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Can you summarize MSCO 97-23-107?
Offenses Affecting Trade, Business and Professions > 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.
Short Summary
This section of the Mississippi Code 1972 defines and establishes the offense of residential mortgage fraud. It outlines the elements of the offense, which include knowingly making deliberate misstatements, misrepresentations, or omissions during the mortgage lending process, using or facilitating the use of such misstatements, misrepresentations, or omissions, receiving proceeds from a violation, conspiring to violate the provisions, or filing a deed of trust with deliberate misstatements, misrepresentations, or omissions. The offense does not apply to information lawfully disclosed under federal disclosure laws. The section also establishes the venue for the offense, which can be the county where the property is located, where any act was performed in furtherance of the violation, where the person had control or possession of proceeds, where the closing occurred, or where a document with deliberate misstatements, misrepresentations, or omissions is filed. District attorneys and the Attorney General have the authority to conduct criminal investigations of residential mortgage fraud cases. The penalties for residential mortgage fraud range from imprisonment and fines to forfeiture of property used or obtained through the violation. A pattern of residential mortgage fraud involving multiple properties or a conspiracy to engage in such pattern carries higher penalties. Each residential property transaction subject to a violation constitutes a separate offense.
Whom does it apply to?
Any person involved in the mortgage lending process, including licensed mortgage brokers, mortgage lenders, borrowers, and other parties
What does it govern?
Residential mortgage fraud
What are exemptions?
Information lawfully disclosed under federal disclosure laws, regulations, and interpretations related to the mortgage lending process
What are the Penalties?
For a violation of residential mortgage fraud: imprisonment for 1 to 10 years, a fine up to $5,000, or both. For a violation involving a pattern of residential mortgage fraud or a conspiracy to engage in such pattern: imprisonment for 3 to 20 years, a fine up to $100,000, or both. Each residential property transaction subject to a violation constitutes a separate offense.
Jurisdiction
Mississippi