The Florida Senate

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.