Sale of Foreclosed Properties and Disbursement of Surplus Funds Pursuant to Madeline Walker Act

825-RICR-40-00-2 PROPOSED RULE

Title 825 Housing and Mortgage Finance Corporation
Chapter 40 Rules Relative to Other Programs
Subchapter 00 N/A
Part 2 Sale of Foreclosed Properties and Disbursement of Surplus Funds Pursuant to Madeline Walker Act
Type of Filing Adoption
Regulation Status Proposed
Filing Notice Date 04/01/2025
Public Comment Dates 04/01/2025 to 05/02/2025

Regulation Authority:

R.I. Gen. Laws § 44-9-8.3
R.I. Gen. Laws § 42-35-2(a)
R.I. Gen. Laws § 42-55-5(5)

Purpose and Reason:

RIHousing has proposed the adoption of 825 RICR-40-00-2 to formalize a procedure for disbursement of surplus funds in the event that RIHousing sells a property acquired at tax sale pursuant to the Madeline Walker Act (R.I. Gen. Laws 44-9-8.3). This proposed rule would establish a more efficient internal procedure and simplify the claims process.

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