2009 Rhode Island Code
Title 5 - Businesses and Professions
CHAPTER 5-79 - Mortgage Foreclosure Consultant Regulation
§ 5-79-4 - Violations.

SECTION 5-79-4

   § 5-79-4  Violations. – (a) It is a violation for a foreclosure consultant to:

   (1) Claim, demand, charge, collect, or receive any compensation until after the foreclosure consultant has fully performed each and every service the foreclosure consultant contracted to perform or represented he or she would perform;

   (2) Claim, demand, charge, collect, or receive any fee, interest, or any other compensation for any reason which exceeds eight percent (8%) per annum of the amount of any loan which the foreclosure consultant may make to the owner;

   (3) Take any wage assignment, any lien on any type of real or personal property, or other security to secure the payment of compensation. Any such security is void and unenforceable;

   (4) Receive any consideration from any third-party in connection with services rendered to an owner unless the consideration is first fully disclosed to the owner;

   (5) Acquire any interest, directly, or indirectly, or by means of a subsidiary or affiliate in a residence in foreclosure from an owner with whom the foreclosure consultant has contracted;

   (6) Take any power of attorney from an owner for any purpose, except to inspect documents as provided by law; or

   (7) Induce or attempt to induce any owner to enter a contract which does not comply in all respects with § 5-79-3.