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1 New Paragraph; Mortgages of Realty; Foreclosure Sale; Void Following Valid Rescission. Amend RSA 479:25 by inserting after paragraph VI the following new paragraph:
V. If a mortgage-related transaction has been validly rescinded in accordance with state and federal law, including the Truth in Lending Act, 15 U.S.C. section 1635(a), and the rescission has been duly recorded in the registry of deeds, the lender shall have no recourse under this section to initiate a foreclosure sale of the property. In such cases, any foreclosure under this section shall be void and unenforceable.
2 Effective Date. This act shall take effect January 1, 2020.
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1 New Paragraph; Mortgages of Realty; Foreclosure Sale; Void Following Valid Rescission. Amend RSA 479:25 by inserting after paragraph VI the following new paragraph:
V. If a mortgage-related transaction has been validly rescinded in accordance with state and federal law, including the Truth in Lending Act, 15 U.S.C. section 1635(a), and the rescission has been duly recorded in the registry of deeds, the lender shall have no recourse under this section to initiate a foreclosure sale of the property. In such cases, any foreclosure under this section shall be void and unenforceable.
2 Effective Date. This act shall take effect January 1, 2020.