A person may not knowingly make or cause to be made a false statement of material fact, including an overstatement or understatement of financial condition, to influence the action of the Department on a grant or loan or an application for a grant or loan under this subtitle. A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 2 years or a fine not exceeding $5,000 or both. If a borrower violates this section, the Department may immediately accelerate the loan, whether or not a criminal prosecution has begun and regardless of the status of the prosecution.