LANSING, Mich.—Michigan Gov. Rick Snyder has signed legislation aimed at cracking down on mortgage fraud.
The bills signed into law Thursday create a specific crime for mortgage fraud and make that crime a felony punishable by up to 20 years in prison and a $500,000 fine.
Penalties for forging real property deeds or obtaining real property by false pretenses would be increased and be based on the amount of money violators obtained through the fraud.
The measures also increase the statute of limitations for crimes involving real property transactions from six years to 10 years and allow the courts to invalidate fraudulent mortgage documents.
According to the FBI, Michigan is one of the top 10 states for mortgage fraud.
The bills had bipartisan support.