Sec. 34.04.02.13. False Statements

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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 affecting a loan 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 cancellation and acceleration of the loan.

                    
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