MARAD Makes Inflation Adjustments to civil Penalties
The Maritime Administration (MARAD) issued a rule adjusting its maximum civil penalties for inflation. Violations of regulations related to commercial instruments and maritime liens and to unlawful transfer of a documented vessel may now result in a civil penalty of $12,000, rather than $11,000. Violations of regulations related to requirements for trustees of mortgaged vessels and vessel interests and purchasers of documented vessels under order of a district court may now result in a civil penalty of $30,000, rather than $27,500.
Source: HK Law