A person may not knowingly make or cause any false statement or report to be made: In any application or document furnished to the Department; For the purpose of influencing the action of the Department: On an application for financial assistance, or Affecting financial assistance whether or not assistance may have already been extended. A person or any aider or abettor who violates any provision of the Act is guilty of a misdemeanor, and on conviction is subject to a fine not exceeding $50,000 or imprisonment not exceeding 5 years, or both. In addition, any applicant who knowingly makes or causes to be made any material misstatement of fact, whether in the nature of an understatement or overstatement of financial condition or any other fact material to the Department's action in any statement or report in or regarding an application for a loan or affecting a loan already made, shall be subject to immediate acceleration of the loan.