OAR 813-080-0055. Revocation

(1) The issuer may revoke a Mortgage Credit Certificate when the certificate holder no longer occupies the single-family residence to which the Mortgage Credit Certificate relates as a Principal Residence. Mortgage Credit Certificates shall not transfer with the property. (2) A Mortgage Credit Certificate may be revoked if it is found the certificate Holder did not meet the program requirements for a Mortgage Credit Certificate when certified. (3) Upon revocation the issuer shall notify the certificate holder and the Internal Revenue Service in writing of the revocation.