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The Florida Senate

2011 Florida Statutes

Title XL REAL AND PERSONAL PROPERTY
Chapter 697 INSTRUMENTS DEEMED MORTGAGES AND THE NATURE OF A MORTGAGE Entire Chapter
SECTION 08
Equity skimming.
F.S. 697.08
697.08 Equity skimming.—
(1) It is unlawful for any person, with intent to defraud the owner of real property, to engage in equity skimming, which is, to:
(a) Purchase, 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;
(b) Fail 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
(c) Apply, or authorize the application of, rents from such dwellings for the person’s own use.
(2) A violation of subsection (1) constitutes a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.
History.—s. 1, ch. 94-288; s. 775, ch. 97-102.