- (1) If any person makes a material misstatement in any affidavit or certification made in connection with the application for, or the issuance of, a Mortgage Credit Certificate and such misstatement is due to negligence of that person, that person shall be subject to a fine of $1,000, imposed by the Internal Revenue Service for each Mortgage Credit Certificate for which a misstatement was made.
- (2) If any person makes a material misstatement in any affidavit or certification made in connection with application for, or issuance of, a Mortgage Credit Certificate and such misstatement is due to fraud, then that person shall be subject to a penalty imposed by the Internal Revenue Service of $10,000 for each Mortgage Credit Certificate with respect to which the fraudulent misstatement was made.
- (3) A lender shall inform any applicant required to sign a Program Affidavit or certification that any fraudulent statement may result in the revocation of the individual’s Mortgage Credit Certificate and a $10,000 penalty imposed by the Internal Revenue Service. Other persons required by a lender to provide affidavits or certifications must receive a similar notice.
- (4) The above-described penalties shall be imposed in addition to any other criminal penalty provided by the law.
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