Chapter 233

2003 -- S 0472 SUBSTITUTE A

Enacted 07/15/03

AN ACT

RELATING TO PROPERTY - MORTGAGE FORECLOSURES

Introduced By: Senators Breene, Bates, and DaPonte

Date Introduced: February 13, 2003

It is enacted by the General Assembly as follows:

     SECTION 1. Section 34-11-22 of the General Laws in Chapter 34-11 entitled "Form and

Effect of Conveyances" is hereby amended to read as follows:

34-11-22. Statutory power of sale in mortgage. -- The following power shall be known

as the "statutory power of sale" and may be incorporated in any mortgage by reference:

      (Power)

      But if default shall be made in the performance or observance of any of the foregoing or

other conditions, or if breach shall be made of the covenant for insurance contained in this deed,

then it shall be lawful for the mortgagee or his, her or its executors, administrators, successors or

assigns to sell, together or in parcels, all and singular the premises hereby granted or intended to

be granted, or any part or parts thereof, and the benefit and equity of redemption of the mortgagor

and his, her or its heirs, executors, administrators, successors and assigns therein, at public

auction upon the premises, or at such other place, if any, as may be designated for that purpose in

this deed, or in the published notice of sale first by mailing written notice of the time and place of

sale by certified mail, return receipt requested, to the mortgagor, at his or her or its last known

address, at least twenty (20) days for mortgagors other than individual consumer mortgagors, and

at least thirty (30) days for individual consumer mortgagors, prior to first publishing the notice,

including the day of the mailing in the computation; second, by publishing the same at least once

each week for three (3) successive weeks in a public newspaper published daily in the city in

which the mortgaged premises are situated; and if there be no public newspaper published daily

in the city in which the mortgaged premises are situated, or if the mortgaged premises are not

situated in a city, then (1) if the mortgaged premises are situated in the city of Central Falls, in a

public newspaper published daily in the city of Pawtucket; (2) if the mortgaged premises are

situated in the town of North Providence, in a public newspaper published daily in either the city

of Providence or the city of Pawtucket; (3) if the mortgaged premises are situated in any of the

towns of Cumberland, Lincoln, Smithfield or North Smithfield, in a public newspaper published

daily in either the city of Pawtucket or Woonsocket; (4) if the mortgaged premises are situated in

the county of Providence elsewhere than in the above-named cities and towns, in a public

newspaper published daily in the city of Providence; (5) if the mortgaged premises are situated in

the county of Newport, in a public newspaper published daily in the city of Newport; but if there

be no such public newspaper so published, then in some public newspaper published anywhere in

the county of Newport; (6) if the mortgaged premises are situated in any of the counties of

Bristol, Kent or Washington, in a public newspaper published daily in the city or town in which

the mortgaged premises are situated; but if there be no public newspaper so published, in some

public newspaper published daily in the county in which the mortgaged premises are situated or

in a public newspaper published daily in the city of Providence; provided however if the

mortgaged premises are situated in the town of New Shoreham then in addition to publication in a

public newspaper published daily as required above, it shall also be published in a public

newspaper published in the town of New Shoreham, and, in the event there is no public

newspaper published in the town of New Shoreham, then in a public newspaper distributed in the

town of New Shoreham; with power to adjourn such sale from time to time, provided that

publishing of the notice shall be continued, together with a notice of the adjournment or

adjournments, at least once each week in that newspaper; and in his, her or its or their own name

or names, or as the attorney or attorneys of the mortgagor, for that purpose by these presents duly

authorized and appointed with full power of substitution and revocation to make, execute and

deliver to the purchaser or purchasers at that sale a good and sufficient deed or deeds of the

mortgaged premises in fee simple, and to receive the proceeds of such sale or sales, and from

such proceeds to retain all sums hereby secured whether then due or to fall due thereafter, or the

part thereof then remaining unpaid, and also the interest then due on the proceeds, together with

all expenses incident to the sale or sales, or for making deeds hereunder, and for fees of counsel

and attorneys, and all costs or expenses incurred in the exercise of such powers, and all taxes,

assessments, and premiums for insurance, if any, either theretofore paid by the mortgagee or his

or her executors, administrators or assigns, or then remaining unpaid, upon the mortgaged

premises, rendering and paying the surplus of the proceeds of sale, if any there be, over and above

the amounts so to be retained as aforesaid, together with a true and particular account of the sale

or sales, expenses and charges, to the mortgagor, or his, her or its heirs, executors, administrators,

successors or assigns; which sale or sales made as aforesaid shall forever be a perpetual bar

against the mortgagor and his, her or its heirs, executors, administrators, successors and assigns,

and all persons claiming the premises, so sold, by, through or under him or her, them or any of

them.

     SECTION 2. Section 34-27-4 of the General Laws in Chapter 34-27 entitled "Mortgage

Foreclosure and Sale" is hereby amended to read as follows:

34-27-4. Publication of notice under power of sale. -- (a) Whenever any real estate

shall be sold under any power of sale mortgage executed subsequent to May 4, 1911, and the

mortgage shall provide for the giving of notice of the sale by publication in some public

newspaper at least once a week for three (3) successive weeks before the sale, the first publication

of the notice shall be at least twenty-one (21) days before the day of sale, including the day of the

first publication in the computation.

      (b) Provided, however, that no notice shall be valid or effective unless the mortgagor has

been mailed written notice of the time and place of sale by certified mail return receipt requested

at the address of the real estate and, if different, at the mortgagor's address listed with the tax

assessor's office of the city or town where the real estate is located or any other address

mortgagor designates by written notice to mortgagee at his, her, or its last known address, at least

twenty (20) days for mortgagors other than individual consumer mortgagors, and at least thirty

(30) days for individual consumer mortgagors, days prior to the first publication, including the

day of mailing in the computation. The mortgagee shall include in the foreclosure deed an

affidavit of compliance with this provision.

     SECTION 3. This act shall take effect on November 1, 2003; provided that the minimum

thirty (30) day notice requirement for individual consumer mortgagors shall be applicable only

with regard to notices mailed to such mortgagors on and after November 1, 2003.     

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LC01961/SUB A

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