Rhode Island § 5-80-5 - Mortgage Foreclosure Purchasers
Full text of Rhode Island Rhode Island General Laws § 5-80-5 — Mortgage Foreclosure Purchasers, with citation guidance and answers to common questions.
§ 5-80-5. Mortgage Foreclosure Purchasers
R.I. Gen. Laws § 5-80-5
§ 5-80-5. Notice of cancellation.
(a) The contract must contain in immediate proximity to the space reserved for the foreclosed homeowner’s signature a conspicuous statement in a size equal to at least fourteen-point (14) boldface type, if the contract is printed, or in capital letters if the contract is typed, as follows:
“You may cancel this contract for the sale of your house without any penalty or obligation at any time before _________________________________________ (Date and time of day). See the attached notice of cancellation form for an explanation of this right.”
The foreclosure purchaser shall accurately enter the date and time of day on which the cancellation right ends.
(b) The contract must be accompanied by a completed form in duplicate, captioned “notice of cancellation” in a size equal to a twelve-point (12) boldface type if the contract is printed, or in capital letters, if the contract is typed, followed by a space in which the foreclosure purchaser shall enter the date on which the foreclosed homeowner executes any contract. This form must be attached to the contract, must be easily detachable, and must contain in type of at least ten (10) points, if the contract is printed, or in capital letters if the contract is typed, the following statement written in the same language as used in the contract:
“NOTICE OF CANCELLATION
......................................... (Enter date contract signed)
You may cancel this contract for the sale of your house, without any penalty or obligation, at any time before ......................................... (enter date and time of day).
To cancel this transaction, personally deliver a signed and dated copy of this cancellation notice to ....................................... (Name of purchaser) at ....................................................................... (Street address of purchaser’s place of business) NOT LATER THAN (Enter date and time of day). I hereby cancel this transaction.
......................................... (Date)
....................................... (Seller’s signature)”
(c) The foreclosure purchaser shall provide the foreclosed homeowner with a copy of the contract and the attached notice of cancellation at the time the contract is executed by all parties.
(d) The five (5) business days during which the foreclosed homeowner may cancel the contract must not begin to run until all parties to the contract have executed the contract and the foreclosure purchaser has complied with this section.
History of Section.
P.L. 2006, ch. 242, § 2; P.L. 2006, ch. 287, § 2.
Frequently Asked Questions About Rhode Island § 5-80-5
What does Rhode Island General Laws § 5-80-5 cover?
Section 5-80-5 ("Mortgage Foreclosure Purchasers") 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 § 5-80-5?
A common citation format is "Rhode Island General Laws § 5-80-5" (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 § 5-80-5 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.