12-U.S.C.-1709-2
§1709-2 – §1709-2. Equity Skimming; Penalty; Persons Liable; One Dwelling Exemption
Pathway
Title 12 > Chapter 13 > Subchapter II > Section 1709-2
Details
- Reference: Section 1709-2
- Legend: §1709-2 – §1709-2. Equity Skimming; Penalty; Persons Liable; One Dwelling Exemption
- USCode Year: 2013
Provision Content
Whoever, with intent to defraud, willfully engages in a pattern or practice of—
(1) 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,
(2) 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
(3) 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.)
Codification
Section was enacted as part of the Housing and Urban Development Act of 1970, and not as part of the National Housing Act which comprises this chapter.
Amendments
1991—Par. (1). Pub. L. 102–54 substituted Department of Veterans Affairs for Veterans’ Administration in two places.
1988—Pub. L. 100–242 inserted parenthetical reference to condominiums and cooperatives in par. (1), substituted due, regardless of whether the purchaser is obligated on the loan for due in par. (2), and substituted $250,000 for $5,000 and 5 for three in closing provisions.
U.S. Encyclopedia of Law Coverage
12-U.S.C.-1706D in the Legal Encyclopedia: Banking Law
In this entry about 12-U.S.C.-1706D, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-1702 in the Legal Encyclopedia: Mortgage
In this entry about 12-U.S.C.-1702, find legal reference material, bibliographies and premiere content related to mortgage in the American Encyclopedia of Law, presenting a comprehensive view of the United States mortgage-specific issues, written by authorities in the field.
12-U.S.C.-1701Z-9 in the Legal Encyclopedia: Housing
In this entry about 12-U.S.C.-1701Z-9, find legal reference material, bibliographies and premiere content related to housing in the American Encyclopedia of Law, presenting a comprehensive view of the United States housing-specific issues, written by authorities in the field.
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