Solution
This error arises when their the mfc140u.dll isn't properly installed by NI-MAX or has become corrupted. Since NI-MAX uses this C++ .dll in it's code base, your computer will need to have this file reinstalled to use NI-MAX.
This issue is can be resolved by one of two methods:
Additionally, If you are running NI MAX on a 64-bit Windows machine, make sure you install both the x64 and the x86 DLL files.