(a) A person may not knowingly make or cause to be made any material misstatement of fact, including an understatement or overstatement of financial condition, in a statement or report that:
(1) is in or relates to a loan application under this subtitle; or
(2) affects a loan already made under this subtitle.
(b) A person who violates this section is guilty of a misdemeanor and on conviction is subject to imprisonment not exceeding 2 years or a fine not exceeding $5,000 or both.