Oregon Administrative Rules
Chapter 813 - OREGON HOUSING AND COMMUNITY SERVICES DEPARTMENT
Division 80 - MORTGAGE CREDIT CERTIFICATE PROGRAM
Section 813-080-0050 - Lender Reporting and Record Keeping
Current through Register Vol. 63, No. 3, March 1, 2024
(1) The following are the Internal Revenue Service regulations in effect on the effective date of these rules.
(2) Any lender who makes a mortgage that is a certified indebtedness amount with respect to a Mortgage Credit Certificate is required by the Internal Revenue Service to file an annual report with the Internal Revenue Service on their Form 8329:
(3) Any lender who makes a mortgage that is a certified indebtedness amount with respect to any Mortgage Credit Certificate shall retain the following information for six years following the year in which the mortgage was made:
(4) Any person required to file a report with respect to any Mortgage Credit Certificate who fails to file the report at the time and in the manner required may be subject to a penalty imposed by the Internal Revenue Service of $200 for each Mortgage Credit Certificate not reported. This penalty shall not apply if failure is due to reasonable cause and not willful neglect:
Stat. Auth.: ORS 90.800 - ORS 90.840, ORS 91.886, ORS 183, ORS 456.515 - ORS 456.723 & ORS 458.210 - ORS 458.650
Stats. Implemented: ORS 456.605