000'' for ``$5,000'' and ``20 years''
for ``two years''.
Pub. L. 101-73, Sec. 961(h)(1), as amended by Pub. L. 104-294,
Sec. 605(b), struck out ``a Federal Home Loan Bank, the Federal Home
Loan Bank Board, the Home Owners' Loan Corporation, a Federal Savings
and Loan Association'' after ``National Agricultural Credit
Corporation,''.
Pub. L. 101-73, Sec. 961(h)(4), which directed the insertion of
``the Resolution Trust Corporation'' after ``Federal Deposit Insurance
Corporation,'' was executed by making the insertion after the second
appearance of ``Federal Deposit Insurance Corporation,'' as the probable
intent of Congress.
1982--Pub. L. 97-297 struck out ``a joint-stock land bank,'' after
``a Federal land bank,''.
1970--Pub. L. 91-609 extended criminal penalty for fraud or false
statements to influence any institution the accounts of which are
insured by the Federal Savings and Loan Insurance Corporation, any bank
the deposits of which are insured by the Federal Deposit Insurance
Corporation, any member of the Federal Home Loan Bank System, the
Federal Deposit Insurance Corporation, the Federal Savings and Loan
Insurance Corporation, or the Administrator of the National Credit Union
Administration.
Pub. L. 91-468 substituted ``a Federal credit union, or an insured
State-chartered credit union'' for ``or a Federal credit union''.
1964--Pub. L. 88-353 inserted reference to Federal credit unions.
1961--Pub. L. 87-353 struck out reference to Federal Farm Mortgage
Corporation.
1959--Pub. L. 86-168 substituted ``Federal land bank association''
for ``National farm loan association''.
1958--Pub. L. 85-699 inserted reference to small business investment
companies.
1956--Act July 26, 1956, struck out reference to corporations in
which a Production Credit Corporation holds stock.
1949--Act May 24, 1949, inserted reference to Secretary of
Agriculture acting through the Farmers' Home Administration.
Effective Date of 1996 Amendment
Amendment by section 604(b)(22) of Pub. L. 104-294 effective Sept.
13, 1994, see section 604(d) of Pub. L. 104-294, set out as a note under
section 13 of this title.
Section 605(b) of Pub. L. 104-294 provided that the amendment by
that section to section 961(h) of Pub. L. 101-73 was effective on the
date of enactment of Pub. L. 101-73, which was approved Aug. 9, 1989.
Effective Date of 1994 Amendment
Amendment by Pub. L. 103-354 effective Oct. 13, 1994, and applicable
to provision of crop insurance under Federal Crop Insurance Act (7
U.S.C. 1501 et seq.) beginning with 1995 crop year, with such Act, as in
effect on the day before Oct. 13, 1994, to continue to apply with
respect to 1994 crop year, see section 120 of Pub. L. 103-354, set out
as a note under section 1502 of Title 7, Agriculture.
Effective Date of 1959 Amendment
Amendment by Pub. L. 86-168 effective Dec. 31, 1959, see section
104(k) of Pub. L. 86-168.
Effective Date of 1956 Amendment
Amendment by act July 26, 1956, effective Jan. 1, 1957, see section
202(a) of that act, set out as an Effective Date note under section 1027
of Title 12, Banks and Banking.
Farm Credit Administration
Establishment of Farm
