21-4410.Equity skimming.(a) It shall be unlawful for any person who, with intent todefraud, willfully engages in a pattern or practice of:
(1) Purchasing one family to four family dwellings, including condominiumsand cooperatives or acquiring any right, title or interest therein, includingbut not limited to an equity of redemption interest, which are subject to aloan in default at time of purchase orin default within one year subsequent to the purchase and the loan is securedby a mortgage;
(2) failing to deliver all rent proceeds received from rental of theproperty to the holder of the mortgage before a sheriff's sale or holder of thecertificate of purchase during the period of redemption, not to exceed themonthly payment of principal and interest required by the note and mortgage;and
(3) applying or authorizing the application of rents from such dwellings forsuch person's own use.
(b) Violation of subsection (a) is a class A nonperson misdemeanor.
(c) Each purchase of a dwelling pursuant to subsection (a) shall be deemed aseparate offense.
History: L. 1992, ch. 167, § 1;L. 1993, ch. 291, § 280; July 1.
21-4410.Equity skimming.(a) It shall be unlawful for any person who, with intent todefraud, willfully engages in a pattern or practice of:
(1) Purchasing one family to four family dwellings, including condominiumsand cooperatives or acquiring any right, title or interest therein, includingbut not limited to an equity of redemption interest, which are subject to aloan in default at time of purchase orin default within one year subsequent to the purchase and the loan is securedby a mortgage;
(2) failing to deliver all rent proceeds received from rental of theproperty to the holder of the mortgage before a sheriff's sale or holder of thecertificate of purchase during the period of redemption, not to exceed themonthly payment of principal and interest required by the note and mortgage;and
(3) applying or authorizing the application of rents from such dwellings forsuch person's own use.
(b) Violation of subsection (a) is a class A nonperson misdemeanor.
(c) Each purchase of a dwelling pursuant to subsection (a) shall be deemed aseparate offense.
History: L. 1992, ch. 167, § 1;L. 1993, ch. 291, § 280; July 1.
21-4410.Equity skimming.(a) It shall be unlawful for any person who, with intent todefraud, willfully engages in a pattern or practice of:
(1) Purchasing one family to four family dwellings, including condominiumsand cooperatives or acquiring any right, title or interest therein, includingbut not limited to an equity of redemption interest, which are subject to aloan in default at time of purchase orin default within one year subsequent to the purchase and the loan is securedby a mortgage;
(2) failing to deliver all rent proceeds received from rental of theproperty to the holder of the mortgage before a sheriff's sale or holder of thecertificate of purchase during the period of redemption, not to exceed themonthly payment of principal and interest required by the note and mortgage;and
(3) applying or authorizing the application of rents from such dwellings forsuch person's own use.
(b) Violation of subsection (a) is a class A nonperson misdemeanor.
(c) Each purchase of a dwelling pursuant to subsection (a) shall be deemed aseparate offense.
History: L. 1992, ch. 167, § 1;L. 1993, ch. 291, § 280; July 1.
