26 U.S.C. § 6709 | Penalties with respect to mortgage credit certificates

(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).

Pub. L. 98–369, div. A, title VI, § 612(d)(1)July 18, 198498 Stat. 912 Pub. L. 99–514, title XVIII, § 1862(d)(2)Oct. 22, 1986100 Stat. 2884(Added , , , § 6708; renumbered § 6709, , , .)

Statutory Notes and Related Subsidiaries

Effective Date of 1986 Amendment

Pub. L. 99–514 Pub. L. 98–369, div. A section 1881 of Pub. L. 99–514 section 48 of this titleAmendment by effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, , to which such amendment relates, see , set out as a note under .

Effective Date

Dec. 31, 1984Dec. 31, 1984section 612(g) of Pub. L. 98–369 section 25 of this titleSection applicable to interest paid or accrued after , on indebtedness incurred after , see , set out as a note under .