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Can you summarize 13A ALCA Chapter 9, Article 6?
FORGERY AND FRAUDULENT PRACTICES. > Residential Mortgage Fund.
Short Summary
The Alabama Residential Mortgage Fraud Act aims to protect the general public and maintain the integrity of the mortgage lending process. It defines residential mortgage fraud as the intentional act of making or facilitating deliberate misstatements or misrepresentations during the mortgage lending process with the intent to defraud. This includes knowingly using or facilitating the use of such misstatements or misrepresentations, as well as filing documents with deliberate misstatements or misrepresentations with the intent to cause residential mortgage fraud. The Act establishes venue for violations in various counties related to the property, acts performed, control or possession of proceeds, and the location of the closing or filing of documents. District attorneys and the Attorney General have the authority to conduct criminal investigations of residential mortgage fraud cases. Residential mortgage fraud is a Class C felony, and each violation constitutes a separate offense. There are no exemptions mentioned in the Act.
Whom does it apply to?
The Act applies to individuals or entities involved in the mortgage lending process, including borrowers, lenders, and other parties facilitating or filing documents related to residential mortgages.
What does it govern?
The Alabama Residential Mortgage Fraud Act governs the intentional act of making or facilitating deliberate misstatements or misrepresentations during the mortgage lending process with the intent to defraud.
What are exemptions?
The Act does not mention any exemptions.
What are the Penalties?
Residential mortgage fraud is a Class C felony, and each violation constitutes a separate offense.
Jurisdiction
Alabama