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Can you summarize GACO 16-9-60?
Fraud and Related Offenses > Foreclosure fraud construed; penalty.
Short Summary
This section of the Georgia Code defines and penalizes foreclosure fraud. Foreclosure fraud includes knowingly or willfully misrepresenting funds provided to a debtor in connection with a dwelling place as a loan when they are actually used to purchase the property or the debtor’s interest in it. It also includes making fraudulent representations to a debtor about assisting them with the property. Any person who purchases or attempts to purchase residential property through foreclosure fraud is guilty of a felony. Violators of this section may be punished with imprisonment for one to three years, a fine ranging from $1,000.00 to $5,000.00, or both.
Whom does it apply to?
Any person who commits foreclosure fraud
What does it govern?
Foreclosure fraud
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Imprisonment for not less than one year nor more than three years or a fine of not less than $1,000.00 nor more than $5,000.00, or both
Jurisdiction
Georgia