§ 97-23-107. Residential mortgage fraud; elements of offense; establishing venue; penalties; forfeiture of all property used in or obtained through violation of section; pattern of residential mortgage fraud.
(1) A person commits the offense of residential mortgage fraud when, with the intent to defraud such person, he:
(a) Knowingly makes any deliberate misstatement, misrepresentation or omission during the mortgage lending process with the intention that it be relied on by a licensed mortgage broker or mortgage lender, borrower or any other party to the mortgage lending process;
(b) Knowingly uses or facilitates the use of any deliberate misstatement, misrepresentation or omission, knowing the same to contain a misstatement, misrepresentation or omission, during the mortgage lending process with the intention that it be relied on by a company, borrower, or any other party to the mortgage lending process;
(c) Receives any proceeds or any other funds in connection with a residential mortgage closing that such person knew resulted from a violation of paragraph (a) or (b) of this subsection;
(d) Conspires to violate any of the provisions of paragraph (a), (b) or (c) of this subsection; or
(e) Files or causes to be filed with the chancery clerk of any county of this state any deed of trust such person knows to contain a deliberate misstatement, misrepresentation or omission.
(2) An offense of residential mortgage fraud shall not be predicated solely upon information lawfully disclosed under federal disclosure laws, regulations and interpretations related to the mortgage lending process.
(3) For the purposes of venue under this section, any violation of this section shall be considered to have been committed:
(a) In the county in which the residential property for which a mortgage loan is being sought is located;
(b) In any county in which any act was performed in furtherance of this violation;
(c) In any county in which any person alleged to have violated this chapter had control or possession of any proceeds of this violation;
(d) If a closing occurred, in any county in which the closing occurred; or
(e) In any county in which a document containing a deliberate misstatement, misrepresentation or omission is filed with the chancery clerk.
(4) District attorneys and the Attorney General shall have the authority to conduct the criminal investigation of all cases of residential mortgage fraud under this section.
(5) (a) Any person violating this section shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one (1) year nor more than ten (10) years, by a fine not to exceed Five Thousand Dollars ($5,000.00), or both.
(b) If a violation of this section involves engaging or participating in a pattern of residential mortgage fraud or a conspiracy or endeavor to engage or participate in a pattern of residential mortgage fraud, the violation shall be punishable by imprisonment for not less than three (3) years nor more than twenty (20) years, by a fine not to exceed One Hundred Thousand Dollars ($100,000.00), or both.
(c) Each residential property transaction subject to a violation of this section shall constitute a separate offense and shall not merge with any other crimes set forth in this section.
(6) All real and personal property of every kind used or intended for use in the course of, derived from, or realized through a violation of this section shall be subject to forfeiture to the state. Forfeiture shall be had by the same procedure as outlined in Sections 97-43-9 and 97-43-11. District attorneys and the Attorney General may commence forfeiture proceedings under this section.
(7) For purposes of this section, the term "pattern of residential mortgage fraud" means one or more violations of subsection (1) of this section that involve two (2) or more residential properties which have the same or similar intents, results, accomplices, victims or methods of commission or otherwise are interrelated by distinguishing characteristics.
Sources: Laws, 2007, ch. 581, § 31, eff from and after July 1, 2007.
§ 97-23-107. Residential mortgage fraud; elements of offense; establishing venue; penalties; forfeiture of all property used in or obtained through violation of section; pattern of residential mortgage fraud.
(1) A person commits the offense of residential mortgage fraud when, with the intent to defraud such person, he:
(a) Knowingly makes any deliberate misstatement, misrepresentation or omission during the mortgage lending process with the intention that it be relied on by a licensed mortgage broker or mortgage lender, borrower or any other party to the mortgage lending process;
(b) Knowingly uses or facilitates the use of any deliberate misstatement, misrepresentation or omission, knowing the same to contain a misstatement, misrepresentation or omission, during the mortgage lending process with the intention that it be relied on by a company, borrower, or any other party to the mortgage lending process;
(c) Receives any proceeds or any other funds in connection with a residential mortgage closing that such person knew resulted from a violation of paragraph (a) or (b) of this subsection;
(d) Conspires to violate any of the provisions of paragraph (a), (b) or (c) of this subsection; or
(e) Files or causes to be filed with the chancery clerk of any county of this state any deed of trust such person knows to contain a deliberate misstatement, misrepresentation or omission.
(2) An offense of residential mortgage fraud shall not be predicated solely upon information lawfully disclosed under federal disclosure laws, regulations and interpretations related to the mortgage lending process.
(3) For the purposes of venue under this section, any violation of this section shall be considered to have been committed:
(a) In the county in which the residential property for which a mortgage loan is being sought is located;
(b) In any county in which any act was performed in furtherance of this violation;
(c) In any county in which any person alleged to have violated this chapter had control or possession of any proceeds of this violation;
(d) If a closing occurred, in any county in which the closing occurred; or
(e) In any county in which a document containing a deliberate misstatement, misrepresentation or omission is filed with the chancery clerk.
(4) District attorneys and the Attorney General shall have the authority to conduct the criminal investigation of all cases of residential mortgage fraud under this section.
(5) (a) Any person violating this section shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one (1) year nor more than ten (10) years, by a fine not to exceed Five Thousand Dollars ($5,000.00), or both.
(b) If a violation of this section involves engaging or participating in a pattern of residential mortgage fraud or a conspiracy or endeavor to engage or participate in a pattern of residential mortgage fraud, the violation shall be punishable by imprisonment for not less than three (3) years nor more than twenty (20) years, by a fine not to exceed One Hundred Thousand Dollars ($100,000.00), or both.
(c) Each residential property transaction subject to a violation of this section shall constitute a separate offense and shall not merge with any other crimes set forth in this section.
(6) All real and personal property of every kind used or intended for use in the course of, derived from, or realized through a violation of this section shall be subject to forfeiture to the state. Forfeiture shall be had by the same procedure as outlined in Sections 97-43-9 and 97-43-11. District attorneys and the Attorney General may commence forfeiture proceedings under this section.
(7) For purposes of this section, the term "pattern of residential mortgage fraud" means one or more violations of subsection (1) of this section that involve two (2) or more residential properties which have the same or similar intents, results, accomplices, victims or methods of commission or otherwise are interrelated by distinguishing characteristics.
Sources: Laws, 2007, ch. 581, § 31, eff from and after July 1, 2007.
§ 97-23-107. Residential mortgage fraud; elements of offense; establishing venue; penalties; forfeiture of all property used in or obtained through violation of section; pattern of residential mortgage fraud.
(1) A person commits the offense of residential mortgage fraud when, with the intent to defraud such person, he:
(a) Knowingly makes any deliberate misstatement, misrepresentation or omission during the mortgage lending process with the intention that it be relied on by a licensed mortgage broker or mortgage lender, borrower or any other party to the mortgage lending process;
(b) Knowingly uses or facilitates the use of any deliberate misstatement, misrepresentation or omission, knowing the same to contain a misstatement, misrepresentation or omission, during the mortgage lending process with the intention that it be relied on by a company, borrower, or any other party to the mortgage lending process;
(c) Receives any proceeds or any other funds in connection with a residential mortgage closing that such person knew resulted from a violation of paragraph (a) or (b) of this subsection;
(d) Conspires to violate any of the provisions of paragraph (a), (b) or (c) of this subsection; or
(e) Files or causes to be filed with the chancery clerk of any county of this state any deed of trust such person knows to contain a deliberate misstatement, misrepresentation or omission.
(2) An offense of residential mortgage fraud shall not be predicated solely upon information lawfully disclosed under federal disclosure laws, regulations and interpretations related to the mortgage lending process.
(3) For the purposes of venue under this section, any violation of this section shall be considered to have been committed:
(a) In the county in which the residential property for which a mortgage loan is being sought is located;
(b) In any county in which any act was performed in furtherance of this violation;
(c) In any county in which any person alleged to have violated this chapter had control or possession of any proceeds of this violation;
(d) If a closing occurred, in any county in which the closing occurred; or
(e) In any county in which a document containing a deliberate misstatement, misrepresentation or omission is filed with the chancery clerk.
(4) District attorneys and the Attorney General shall have the authority to conduct the criminal investigation of all cases of residential mortgage fraud under this section.
(5) (a) Any person violating this section shall be guilty of a felony and, upon conviction, shall be punished by imprisonment for not less than one (1) year nor more than ten (10) years, by a fine not to exceed Five Thousand Dollars ($5,000.00), or both.
(b) If a violation of this section involves engaging or participating in a pattern of residential mortgage fraud or a conspiracy or endeavor to engage or participate in a pattern of residential mortgage fraud, the violation shall be punishable by imprisonment for not less than three (3) years nor more than twenty (20) years, by a fine not to exceed One Hundred Thousand Dollars ($100,000.00), or both.
(c) Each residential property transaction subject to a violation of this section shall constitute a separate offense and shall not merge with any other crimes set forth in this section.
(6) All real and personal property of every kind used or intended for use in the course of, derived from, or realized through a violation of this section shall be subject to forfeiture to the state. Forfeiture shall be had by the same procedure as outlined in Sections 97-43-9 and 97-43-11. District attorneys and the Attorney General may commence forfeiture proceedings under this section.
(7) For purposes of this section, the term "pattern of residential mortgage fraud" means one or more violations of subsection (1) of this section that involve two (2) or more residential properties which have the same or similar intents, results, accomplices, victims or methods of commission or otherwise are interrelated by distinguishing characteristics.
Sources: Laws, 2007, ch. 581, § 31, eff from and after July 1, 2007.
