BANKING REGULATION 5 MORTGAGE FORECLOSURE DISCLOSURE
230-RICR-40-10-4 INACTIVE RULE
Title | 230 | Department of Business Regulation (includes the Office of the Health Insurance Commissioner) |
Chapter | 40 | Banking |
Subchapter | 10 | Lending |
Part | 4 | BANKING REGULATION 5 MORTGAGE FORECLOSURE DISCLOSURE |
Type of Filing | Amendment |
Regulation Status | Inactive |
Effective | 10/20/2011 to 02/12/2014 |
Regulation Authority:
R.I. Gen. Laws §§ 35-27-3.1, 42-14-17 and 42-35-3
Purpose and Reason:
The purpose of this Regulation is to promulgate the form of written notice pursuant to R.I. Gen. Laws § 34-27-3.1. The notice implemented by this Regulation informs iIndividual Cconsumer Mmortgagors of their default, of the Mmortgagee’s right to foreclose, and the availability of counseling for Mmortgagors through HUD-approved counseling agencies in Rhode Island. This Regulation also clarifies the Mortgagee’s duties and consequences of its failure to comply with R.I. Gen. Laws § 34-27-3.1 and this Regulation.
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