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Oklahoma Administrative Code (Last Updated: March 11, 2021) |
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TITLE 90. Council of Bond Oversight |
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Chapter 15. Administration of the Oklahoma Private Activity Bond Allocation Act |
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Subchapter 15. Mortgage Credit Certificate Programs |
SECTION 90:15-15-2. Penalty for over issuance of mortgage credit certificate authority
Latest version.
- A state or local issuer administering a mortgage credit certificate program, who over issues mortgage credit certificates pursuant to its limit established by an allocation of the state ceiling, shall be prohibited from making application for an allocation of the state ceiling for any purpose, including bonds or mortgage credit certificate programs, for a period of three years following discovery of such over issuance. This provision is applicable to mortgage credit certificate programs effective prior and subsequent to the effective date of this Chapter.