- (1) The issuer may revoke a Mortgage Credit Certificate when the certificate holder no longer occupies the single-family residence to which the Mortgage Credit Certificate relates as a Principal Residence. Mortgage Credit Certificates shall not transfer with the property.
- (2) A Mortgage Credit Certificate may be revoked if it is found the certificate Holder did not meet the program requirements for a Mortgage Credit Certificate when certified.
- (3) Upon revocation the issuer shall notify the certificate holder and the Internal Revenue Service in writing of the revocation.
Statutory/Other Authority
ORS 90.800 - 90.840, 91.886, 183, 456.515 - 456.723 & 458.210 - 458.650
Statutes/Other Implemented
ORS 456.605
History
HSG 8-1991, f. & cert. ef. 12-23-91
HSG 2-1991(Temp), f. & cert. ef. 8-7-91
Reverted to 1HD 4-1986, f. & ef. 12-3-86
HSG 3-1989(Temp), f. & cert. ef. 6-8-89
1HD 4-1986, f. & ef. 12-3-86
1HD 2-1986(Temp), f. & ef. 6-17-86