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2013 -- H 5719 | |
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LC01382 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO PROPERTY -- MORTGAGE FORECLOSURE AND SALE | |
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Introduced By: Representatives Palangio, Cimini, Williams, DeSimone, and Winfield | |
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Date Introduced: February 28, 2013 | |
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Referred To: House Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 34-27 of the General Laws entitled "Mortgage Foreclosure and |
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Sale" is hereby amended by adding thereto the following section: |
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34-27-7. Mortgagee-owned property. -- (a) Notwithstanding any other general law or |
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local ordinance to the contrary, any mortgagee, or affiliate thereof, who is the successful bidder at |
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any sale by public auction made under and according to the provisions of any mortgage of real |
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estate or any power of sale contained therein or annexed thereto shall, within ninety (90) days |
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after the date of sale, make appropriate arrangements to keep the foreclosed property from |
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becoming vacant, including, without limitation, selling or leasing the property. |
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(b) Upon violation of this section, a penalty shall accrue at the rate of one thousand |
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dollars ($1,000) per month (in the aggregate) for each month or part thereof during which the |
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property remains vacant. For purposes of determining the penalty due hereunder, a month |
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commences on the day on which the first such violation occurs and a new month commences on |
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the same day (or if there is no such day, then on the last day) of each succeeding calendar month |
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until the property is no longer vacant. |
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SECTION 2. This act shall take effect upon passage. |
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LC01382 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO PROPERTY -- MORTGAGE FORECLOSURE AND SALE | |
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This act would require a mortgagee to make arrangement to keep a foreclosed property |
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from becoming vacant. This act would also provide for monetary penalties. |
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This act would take effect upon passage. |
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LC01382 | |
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