2009 -- S 0601

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LC01401

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STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2009

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A N A C T

RELATING TO PROPERTY -- MORTGAGE FORECLOSURE AND SALE

     Introduced By: Senators Pichardo, Tassoni, Goodwin, Crowley, and Metts

     Date Introduced: February 25, 2009

     Referred To: Senate Judiciary

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. Foreclosed property maintenance. – (a) Any mortgagee or an affiliate of the

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mortgagee that has purchased a foreclosed estate or property, shall maintain the property in

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compliance with chapters 45-24.2 and 45-24.3 of the general laws. If any such property is found

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to be in violation of these, or any other applicable state and municipal codes, the enforcing officer

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shall notify the mortgagee or the affiliate of the mortgagee of its responsibility to correct the

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violation;

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     (b) Any mortgagee or an affiliate of the mortgagee who fails to correct a code violation

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pursuant to this section within thirty (30) days of being notified of said violation, shall be subject

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to the penalty provisions of sections 45-24.2-7 and 45-24.3-18.

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     SECTION 2. This act shall take effect upon passage.

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LC01401

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO PROPERTY -- MORTGAGE FORECLOSURE AND SALE

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     This act would hold any mortgagee or an affiliate of the mortgagee that has purchased a

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foreclosed property or estate responsible for the maintenance of said property and subject to

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penalties for violation of code ordinances.

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     This act would take effect upon passage.

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LC01401

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