Chapter
286
2005 -- S 0478 SUBSTITUTE A AS AMENDED
Enacted 07/15/05
A N A C T
RELATING TO TAX SALES
Introduced By: Senators Metts, Pichardo, C Levesque, and Perry
Date
Introduced: February 10, 2005
It is enacted
by the General Assembly as follows:
SECTION
1. Section 42-55-7 of the General Laws in Chapter 42-55 entitled "Rhode
Island
Housing and Mortgage Finance Corporation" is hereby amended to read as
follows:
42-55-7.
Powers relative to purchase of and sale to mortgage lenders of loans --
Loans
to mortgage lender. -- The
corporation shall have all the powers necessary or convenient
to carry
out and effectuate the purposes and provisions of this chapter, including the
following
powers
in addition to others granted in this chapter:
(1) To invest in, purchase or to make commitments to purchase, and take
assignments
from
mortgage lenders, of notes and mortgages evidencing loans for the construction,
rehabilitation,
installation of energy saving improvements to, purchase, leasing, or
refinancing of
housing
for persons and families of low and moderate income or health care facilities
in this state
upon the
terms set forth in section 42-55-10;
(2) To make loans to mortgage lenders under terms and conditions requiring the
proceeds
to be used by those mortgage lenders for the making of new residential
mortgages or
health
care facilities upon the terms set forth in section 42-55-10;
(3) To make commitments to purchase, and to purchase, service and sell
federally
insured
mortgages, and to make loans directly upon the security of a mortgage, provided
the
underlying
mortgage loans shall have been made and shall be continued to be used solely to
finance
or refinance the construction, rehabilitation, purchase, or leasing of
residential housing
for
persons and families of low and moderate income or health care facilities in
this state;
(4) To sell, at public or private sale, with or without public bidding, any
mortgage or
other
obligation held by the corporation;
(5) Subject to any agreement with bondholders or noteholders, to collect,
enforce the
collection
of, and foreclose on any collateral securing its loans to mortgage lenders and
acquire or
take
possession of the collateral and sell it at public or private sale, with or
without public
bidding,
and otherwise deal with such collateral as may be necessary to protect the
interest of the
corporation
therein. ;
(6)
To make or participate in the making of mortgage loans to persons of low or
moderate
income
and owners of property subject to tax sale for the purpose of extinguishing tax
liens,
redeeming
tax titles or preventing loss of property due to nonpayment of taxes. Any loan
made
pursuant
to this paragraph may be secured by a mortgage or otherwise, shall be repaid,
shall bear
interest
and shall be upon any terms and conditions that may be determined by the
corporation;
(7) To
acquire at tax sale liens on one to four (4) family residential properties, to
hold the lien
while endeavoring to assist
the property owner with retaining ownership, to hold and sell the
property where consistent
with the purpose of the corporation to encourage home ownership,
particularly by low-income
persons, productive and beneficial use of property, and other purposes
of the corporation, and to
adopt rules and regulations necessary to carry this program into effect.
SECTION 2. This act shall
take effect upon passage.
=======
LC01377/SUB A/3
=======