What US Real Estate Settlement Procedures Act - 12 USC 2607 Prohibition against Kickbacks and Unearned Fees (RESPA Section 8) requires
12 USC 2607 titled 'Prohibition against kickbacks and unearned fees' is the Real Estate Settlement Procedures Act (RESPA) Section 8 provision banning compensated business referrals and unearned-fee splitting in connection with federally related mortgage loans. Subsection (a) provides that no person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person. Subsection (b) provides that no person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed. Subsection (c) enumerates the permitted exceptions: (1) the payment of a fee to attorneys at law for services actually rendered; (2) the payment of a fee by a title company to its duly appointed agent for services actually performed in the issuance of a policy of title insurance; (3) the payment of a fee by a lender to its duly appointed agent for services actually performed in the making of a loan; (4) certain bona fide payments for goods or facilities actually furnished or services actually performed; (5) certain cooperative brokerage and referral arrangements between real estate agents and brokers; and (6) affiliated business arrangements with proper disclosure and a written estimate of charges provided to the referred party. Subsection (d) imposes the penalties: any person violating subsections (a) or (b) shall be fined not more than $10,000 or imprisoned for not more than one year, or both; the person involved may be jointly and severally liable to the person or persons charged for the settlement service involved in the violation in an amount equal to three times the amount of any charge paid for such settlement service; and the court may award court costs of the action together with reasonable attorneys' fees for any successful action.
Pillar: Banking & Global Finance · Authority: US Congress / Consumer Financial Protection Bureau / Department of Housing and Urban Development · Version: 1.0.0 · Last updated:
Primary source: https://www.govinfo.gov/link/uscode/12/2607
SHA-256 integrity: 11e9e2faf42077c39a4ca76166b514528d9cb2b0f2678e5b81d19307ee588fa1
Primary Citations — 11 traced to source
- 12 USC 2607 - Prohibition against kickbacks and unearned fees - statutory text at https://www.govinfo.gov/link/uscode/12/2607
- 12 USC 2607(a) - prohibition on fees, kickbacks, or things of value pursuant to any agreement or understanding to refer settlement service business involving a federally related mortgage loan
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