Section 4290.507 - Violations based on false filings and nonperformance of agreements with the Agency or SBAThe following shall constitute a violation of this part:
(a)Nonperformance. Failure to perform any of the requirements of any Debenture or of any written agreement with the Agency or SBA.(b)False statement. In any document submitted to the Agency or SBA:(1) Any false statement knowingly made; or(2) Any misrepresentation of a material fact; or(3) Any failure to state a material fact.(4) A material fact is any fact that is necessary to make a statement not misleading in light of the circumstances under which the statement was made.