NYS Penal Law
Penal Law Criminal Code
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Article 187 - NY Penal Law
RESIDENTIAL MORTGAGE FRAUD
S 187.00 Definitions.
As used in this article:
1. "Person" means any individual or entity.
2. "Residential mortgage loan" means a loan or agreement to extend
credit, including the renewal, refinancing or modification of any such
loan, made to a person, which loan is primarily secured by either a
mortgage, deed of trust, or other lien upon any interest in residential
real property or any certificate of stock or other evidence of ownership
in, and a proprietary lease from, a corporation or partnership formed
for the purpose of cooperative ownership of residential real property.
3. "Residential real property" means real property improved by a
one-to-four family dwelling, or a residential unit in a building
including units owned as condominiums or on a cooperative basis, used or
occupied, or intended to be used or occupied, wholly or partly, as the
home or residence of one or more persons, but shall not refer to
unimproved real property upon which such dwellings are to be
constructed.
4. "Residential mortgage fraud" is committed by a person who,
knowingly and with intent to defraud, presents, causes to be presented,
or prepares with knowledge or belief that it will be used in soliciting
an applicant for, applying for, underwriting or closing a residential
mortgage loan, or filing with a county clerk of any county in the state
arising out of and related to the closing of a residential mortgage
loan, any written statement which:
(a) contains materially false information concerning any fact material
thereto; or
(b) conceals, for the purpose of misleading, information concerning
any fact material thereto.
S 187.01 Limitation on prosecution.
No individual who applies for a residential mortgage loan and intends
to occupy such residential property which such mortgage secures shall be
held liable under this article provided, however, any such individual
who acts as an accessory to an individual or entity in committing any
crime defined in this article may be charged as an accessory to such
crime.
S 187.05 Residential mortgage fraud in the fifth degree.
A person is guilty of residential mortgage fraud in the fifth degree
when he or she commits residential mortgage fraud.
Residential mortgage fraud in the fifth degree is a class A misdemeanor.
S 187.10 Residential mortgage fraud in the fourth degree.
A person is guilty of residential mortgage fraud in the fourth degree
when he or she commits residential mortgage fraud and thereby receives
proceeds or any other funds in the aggregate in excess of one thousand
dollars.
Residential mortgage fraud in the fourth degree is a class E felony.
S 187.15 Residential mortgage fraud in the third degree.
A person is guilty of residential mortgage fraud in the third degree
when he or she commits residential mortgage fraud and thereby receives
proceeds or any other funds in the aggregate in excess of three thousand
dollars.
Residential mortgage fraud in the third degree is a class D felony.
S 187.20 Residential mortgage fraud in the second degree.
A person is guilty of residential mortgage fraud in the second degree
when he or she commits residential mortgage fraud and thereby receives
proceeds or any other funds in the aggregate in excess of fifty thousand
dollars.
Residential mortgage fraud in the second degree is a class C felony.
S 187.25 Residential mortgage fraud in the first degree.
A person is guilty of residential mortgage fraud in the first degree
when he or she commits residential mortgage fraud and thereby receives
proceeds or any other funds in the aggregate in excess of one million
dollars.
Residential mortgage fraud in the first degree is a class B felony.
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