Vermont § 2603 - Financing of mobile homes; creditors’ remedies; retail installment contract disclosure

§ 2603. Financing of mobile homes; creditors’ remedies; retail installment contract disclosure

• (a) Except as provided in subsection (b) of this section, a mobile home may be financed
  under chapter 59 of this title, or under subdivision 41a(b)(4) of this title. (b) A mobile home that is or is intended to be permanently sited for continuous residential
  occupancy by the owner on land that is: (1) Owned by the owner of the mobile home shall be financed as residential real estate. (2) Leased by the owner of the mobile home may be financed as residential real estate. (c) The holder of a retail installment contract, promissory note, or other evidence of
  indebtedness, secured by collateral consisting of a mobile home, shall not have the
  prejudgment remedies provided in 9A V.S.A. § 9—609, 12 V.S.A. § 5331, V.R.C.P. 64 or V.R.C.P. 4.1, except where V.R.C.P. 64(b)(3) or V.R.C.P. 4.1(b)(3)
  applies, with respect to the mobile home. The holder of the retail installment contract
  may proceed in Superior Court by action to take possession of the mobile home under
  9A V.S.A. § 9—609. An action to take possession of a mobile home shall be heard by the Superior Court
  within 90 days of filing of the action. (d) A mobile home that is permanently sited in a manner intended for continuous residential
  occupancy by the owner, on land owned or leased by its owner, shall be considered
  a homestead under 27 V.S.A. chapter 3. (e) At the time a motor vehicle retail installment sales contract for purchase of a mobile
  home is taken, a retail seller shall provide to the potential buyer written disclosure
  in a form approved by the Commissioner of Financial Regulation. The disclosure shall
  clearly state that other financing options may be available for the purchase of the
  mobile home, including financing offered by the Vermont Housing Finance Agency, lenders
  licensed pursuant to 8 V.S.A. chapter 73, a financial institution as described in 8 V.S.A. § 11101(32), or a credit union. Any person who fails to comply with this subsection may be fined
  by the Commissioner no more than $1,000.00 for each occurrence. (Added 1971, No. 103; amended 1975, No. 215 (Adj. Sess.), § 1, eff. April 1, 1976; 1979, No. 173 (Adj. Sess.), § 24, eff. April 30, 1980; 2003, No. 104 (Adj. Sess.), § 6; 2007, No. 176 (Adj. Sess.), § 39.)