Rhode Island § 5-79-3 - Mortgage Foreclosure Consultant Regulation
Full text of Rhode Island Rhode Island General Laws § 5-79-3 — Mortgage Foreclosure Consultant Regulation, with citation guidance and answers to common questions.
§ 5-79-3. Mortgage Foreclosure Consultant Regulation
R.I. Gen. Laws § 5-79-3
§ 5-79-3. Contract.
(a) Every contract must be in writing and must fully disclose the exact nature of the foreclosure consultant’s services and the total amount and terms of compensation.
(b) The following notice, printed in at least fourteen (14) point boldface type and completed with the name of the foreclosure consultant, must be printed immediately above the statement required by subsection (c):
“NOTICE REQUIRED BY RHODE ISLAND LAW
(Name or anyone working for him or her CANNOT):
(1) Take any money from you or ask you for money until ....................................... (Name) has completely finished doing everything he or she said he or she would do; and
(2) Ask you to sign or have you sign any lien, mortgage or deed.”
(c) The contract must be written in the same language as principally used by the foreclosure consultant to describe his or her services or to negotiate the contract, must be dated and signed by the owner, and must contain in immediate proximity to the space reserved for the owner’s signature a conspicuous statement in a size equal to at least ten-point (10) boldface type, as follows:
“You, the owner, may cancel this transaction at any time prior to midnight of the third (3rd) business day after the date of this transaction. See the attached notice of cancellation form for an explanation of this right.”
(d) The contract must contain on the first (1st) page, in a type size no smaller than that generally used in the body of the document, each of the following:
(1) The name and address of the foreclosure consultant to which the notice of cancellation is to be mailed; and
(2) The date the owner signed the contract.
(e) The contract must be accompanied by a completed form in duplicate, captioned “notice of cancellation,” which must be attached to the contract, must be easily detachable, and must contain in at least ten-point (10) type the following statement written in the same language as used in the contract:
“NOTICE OF CANCELLATION
......................................... (Enter date of transaction)
You may cancel this transaction, without any penalty or obligation, until midnight of the third (3rd) business day from the above date.
To cancel this transaction, mail or deliver a signed and dated copy of this cancellation notice, or any other written notice to ....................................... (Name of foreclosure consultant) at ....................................................................... (Address of foreclosure consultant’s place of business) NOT LATER THAN MIDNIGHT OF ......................................... (Date)
I hereby cancel this transaction ......................................... (Date)
....................................... (Owner’s signature)”
(f) The foreclosure consultant shall provide the owner with a copy of the contract and the attached notice of cancellation immediately upon execution of the contract.
(g) The three (3) business days during which the owner may cancel the contract shall not begin to run until the foreclosure consultant has complied with this section.
History of Section.
P.L. 2006, ch. 242, § 1; P.L. 2006, ch. 287, § 1.
Source: official Rhode Island text · Last verified 2026-08-27
Frequently Asked Questions About Rhode Island § 5-79-3
What does Rhode Island General Laws § 5-79-3 cover?
Section 5-79-3 ("Mortgage Foreclosure Consultant Regulation") is part of the Rhode Island General Laws, the codified statutory law of Rhode Island. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Rhode Island § 5-79-3?
A common citation format is "Rhode Island General Laws § 5-79-3" (Rhode Island). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Rhode Island law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Rhode Island official source linked on this page or consult a licensed Rhode Island attorney.
How does Rhode Island § 5-79-3 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Rhode Island can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Rhode Island.