§ 1709–2. Equity skimming; penalty; persons liable; one dwelling exemption

327 words·~1 min read·/usc/title-12/section-1709-2

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Whoever, with intent to defraud, willfully engages in a pattern or practice of— purchasing one- to four-family dwellings (including condominiums and cooperatives) which are subject to a loan in default at time of purchase or in default within one year subsequent to the purchase and the loan is secured by a mortgage or deed of trust insured or held by the Secretary of Housing and Urban Development or guaranteed by the Department of Veterans Affairs, or the loan is made by the Department of Veterans Affairs, failing to make payments under the mortgage or deed of trust as the payments become due, regardless of whether the purchaser is obligated on the loan, and applying or authorizing the application of rents from such dwellings for his own use, shall be fined not more than $250,000 or imprisoned not more than 5 years, or both.

This section shall apply to a purchaser of such a dwelling, or a beneficial owner under any business organization or trust purchasing such dwelling, or to an officer, director, or agent of any such purchaser. Nothing in this section shall apply to the purchaser of only one such dwelling. ( Pub. L. 91–609, title IX, § 912 , Dec. 31, 1970 , 84 Stat. 1814 ; Pub. L. 100–242, title IV, § 416(a) , Feb. 5, 1988 , 101 Stat. 1907 ; Pub. L. 102–54, § 13(d)(1) , June 13, 1991 , 105 Stat. 274 .)

Connections6 off-index

6 references not yet in our index

Pub. L. 91-609
84 Stat. 1814
Pub. L. 100-242
101 Stat. 1907
Pub. L. 102-54
105 Stat. 274

Citation graph

cites case law

§ 1709–2

Equity skimming; penalty; persons liable; one dwelling exemption

Pub. L.Pub. L. 91-609

Stat.84 Stat. 1814

Pub. L.Pub. L. 100-242

Stat.101 Stat. 1907

Pub. L.Pub. L. 102-54

Cites 6 · showing 5Cited by 0 across 0 sources