I.R.C. § 6709(a) Negligence
I.R.C. § 6709(a)(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,
I.R.C. § 6709(a)(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.
I.R.C. § 6709(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.
I.R.C. § 6709(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
I.R.C. § 6709(d) Mortgage Credit Certificate
The term “mortgage credit certificate” has the meaning given to such term by section
(Added Pub. L. 98-369, div. A, title VI, 612(d)(1), July 18, 1984, 98 Stat. 912, 6708, and 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. 99-514 effective, 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 of Pub. L. 99-514, set out as a note under section 48 of this title.
Section applicable to interest paid or accrued after Dec. 31, 1984, on indebtedness
incurred after Dec. 31, 1984, see section 612(g) of Pub. L. 98-369, set out as a note under section 25 of this title.