OAR 813-080-0060: Penalties for Misstatement

(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.