§ 6709. Penalties with respect to mortgage credit certificates

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(a)Negligence If—

(1)any person makes a material misstatement in any verified written statement made under penalties of perjury with respect to the issuance of a mortgage credit certificate, and

(2)such misstatement is due to the negligence of such person,

such person shall pay a penalty of $1,000 for each mortgage credit certificate with respect to which such a misstatement was made.

(b)Fraud If a misstatement described in subsection (a)(1) is due to fraud on the part of the person making such misstatement, in addition to any criminal penalty, such person shall pay a penalty of $10,000 for each mortgage credit certificate with respect to which such a misstatement is made.

(c)Reports Any person required by section 25(g) to file a report with the Secretary who fails to file the report with respect to any mortgage credit certificate at the time and in the manner required by the Secretary shall pay a penalty of $200 for such failure unless it is shown that such failure is due to reasonable cause and not to willful neglect. In the case of any report required under the second sentence of section 25(g), the aggregate amount of the penalty imposed by the preceding sentence shall not exceed $2,000.

(d)Mortgage credit certificate The term “mortgage credit certificate” has the meaning given to such term by section 25(c).

(Added Pub. L. 98–369, div. A, title VI, § 612(d)(1), July 18, 1984, 98 Stat. 912, § 6708; renumbered § 6709, Pub. L. 99–514, title XVIII, § 1862(d)(2), Oct. 22, 1986, 100 Stat. 2884.)

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U.S. Code

§ 6708
Failure to maintain lists of advisees with respect to reportable transactions

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U.S. Code

8 references not yet in our index

Pub. L. 98–369, div. A, title VI, § 612(d)(1)
98 Stat. 912
Pub. L. 99–514, title XVIII, § 1862(d)(2)
100 Stat. 2884
Pub. L. 99–514
Pub. L. 98–369, div. A
section 1881 of Pub. L. 99–514
section 612(g) of Pub. L. 98–369

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§ 6709

Penalties with respect to mortgage credit certificates

U.S.C.×1

U.S.C.§ 48

U.S.C.§ 25

Pub. L.Pub. L. 98–369, div. A, title VI, § 612(d)(1)

Stat.98 Stat. 912

Pub. L.Pub. L. 99–514, title XVIII, § 1862(d)(2)

Stat.100 Stat. 2884

Pub. L.Pub. L. 99–514

Cites 10 · showing 7Cited by 1 across 1 source