Florida Statute 697.08 - Full Text and Legal Analysis

697.08 Equity skimming.—

(1) It is unlawful for any person, with intent to defraud the owner of real property, to engage in equity skimming, which is, to:

(a) Purchase, within a 3-year period, two or more single-family dwellings, two-family dwellings, three-family dwellings, or four-family dwellings, or a combination thereof, that are subject to a loan that is in default at the time of purchase or within 1 year after the time of purchase, which loan is secured by a mortgage or deed of trust;

(b) Fail to make payments under the mortgage or deed of trust as the payments become due, regardless of whether the purchaser is obligated on the loan; and

(2) A violation of subsection (1) constitutes a felony of the third degree, punishable as provided in s. 775.082, s. 775.083, or s. 775.084.

History.—s. 1, ch. 94-288; s. 775, ch. 97-102.

Arrestable Offenses under F.S. 697.08
M = misdemeanor · F = felony · degree: F=1st S=2nd T=3rd
§697.08EMBEZZLEEQUITY SKIMMINGF · 3rd
Cases Citing F.S. 697.08

Fla. Stat. § 697.08 (2026) Copy Cite Official Site Syfertize CourtListener Amendments
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·Citation Mortg., Ltd. v. Rc of Ret. Living Ltd., 753 So. 2d 777 (Fla. 5th DCA 2000).
Cited 3 times | Published | Florida 5th District Court of Appeal | 2000 Fla. App. LEXIS 3517
...ult to purposes other than the property maintenance or mortgage payments." Florida had no statutory or common law cause of action prohibiting equity skimming at the time of the assignment of rents or the transfer of the assignment to appellants, and section 697.08, Florida Statutes, enacted in 1994, which now makes equity skimming a crime, applies only to family dwellings and not to retirement centers and nursing homes, even assuming the statute gives rise to a civil cause of action....
0 red0 yellow2 green0 procedural
Cited as authority(citing case) (2005)
phrase: "rule_authority"
Cited as authorityBailey (2003)
phrase: "rule_authority"
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·Minalla v. Equinamics Corp., 954 So. 2d 645 (Fla. 3d DCA 2007).
Cited 2 times | Published | Florida 3rd District Court of Appeal | 2007 Fla. App. LEXIS 4174, 2007 WL 837170
...ute, § 687.02(1), Florida Statutes (2005); in Count IV a quiet title claim; and in Count VI[sic] seeks declaratory relief on the basis that enforcing the SLO as a "sale lease option" would enforce an illegal equity skimming contract in violation of section 697.08, a third degree felony, which it claims allows Minalla civil damages as being "against public policy."
0 red0 yellow1 green0 procedural
Cited as authorityBernstein (2008)
phrase: "rule_authority"
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Arrestable Offenses under F.S. 697.08

Cases Citing F.S. 697.08

·Citation Mortg., Ltd. v. Rc of Ret. Living Ltd., 753 So. 2d 777 (Fla. 5th DCA 2000).

·Minalla v. Equinamics Corp., 954 So. 2d 645 (Fla. 3d DCA 2007).