Mortgage Fraud as a specific crime
Real estate and mortgage scammers be very warned! The Missouri lawmakers have final identified mortgage fraud as “making false statements or failing to disclose material facts” on Thursday that created the specific crime of mortgage fraud. Anyone found guilty of mortgage fraud can have his or her licenses revoked. The bill also creates fines for real estate brokers, agents and appraisers. It also attempts to influence real estate appraisals through extortion or bribery.
The bill, which had already passed the Senate, was endorsed 141-5 by the House last Thursday and now goes to the governor.
This bill will protect the people from real estate scammers.
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