Missouri Laws 443.930 – Prohibited acts — constitutes mortgage fraud — no private right of action ..
1. It is unlawful for a person, in connection with the application for or procurement of a loan secured by real estate to:
(1) Employ a device, scheme, or artifice to defraud;
Terms Used In Missouri Laws 443.930
- Appraisal: A determination of property value.
- following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
- Fraud: Intentional deception resulting in injury to another.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Missouri Laws 1.020
- Property: includes real and personal property. See Missouri Laws 1.020
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
(2) Make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statement made, in the light of the circumstances under which it is made, not misleading;
(3) Receive any portion of the purchase, sale, or loan proceeds, or any other consideration paid or generated in connection with a real estate closing 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 this subsection does not prohibit a mortgage lender, mortgage broker, mortgage banker, real estate licensee, or other person from asking the appraiser to do one or more of the following:
(a) Consider additional property information;
(b) Provide further detail, substantiation, or explanation for the appraiser’s value conclusion; or
(c) Correct errors in the appraisal report in compliance with the Uniform 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 of action.