HAR §6-27-24. Sanctions

(a) The applicant shall sign the application for a mortgage loan. By doing so, the applicant shall be considered to have verified the truth of all statements made in the application. The applicant shall be subject to the sanctions of section 710-1063, Hawaii Revised Statutes, for any false statements. (b) If an applicant or a borrower makes any false or untrue statement, intentionally or otherwise, for a mortgage loan, the system may, after hearing held in accordance with chapter 6-23, determine that the applicant or borrower shall not be eligible for a mortgage loan for a period up to five years after the date the system actually learns of the false or untrue statement, or if the system has already purchased the mortgage loan made to the applicant or borrower, up to five years after the applicant or borrower has made immediate payment in full of all sums secured by the mortgage pursuant to this section. (c) The borrower shall be required to make immediate payment in full of all sums secured by the mortgage if the borrower breaks any promise for a mortgage or with respect to a mortgage loan or makes or has made a false or untrue statement to qualify or be eligible for a mortgage loan or with respect to the mortgage loan. [Eff 2/9/89] (Auth: HRS §§88-28, 88-119.5) (Imp: HRS §§88-119, 88-119.5)