Customs Modernization Act

[AI summary unavailable — showing source text] Title I: Modernization of Customs Procedures - Customs Modernization Act - Amends the Tariff Act of 1930 to specify rates of duty on articles for consumption upon which the payment of duty may be delayed, and to authorize the Secretary of the Treasury to prescribe time limits within which the consignee of imported merchandise shall make entry for such merchandise. Amends such Act to repeal specified administrative requirements with respect to the release of imported merchandise from customs custody. Authorizes the Secretary to permit an alternative procedure for payment of duty on imported merchandise delayed. Amends such Act to require importers to maintain certain records with respect to imported articles, under regulations promulgated by the Secretary of the Treasury. Amends the Tariff Act of 1930 to set forth procedures for the examination of importers and others in investigations with respect to the entry or return of imported articles. Imposes a fine of not more than $5,000 or imprisonment for not more than one year, or both, together with the cost of prosecution, for failure to respond to a summons issued pursuant to such investigations. Stipulates, as a penalty for willful …