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609.822

Statute ID: 11592

Residential Mortgage Fraud

In Effect

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Details are only available for Penalty and Charging Statutes.

Statute Number:

609.822

Enactment Date:

May 14, 2007

Effective Date:

Aug 1, 2007

Expiration Date:

Repealed?:

Summary Text:

Residential Mortgage Fraud

Statute ID:

11592

Created:

Jul 19, 2007 by mnjis.legal.analyst@state.mn.us

Updated:

Jul 19, 2007 by mnjis.legal.analyst@state.mn.us

Last Update Action:

Added

Legal Analyst Comment:

2007 Chapter 74, Section 7 - New Section

Summary Text:

Residential Mortgage Fraud

Link to MN Statute Text:

https://www.revisor.leg.state.mn.us/stats/609/822.html

Legislative Session:

2007 - Regular

Session Law Text?:

Statute text last updated on:

Jul 19, 2007

Subd. 2.   
Whoever does any of the following commits residential mortgage fraud and may be sentenced as provided in subdivision 3:
    (1) knowingly makes or causes to be made any deliberate and material misstatement, 
misrepresentation, or omission during the mortgage lending process with the intention 
that it be relied on by a mortgage lender, borrower, or any other party to the mortgage 
lending process; 
    (2) knowingly uses or facilitates the use of any deliberate and material misstatement, misrepresentation, or omission, knowing the same to contain a material misstatement, misrepresentation, or omission, during the mortgage lending process with the intention that it be relied on by a mortgage lender, borrower, or any other party to the mortgage lending process; or
    (3) conspires to violate clause (1) or (2).
    An offense of residential mortgage fraud must not be predicated solely upon information lawfully disclosed under federal disclosure laws, regulations, and 
interpretations related to the mortgage lending process.

Subd. 3.   
Whoever violates this section shall be sentenced as provided in section 609.52, subdivision 3, based on the aggregate economic loss suffered by any person as a result of the violation. However, the maximum sentence of imprisonment for the offense may not exceed two years. A person convicted of a violation of this section shall be ordered to pay restitution to persons aggrieved by the violation. Restitution shall be ordered in addition to a fine or imprisonment but not in lieu of a fine or imprisonment.  Nothing in this section limits the power of the state to punish any person for conduct which constitutes a crime under any other statute.