2.59.1717    SCHEME TO DEFRAUD OR MISLEAD

(1) For purposes of 32-9-124, MCA, a scheme to defraud or mislead a borrower, a lender, or any other person shall include but is not limited to:

(a) misstating a borrower's income, assets, obligations, employment status, credit history, or financial resources, or the borrower's equity in the dwelling which secures repayment of the loan to a lender;

(b) stating to a lender, or more than one lender, that a borrower intends to use more than one property as a primary residence;

(c) charging or accepting any fees in excess of fees that have been or will be remitted to third parties; and

(d) failing to disburse funds in accordance with any commitment or agreement with the borrower.

History: 32-9-130, MCA; IMP, 32-9-124, MCA; NEW, 2008 MAR p. 2034, Eff. 9/26/08.