The bill amends Section 34-27-4 of the General Laws concerning mortgage foreclosure and sale, specifically addressing the publication of sale notices and the rights of active military servicemembers. It modifies the method of notifying mortgagors about the sale, changing the requirement from being mailed via certified mail return receipt requested to being sent through United States Postal Service First Class Mail and an overnight delivery service.

Additionally, the bill extends the period during which foreclosure actions are stayed from nine months to one year after the completion of active duty or deployment for servicemembers. It stipulates that if the notice is not received within this one-year period, the mortgagee shall be barred from proceeding with the execution of the sale of the property until the one-year period has lapsed or until the mortgagee obtains court approval.

The bill also outlines the definitions of "servicemember" and "active duty," and establishes that any foreclosure sale or seizure of property during this one-year period is invalid unless a court order is obtained or all parties agree. This act is set to take effect upon passage.

Statutes affected:
3361: 34-27-4
3361  as amended: 34-27-4