2000 -- H 8165
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LC02918
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S T A T E O F R H O D E I S L A N D
IN GENERAL ASSEMBLY
JANUARY SESSION, A.D. 2000
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A N A C T
RELATING TO MORTGAGES
Introduced By
: Representative LopesIt is enacted by the General Assembly as follows:
SECTION 1. Chapter 34-26 of the General Laws entitled "Redemption, Release, and Transfer of Mortgages" is hereby amended by adding thereto the following section:
34-26-5.1. Transfer or sale of mortgages. -- Notice. (a) Every entity authorized to make loans in Rhode Island secured by a mortgage on real estate containing thereon dwelling houses of not more than four (4) dwelling units, including, but not limited to, banks, trust companies, savings banks, loan and investment banks, savings and loan associations, building loan associations, credit unions and financial companies, shall provide thirty (30) days notice to mortgagors prior to the sale or transfer of such mortgage.
(b) Every purchaser of a mortgage described in subsection (a) shall maintain and publish in the Rhode Island telephone directory a toll free number to answer inquiries by mortgagors related to sold or transferred mortgages.
SECTION 2. This act shall take effect upon passage.
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LC02918
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EXPLANATION
BY THE LEGISLATIVE COUNCIL
OF
A N A C T
RELATING TO MORTGAGES
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This act would require mortgagees to provide notice to mortgagors upon the sale or transfer of a mortgage.
This act would take effect upon passage.