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A bill to be entitled

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An act relating to mortgage fraud; creating s. 193.133,

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F.S.; requiring law enforcement agencies to notify

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property appraisers of incidents of mortgage fraud;

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authorizing property appraisers to reconsider property

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assessments under certain circumstances; amending s.

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817.545, F.S.; increasing penalties for certain types of

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mortgage fraud; providing an effective date.

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Be It Enacted by the Legislature of the State of Florida:

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     Section 1.  Section 193.133, Florida Statutes, is created to

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read:

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     193.133 Effect of mortgage fraud on property assessments.--

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     (1) Upon the finding of probable cause of any person for

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the crime of mortgage fraud, as defined in s. 817.545 or any

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other fraud involving real property which may have artificially

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inflated or could artificially inflate the value of property

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affected by the fraud, the arresting agency shall promptly notify

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the property appraiser of the county in which the property or

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properties are located of the nature of the alleged fraud and the

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property or properties affected. If notification as required in

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this section would jeopardize or negatively affect a continuing

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investigation, notification may be delayed until such time as

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notice may be made without such affect.

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     (2) The property appraiser may adjust the assessment of any

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affected real property.

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     (3) Upon a conviction of fraud as defined in subsection

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(1), the property appraiser of the county in which the property

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or properties are located shall, if necessary, reassess the

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property or properties affected by the fraud.

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     Section 2.  Subsection (5) of section 817.545, Florida

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Statutes, is amended to read:

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     817.545  Mortgage fraud.--

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     (5)(a) Any person who violates subsection (2) commits a

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felony of the third degree, punishable as provided in s. 775.082,

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s. 775.083, or s. 775.084.

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     (b) Any person who violates subsection (2) commits a felony

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of the second degree, punishable as provided in s. 775.082, s.

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775.083, or s. 775.084, if the loan value stated on documents

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used in the mortgage lending process exceeds $100,000.

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     Section 3.  This act shall take effect July 1, 2008.