SECTION 697.08. Equity skimming.

Latest version.

1(1) 2It is unlawful for any person, with intent to defraud the owner of real property, to engage in equity skimming, which is, to:
25(a) 26Purchase, within a 3-year period, two or more single-family dwellings, two-family dwellings, three-family dwellings, or four-family dwellings, or a combination thereof, that are subject to a loan that is in default at the time of purchase or within 1 year after the time of purchase, which loan is secured by a mortgage or deed of trust;
82(b) 83Fail 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
110(c) 111Apply, or authorize the application of, rents from such dwellings for the person’s own use.
126(2) 127A violation of subsection (1) constitutes a felony of the third degree, punishable as provided in s. 144775.082, 145s. 146775.083, 147or s. 149775.084150.

History.-s. 1, ch. 94-288; s. 775, ch. 97-102.

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