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Legislative Updates: Rhode Island

Posted By USFN, Monday, May 1, 2017
Updated: Tuesday, April 18, 2017

May 1, 2017

by Joseph A. Camillo, Jr.
Shechtman Halperin Savage, LLP
USFN Member (Rhode Island)

Foreclosure Deeds — On February 3, 2017 House Bill 5397, entitled “An Act Relating to Property – Mortgage Foreclosure and Sale” (Act) was introduced in the Rhode Island General Assembly. The Act was introduced by Representatives Morin, Messier, Phillips, Casey, and Johnston. The legislation seeks to amend R.I. Gen. Laws Section 34-27-6 in two substantial ways: first, it would impose a penalty of $2,000 upon financial institutions for failing to promptly record foreclosure deeds and to pay outstanding taxes; and, second, it would require that foreclosure deeds be recorded within 30 days after the date of the foreclosure sale.

Currently, the penalty for failing to promptly record the foreclosure deed or to pay outstanding taxes is $40/month. The law also currently provides 45 days for the foreclosure deed to be recorded following the date of the sale, prior to any penalty being assessed. Thus, this bill is proposing substantial changes to the recording time period as well as to the amount of the fine.

The Act would take effect upon passage. As of March 1, 2017 the House Judiciary Committee had recommended that the measure be held for further study, where it remained pending as this USFN Report went to print in April. Status of this legislation will continue to be monitored.

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Spring USFN Report

Note for consideration of the USFN Award of Excellence: This article is a "Feature."

 

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