Section 306

Any creditor who makes or submits any claim, proof, declaration or statement of account under a debt repayment scheme which is untrue in any material particular shall be guilty of an offence, unless the creditor satisfies the court that the creditor had no intent to defraud.

Any person guilty of an offence under subsection (1) shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 3 years or to both.

Fines imposed under this section must be paid into the Debt Repayment Scheme Assistance Fund maintained under section 435.