Equity Skimming Statutes In Washington State, California, Florida
In Washington State, equity skimming, as it is specifically defined by statute, is both a criminal act as well as an unfair or deceptive act or practice and unfair method of competition in the conduct of trade or commerce that is a basis for a civil lawsuit. For more, see Chapter 61.34 RCW - Equity skimming.
In California, the statutes addressing equity skimming (referred to as rent skimming in California) also provide a basis for both criminal prosecutions and civil lawsuits. For more, see Section 890 through Section 894 of the California Civil Code.
In Florida, the statute defining equity skimming provides for criminal sanctions only. The statute does not specifically create a private cause of action for the victim. For more, see Section 697.08, Florida Statutes. (It wouldn't surprise me, however, if such conduct violates the Florida Deceptive and Unfair Trade Practices Act - Section 501.201-501.213, Florida Statutes, which does provide a basis for a civil lawsuit.)
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