The bill amends Section 34-27-4 of the General Laws regarding mortgage foreclosure and sale, specifically focusing on the rights of active military servicemembers. It introduces new provisions that require mortgagees to provide written notice of the time and place of sale to mortgagors at least twenty (20) days prior for non-consumer mortgagors and thirty (30) days for individual consumer mortgagors. Additionally, the bill mandates that the notice includes information about the rights of servicemembers under the law, emphasizing the importance of notifying the servicer or attorney conducting the foreclosure if the mortgagor is an active duty servicemember.

Significantly, the bill extends the period during which a mortgagee is barred from proceeding with foreclosure from nine (9) months to one year after a servicemember's completion of active duty or deployment. This change aims to provide greater protection for servicemembers by ensuring they have more time to address their mortgage obligations after returning from service. The bill also establishes penalties for mortgagees who violate these provisions, reinforcing the legal protections afforded to servicemembers in foreclosure situations. The act would take effect upon passage.

Statutes affected:
8103: 34-27-4