443.930. Prohibited acts--constitutes mortgage fraud--no private right of action created.
Prohibited acts--constitutes mortgage fraud--no private right ofaction created.
443.930. 1. It is unlawful for a person, in connection with theapplication for or procurement of a loan secured by real estate to:
(1) Employ a device, scheme, or artifice to defraud;
(2) Make an untrue statement of a material fact or to omit to state amaterial fact necessary in order to make the statement made, in the lightof the circumstances under which it is made, not misleading;
(3) Receive any portion of the purchase, sale, or loan proceeds, orany other consideration paid or generated in connection with a real estateclosing that such person knew involved a violation of this section; or
(4) Influence, through extortion or bribery, the development,reporting, result, or review of a real estate appraisal, except that thissubsection does not prohibit a mortgage lender, mortgage broker, mortgagebanker, real estate licensee, or other person from asking the appraiser todo one or more of the following:
(a) Consider additional property information;
(b) Provide further detail, substantiation, or explanation for theappraiser's value conclusion; or
(c) Correct errors in the appraisal report in compliance with theUniform Standards of Professional Appraisal Practice.
2. Such acts shall be deemed to constitute mortgage fraud.
3. This section shall not be construed to create a private right ofaction.
(L. 2008 H.B. 2188)