§ 5-79-1. Definitions. As used in this chapter: (1) “Contract” means any agreement, or any term in any agreement, between a foreclosure consultant and an owner for the rendition of any services as defined in subsection (8). (2) “Foreclosure consultant” means any person who, directly or indirectly, makes any solicitation, representation, or offer to any […]
§ 5-79-2. Rescission of foreclosure consultant contract. (a) In addition to any other right under law to rescind a contract, an owner has the right to cancel such a contract until midnight of the third (3rd) business day after the day on which the owner signs a contract that complies with § 5-79-3. (b) Cancellation […]
§ 5-79-3. Contract. (a) Every contract must be in writing and must fully disclose the exact nature of the foreclosure consultant’s services and the total amount and terms of compensation. (b) The following notice, printed in at least fourteen (14) point boldface type and completed with the name of the foreclosure consultant, must be printed […]
§ 5-79-4. Violations. It is a violation for a foreclosure consultant to: (1) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented he or she would perform; (2) Claim, demand, charge, collect, or receive any fee, […]
§ 5-79-5. Waiver not allowed. Any waiver by an owner of the provisions of §§ 5-79-1 — 5-79-9 is void and unenforceable as contrary to public policy. Any attempt by a foreclosure consultant to induce an owner to waive the owner’s rights is a violation of §§ 5-79-1 — 5-79-9. History of Section.P.L. 2006, ch. […]
§ 5-79-6. Remedies. (a) Any violation of §§ 5-79-1 — 5-79-9 is considered to be a violation of § 6-13.1-2, and all remedies of § 6-13.1-5.2 are available for such an action. A private cause of action under § 6-13.1-5.2 by a foreclosed homeowner is in the public interest. An owner may bring an action […]
§ 5-79-7. Penalty. Any person who commits any violation described in § 5-79-4 may, upon conviction, be fined not more than ten thousand dollars ($10,000) or imprisoned for not more than one year, or both. Prosecution or conviction for any violation described in § 5-79-4 will not bar prosecution or conviction for any other offenses. […]
§ 5-79-8. Provisions severable. If any provision of §§ 5-79-1 — 5-79-9 or the application of any of these provisions to any person or circumstance is held to be unconstitutional and void, the remainder of §§ 5-79-1 — 5-79-9 remains valid. History of Section.P.L. 2006, ch. 242, § 1; P.L. 2006, ch. 287, § 1.
§ 5-79-9. Liability. Any provision in a contract that attempts or purports to require arbitration of any dispute arising under §§ 5-79-1 — 5-79-9 is void at the option of the owner. History of Section.P.L. 2006, ch. 242, § 1; P.L. 2006, ch. 287, § 1.
