Section 107.507 - Violations based on false filings and nonperformance of agreements with SBAThe following shall constitute a violation of this part:
(a)Nonperformance. Nonperformance of any of the requirements of any Debenture, Participating Security or Preferred Security, or of any written agreement with SBA.(b)False statement. In any document submitted to SBA: (1) Any false statement knowingly made; or(2) Any misrepresentation of a material fact; or(3) Any failure to state a material fact. A material fact is any fact which is necessary to make a statement not misleading in light of the circumstances under which the statement was made.