§ 5-80-1. Definitions. As used for §§ 5-80-1 — 5-80-9: (a) “Foreclosed homeowner” means an owner of residential real property, including a condominium, that is the primary residence of the owner and whose mortgage on the real property is or was in foreclosure. (b) “Foreclosure conveyance” means a transaction involving: (1) The transfer of title […]
§ 5-80-2. Contract requirement — Form and language. A foreclosure purchaser shall enter into every foreclosure reconveyance in the form of a written contract. Every contract must be written in letters of a size equal to at least twelve-point (12) boldface type, in the same language principally used by the foreclosure purchaser and foreclosed homeowner […]
§ 5-80-3. Contract terms. (a) Every contract required by § 5-80-2 must contain the entire agreement of the parties and must include the following terms: (1) The name, business address, and the telephone number of the foreclosure purchaser; (2) The address of the residence in foreclosure; (3) The total consideration to be given by the […]
§ 5-80-4. Contract cancellation. (a) In addition to any other right of rescission, the foreclosed homeowner has the right to cancel any contract with a foreclosure purchaser until midnight of the fifth (5th) business day following the day on which the foreclosed homeowner signs a contract that complies with §§ 5-80-1 — 5-80-6 or until […]
§ 5-80-5. Notice of cancellation. (a) The contract must contain in immediate proximity to the space reserved for the foreclosed homeowner’s signature a conspicuous statement in a size equal to at least fourteen-point (14) boldface type, if the contract is printed, or in capital letters if the contract is typed, as follows: “You may cancel […]
§ 5-80-6. Waiver. Any waiver of the provisions of §§ 5-80-1 — 5-80-9 is void and unenforceable as contrary to public policy except a consumer may waive the five-day (5) right to cancel provided in § 5-80-4 if the property is subject to a foreclosure sale within the five (5) business days, and the foreclosed […]
§ 5-80-7. Arbitration. Any provision in a contract that attempts or purports to require arbitration of any dispute arising under §§ 5-80-1 — 5-80-9 is void at the option of the owner. History of Section.P.L. 2006, ch. 242, § 2; P.L. 2006, ch. 287, § 2.
§ 5-80-8. Prohibited practices. A foreclosure purchaser shall not: (1) Enter into, or attempt to enter into, a foreclosure reconveyance with a foreclosed homeowner unless: (i) The foreclosure purchaser verifies and can demonstrate that the foreclosed homeowner has a reasonable ability to pay for the subsequent conveyance of an interest back to the foreclosed homeowner. […]
§ 5-80-9. Enforcement. (a) Remedies. A violation of §§ 5-80-1 — 5-80-8 is considered to be a violation of § 6-13.1-2 and all the remedies of § 6-13.1-5.2 are available for such an action. A private right of action under § 6-13.1-5.2 by a foreclosed homeowner is in the public interest. (b) Exemplary damages. In […]
