PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking.
Congressional Research Service
Version 00 · Introduced in Senate · Sep 26, 1994
Amends the Federal criminal code to include: (1) as a money laundering offense equity skimming; and (2) within provisions pertaining to obstruction of a Federal audit, attempts to influence, obstruct, or impede a Federal auditor in the performance of official duties relating to any property that is security for a mortgage note that is insured, guaranteed, acquired, or held by the Secretary of Housing and Urban Development pursuant to specified provisions of the National Housing Act. Amends the National Housing Act to require each contract for mortgage insurance to authorize the Secretary to recover from an owner, agent, manager, or other person (owner) who is otherwise in custody, control, or possession of property that is security for a mortgage note insured, acquired, or held by the Secretary pursuant to specified provisions and who is convicted of equity skimming, an amount equal to the sum of any benefit of insurance conferred on the mortgagee by the Secretary with respect to such property and any other losses incurred by the Secretary in connection with such property, to the extent that such benefit was conferred or such loss was incurred as a result of the violation.
People & committees
Sen. Cohen, William S. [R-ME] · R–ME
Legislative record
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Read twice and referred to the Committee on Banking.
Sponsor introductory remarks on measure. (CR S13351-13352)
Introduced in Senate
Primary sources
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Source last updated: Jan 14, 2025. Consult Congress.gov for the current record.
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