R.I. Gen. Laws § 5-79-3
This is the official text of R.I. Gen. Laws § 5-79-3, part of Rhode Island’s Gen. Laws — part of the compiled statutory law of Rhode Island, published by the state as "Gen. Laws." Browse the sections below, each linked to its official government source.
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§ 5-79-3. Contract.
Official statutory text
(a) Every contract must be in writing and must fully disclose the exact nature of the foreclosure consultants 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):
(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 owners 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:
(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.
(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):
(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 owners 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:
(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.
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