The new Georgia Residential Mortgage Fraud Act increases the penalties for
mortgage fraud; violators can be sentenced to ten
years in prison and fined up to $5,000 (more severe penalties exist for multiple instances). The law also
provides for forfeiture of any property obtained from the fraudulent activities.
The law defines residential mortgage fraud as "knowingly misstating, misrepresenting, or omitting information during the mortgage lending process; receiving proceeds from a mortgage closing that one knew to be fraudulent, conspiring for either of the previous or filing with the official registrar of deeds of any county any fraudulent document."
