26 U.S. Code § 6709 - Penalties with respect to mortgage credit certificates
(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
such person shall pay a penalty of $1,000 for each mortgage credit certificate with respect to which such a misstatement was made.
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.
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.
Source(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.)
Effective Date of 1986 Amendment
Amendment by Pub. L. 99–514effective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 ofPub. L. 99–514, set out as a note under section 48 of this title.
LII has no control over and does not endorse any external Internet site that contains links to or references LII.