Md. Code Regs. 34.04.02.13

Current through Register Vol. 51, No. 17, August 23, 2024

Section 34.04.02.13 - False Statements

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.

Md. Code Regs. 34.04.02.13

Regulations .13 amended effective 51:16 Md. R. 744, eff. 8/19/2024.