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1 July, 08:15

The law that prohibits an escrow agent from compensating any individual for referring customers or accounts is found in

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  1. 1 July, 10:21
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    Section 8 of the Real Estate Settlement Procedures Act prohibits an escrow agent from compensating any individual for referring customers or accounts

    Explanation:

    Section 8 of Real Estate Settlement Procedures Act prohibits a escrow agent from compensating any individual for referring customers or for any such services performed. The other terms used for this are kickbacks, fee-splitting and unearned fees.

    As per HUD a person who violates the section 8 of Real Estate Settlement Procedures Act can face imprisonment of 1 year and a fine of $ 10000
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