Minnesota Administrative Rules

1587.0600 MISREPRESENTATION OF APPLICATION INFORMATION.

Subpart 1.

Affirmative duty.

An applicant or financial institution has an affirmative duty and obligation to update and correct all information provided to the board.

Subp. 2.

Board's action.

If information provided to the board by either the applicant or the financial institution contains a material misrepresentation or omission, the board may:

A.

reject an application whether or not previously approved;

B.

refuse to provide financial assistance;

C.

make financial assistance provided by it immediately due and payable; or

D.

revoke any preliminary or final resolution prior to the provision of financial assistance or prior to the sale of the bonds approved by it.

Statutory Authority:

MS s 41A.04

History:

9 SR 111; L 1987 c 386 art 5 s 5

Published Electronically:

September 10, 2007