Or. Admin. Code § 813-080-0050

Current through Register Vol. 63, No. 11, November 1, 2024

Section 813-080-0050 - Lender Reporting and Record Keeping

(1) The following are the Internal Revenue Service regulations in effect on the effective date of these rules.

(2) Any lender who makes a mortgage that is a certified indebtedness amount with respect to a Mortgage Credit Certificate is required by the Internal Revenue Service to file an annual report with the Internal Revenue Service on their Form 8329:

(a) This report shall be filed on or before January 31 for the year following the calendar year to which the report relates;

(b) A separate Internal Revenue Service Form 8329 shall be filed for each issue of Mortgage Credit Certificates with respect to which the lender made mortgages during the preceding calendar year.

(3) Any lender who makes a mortgage that is a certified indebtedness amount with respect to any Mortgage Credit Certificate shall retain the following information for six years following the year in which the mortgage was made:

(a) The name, address, and Tax Identification Number (TIN) of each Certificate Holder;

(b) The name, address, and TIN of the issuer of the Mortgage Credit Certificate; and

(c) The date the mortgage for the certified indebtedness amount closed, the certified indebtedness amount, and the certificate credit rate.

(4) Any person required to file a report with respect to any Mortgage Credit Certificate who fails to file the report at the time and in the manner required may be subject to a penalty imposed by the Internal Revenue Service of $200 for each Mortgage Credit Certificate not reported. This penalty shall not apply if failure is due to reasonable cause and not willful neglect:

(a) The aggregate amount of the penalty shall not exceed $2,000 for any one report;

(b) The required reports shall be filed at the Internal Revenue Service Center, Philadelphia, Pennsylvania 19225.

Or. Admin. Code § 813-080-0050

1HD 2-1986(Temp), f. & ef. 6-17-86; 1HD 4-1986, f. & ef. 12-3-86; HSG 3-1989(Temp), f. & cert. ef. 6-8-89; HSG 17-1989, f. & cert. ef. 11-3-89; HSG 2-1991(Temp), f. & cert. ef. 8-7-91; HSG 8-1991, f. & cert. ef. 12-23-91

Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650

Stats. Implemented: ORS 456.605