In the case of the failure by any individual to submit a report of events and changes in circumstances relevant to eligibility for or amount of benefits under this subchapter as required by the Commissioner of Social Security under paragraph (1), or delay by any individual in submitting a report as so required, the Commissioner of Social Security (in addition to taking any other action the Commissioner may consider appropriate under paragraph (1)) shall reduce any benefits which may subsequently become payable to such individual under this subchapter by—
(i)#
$25 in the case of the first such failure or delay,
(ii)#
$50 in the case of the second such failure or delay, and
(iii)#
$100 in the case of the third or a subsequent such failure or delay,
except where the individual was without fault or good cause for such failure or delay existed.