InfoBytes, November 18, 2011 - A Weekly In-depth review of news & developments in the financial services industry


Topics In This Issue:

• Federal Issues

• State Issues

• Courts

• Firm News

• Firm Publications

• Mortgages

• Consumer Finance

• Securities

• Litigation

• Criminal Enforcement Action

Excerpt from Criminal Enforcement Action:

Michigan Toughens Mortgage Fraud Laws. Recently, Michigan enacted several new laws aimed at enhancing the state's ability to pursue mortgage fraud and related criminal activity. The centerpiece of the legislative package (SB 43) amends state law, effective January 1, 2012, to create the felony crime of mortgage fraud. The new crime involves knowingly and intentionally engaging in any one of the several acts listed in the law, or conspiring to violate those provisions, including: (i) making a false statement or misrepresentation concerning a material fact or deliberately concealing or failing to disclose a material fact during the mortgage lending process; (ii) filing or causing to be filed with the register of deeds of any state county any document involved in the mortgage lending process that the filer knows to contain deliberate material misstatement, misrepresentation, or omission; or (iii) failing to disburse funds in accordance with the settlement or closing statement for a mortgage loan. In addition, Michigan enacted legislation (HB 4462) to criminalize forgery of a mortgage document, as well as a bill (SB 252) to increase penalties applicable to notaries public who violate the Notary Public Act while notarizing a document used in a mortgage transaction or otherwise involving an interest in real property. Finally, the state increased, from six to ten years, the statute of limitations for false pretenses involving real property, mortgage fraud, or forgery or uttering and publishing of an instrument affecting interest in real property (SB 251). To review the various pieces of enacted legislation, please access the following links:

SB 43; SB 251; SB 252; HB 4462.

Please see full newsletter below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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