C.R.S. Section 18-5-802
Equity skimming of real property

(1)

A person commits the crime of equity skimming of real property if the person knowingly:

(a)

Acquires an interest in real property that is encumbered by a loan secured by a mortgage or deed of trust and the loan is in arrears at the time the person acquires the interest or is placed in default within eighteen months after the person acquires the interest; and

(b)

Either:

(I)

Fails to apply all rent derived from the person’s interest in the real property first toward the satisfaction of all outstanding payments due on the loan and second toward any fees due to any association of real property owners that charges such fees for the upkeep of the housing facility, or common area including buildings and grounds thereof, of which the real property is a part before appropriating the remainder of such rent or any part thereof for any other purpose except for the purpose of repairs necessary to prevent waste of the real property; or

(II)

After a foreclosure in which title has vested pursuant to section 38-38-501, C.R.S., collects rent on behalf of any person other than the owner of the real property.

(2)

Repealed.

(3)

Equity skimming of real property is a class 5 felony.

(4)

It shall be an affirmative defense to this section:

(a)

That all deficiencies in all underlying encumbrances at the time of acquisition have been fully satisfied and brought current and that, in addition, any regular payments on the underlying encumbrances during the succeeding nine months after the date of acquisition have been timely paid in full; except that this shall not be an affirmative defense to a crime that includes the element set forth in subparagraph (II) of paragraph (b) of subsection (1) of this section;

(b)

That any fees due to an association of real property owners for the upkeep of the housing facility, or common area including buildings and grounds thereof, of which the real property is a part have been paid in full.

(5)

The provisions of this section shall not apply to any bona fide lender who accepts a deed in lieu of foreclosure or who forecloses upon the real property.

(6)

The provisions of this section shall not apply to any bona fide purchaser who acquires fee title in any real property without agreeing to pay all underlying encumbrances and takes fee title subject to all underlying encumbrances, if the following written, verbatim warning was provided to the seller in capital letters of no less than ten-point, bold-faced type and acknowledged by the seller’s signature:
WARNING: PURCHASER,
,
WILL NOT ASSUME OR PAY ANY PRESENT MORTGAGE, DEEDS OF TRUST, OR OTHER LIENS OR ENCUMBRANCES AGAINST THE PROPERTY. THE SELLER,
,
UNDERSTANDS HE/SHE WILL REMAIN RESPONSIBLE FOR ALL PAYMENTS DUE ON SUCH MORTGAGES, DEEDS OF TRUST, OR OTHER LIENS OR ENCUMBRANCES AND FOR ANY DEFICIENCY JUDGMENT UPON FORECLOSURE.
I HAVE HAD THE FOREGOING READ TO ME AND UNDERSTAND THE PURCHASER,
,
WILL NOT ASSUME ANY PRESENT MORTGAGES, DEEDS OF TRUST, OR OTHER LIENS OR ENCUMBRANCES AGAINST THE PROPERTY DESCRIBED AS
.
DATE
SELLER
.

Source: Section 18-5-802 — Equity skimming of real property, https://leg.­colorado.­gov/sites/default/files/images/olls/crs2023-title-18.­pdf (accessed Oct. 20, 2023).

18‑5‑101
Definitions 18‑5‑102
Forgery 18‑5‑104
Second degree forgery 18‑5‑104.5
Use of forged academic record 18‑5‑105
Criminal possession of a forged instrument 18‑5‑107
Criminal possession of second degree forged instrument 18‑5‑108
Merger of offenses 18‑5‑109
Criminal possession of forgery devices 18‑5‑110
Criminal simulation 18‑5‑110.5
Trademark counterfeiting 18‑5‑111
Unlawfully using slugs 18‑5‑112
Obtaining signature by deception 18‑5‑113
Criminal impersonation 18‑5‑114
Offering a false instrument for recording 18‑5‑116
Controlled substances - inducing consumption by fraudulent means 18‑5‑205
Fraud by check - definitions - penalties 18‑5‑206
Defrauding a secured creditor or debtor 18‑5‑207
Purchase on credit to defraud 18‑5‑208
Dual contracts to induce loan 18‑5‑209
Issuing a false financial statement - obtaining a financial transaction device by false statements 18‑5‑210
Receiving deposits in a failing financial institution 18‑5‑211
Insurance fraud - definitions 18‑5‑301
Fraud in effecting sales 18‑5‑302
Unlawful activity concerning the selling of land 18‑5‑303
Bait advertising 18‑5‑304
False statements as to circulation 18‑5‑305
Identification number - altering - possession 18‑5‑307
Fee paid to private employment agencies 18‑5‑308
Electronic mail fraud 18‑5‑309
Money laundering - illegal investments - penalty - definitions 18‑5‑401
Commercial bribery and breach of duty to act disinterestedly 18‑5‑402
Rigging publicly exhibited contests 18‑5‑403
Bribery in sports 18‑5‑501
Definitions 18‑5‑502
Failure to pay over assigned accounts 18‑5‑504
Concealment or removal of secured property 18‑5‑505
Failure to pay over proceeds unlawful 18‑5‑506
Fraudulent receipt - penalty 18‑5‑507
False statement in receipt - penalty 18‑5‑508
Duplicate receipt not marked - penalty 18‑5‑509
Warehouse’s goods mingled - receipts - penalty 18‑5‑510
Delivery of goods without receipt - penalty 18‑5‑511
Mortgaged goods receipt - penalty 18‑5‑512
Issuance of bad check 18‑5‑701
Definitions 18‑5‑702
Unauthorized use of a financial transaction device 18‑5‑705
Criminal possession or sale of a blank financial transaction device 18‑5‑706
Criminal possession of forgery devices 18‑5‑707
Unlawful manufacture of a financial transaction device 18‑5‑801
Definitions 18‑5‑802
Equity skimming of real property 18‑5‑803
Equity skimming of a vehicle 18‑5‑804
Civil action 18‑5‑901
Definitions 18‑5‑902
Identity theft 18‑5‑903
Criminal possession of a financial device 18‑5‑903.5
Criminal possession of an identification document 18‑5‑904
Gathering identity information by deception 18‑5‑905
Possession of identity theft tools
Green check means up to date. Up to date

Current through Fall 2024

§ 18-5-802’s source at colorado​.gov