Regulation .13 False Statements.
Regulation .13 False Statements.LinkCopy Citation
A.
A person may not knowingly make or cause to be made any material misstatement of fact, including an understatement or overstatement of financial condition, in a statement or report in or regarding an application for a loan or transfer or affecting a loan or transfer already made.
B.
A person who violates any provision of this regulation is:
(1)
Guilty of a misdemeanor and on conviction is subject to a fine not exceeding $5,000 or imprisonment not exceeding 2 years, or both; and
(2)
Subject to immediate:
(a)
Cancellation and acceleration of the loan; or
(b)
Revocation of the transfer and the requirement to reimburse the transfer.