Section 570.310

Title XXXVIII CRIMES AND PUNISHMENT; PEACE OFFICERS AND PUBLIC DEFENDERS

Chapter 570

Effective - 01 Jan 2017, 2 histories, see footnote   

  570.310.  Mortgage fraud — penalty — venue. — 1.  A person commits the offense of mortgage fraud if he or she, in connection with the application for or procurement of a loan secured by real estate, willfully:

  (1)  Employs a device, scheme, or artifice to defraud;

  (2)  Makes an untrue statement of a material fact or omits to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading;

  (3)  Receives any portion of the purchase, sale, or loan proceeds, or any other consideration paid or generated in connection with a real estate closing that such person knew involved a violation of this section; or

  (4)  Influences, through extortion or bribery, the development, reporting, result, or review of a real estate appraisal, except that this subsection does not prohibit a mortgage lender, mortgage broker, mortgage banker, real estate licensee, or other person from asking the appraiser to do one or more of the following:

  (a)  Consider additional property information;

  (b)  Provide further detail, substantiation, or explanation for the appraiser's value conclusion; or

  (c)  Correct errors in the appraisal report in compliance with the Uniform Standards of Professional Appraisal Practice.

  2.  The offense of mortgage fraud is a class D felony.

  3.  Each transaction in violation of this section shall constitute a separate offense.

  4.  Venue over any dispute relating to mortgage fraud or a conspiracy or endeavor to engage in or participate in a pattern of mortgage fraud shall be:

  (1)  In the county in which the real estate is located;

  (2)  In the county in which any act was performed in furtherance of mortgage fraud;

  (3)  In any county in which any person alleged to have violated this section had control or possession of any proceeds from mortgage fraud;

  (4)  In any county in which a related real estate closing occurred; or

  (5)  In any county in which any document related to a mortgage fraud is filed with the recorder of deeds.

  5.  The punishment imposed under this section shall be in addition to any punishment provided by law for the offense.

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(L. 2008 H.B. 2188, A.L. 2014 S.B. 491)

Effective 1-01-17