Ask Reggi Your Question Now
Can you summarize LARS 14.71.3?
BY MISAPPROPRIATION WITHOUT VIOLENCE > Mortgage fraud
Short Summary
This legal document, found in the Louisiana Revised Statutes, specifically addresses mortgage fraud in connection with residential mortgage lending activity. It prohibits certain actions, including employing a device, scheme, or artifice with intent to defraud, making untrue statements of material fact with intent to defraud, and receiving proceeds or other consideration knowing that they were obtained through a violation of this Section. Violators may face imprisonment for up to ten years, a fine of up to one hundred thousand dollars, and the obligation to make full restitution to the victim and any other person who suffered a financial loss. The document defines key terms such as ‘residential mortgage lending activity’ and ‘residential mortgage loan’ to provide clarity. It applies to both natural and juridical persons involved in residential mortgage lending activity. No exemptions are mentioned in the document.
Whom does it apply to?
Any person involved in residential mortgage lending activity
What does it govern?
Mortgage fraud
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Imprisonment for up to ten years, a fine of up to one hundred thousand dollars, and restitution to the victim and any other person who suffered a financial loss
Jurisdiction
Louisiana