imhere
Sophomore Member
- Joined
- Dec 6, 2007
- Professional Status
- Certified General Appraiser
- State
- New Jersey
Two New Jersey Assemblyman Paul Moriaty and Assemblywoman Sandra Love, have introduced Assembly bill number 2679, titled “Truth in Mortgaging Act.” This bill would create a crime of residential mortgage fraud.
Link to bill html: http://www.njleg.state.nj.us/2008/Bills/A3000/2679_I1.HTM
The penalties can be substantial:
"This bill provides that a person who commits the offense of residential mortgage fraud is guilty of a crime of the third degree and subject to imprisonment for a term of three to five years and to a fine not to exceed $15,000, or both. The bill also provides that a person who engages in a pattern of residential mortgage fraud is guilty of a crime of the second degree and subject to imprisonment for a term of five to 10 years and to a fine not to exceed $150,000, or both. Each residential property transaction subject to the act shall constitute a separate offense and shall not merge with other crimes. In addition, where an assignment judge determines that the infraction is de minimus, the assignment judge may dismiss the prosecution of residential mortgage fraud."
Link to bill html: http://www.njleg.state.nj.us/2008/Bills/A3000/2679_I1.HTM
The penalties can be substantial:
"This bill provides that a person who commits the offense of residential mortgage fraud is guilty of a crime of the third degree and subject to imprisonment for a term of three to five years and to a fine not to exceed $15,000, or both. The bill also provides that a person who engages in a pattern of residential mortgage fraud is guilty of a crime of the second degree and subject to imprisonment for a term of five to 10 years and to a fine not to exceed $150,000, or both. Each residential property transaction subject to the act shall constitute a separate offense and shall not merge with other crimes. In addition, where an assignment judge determines that the infraction is de minimus, the assignment judge may dismiss the prosecution of residential mortgage fraud."