Section 483 - Prohibited acts1.Bad faith avoidance. A person may not in bad faith attempt to avoid the application of this chapter including engaging in subterfuge or designing or structuring a transaction with the purpose of evading the provisions of this chapter. [2021, c. 350, §3(NEW).]
2.Survival of foreclosure. A land installment contract may not require a purchaser to enter into a promissory note or any other financial instrument or obligation that survives the foreclosure of the purchaser's interest in the real estate, or enforce any such obligation, unless:A. The term of the promissory note does not exceed the term of the land installment contract; [2021, c. 350, §3(NEW).]B. Payments of principal made during the term of the promissory note are credited to reduce the principal due on the note; and [2021, c. 350, §3(NEW).]C. After obtaining a judgment for foreclosure and the expiration of the period of redemption set forth in Title 14, section 6203-F, the vendor conducts a sale in the same manner as required for a mortgagee in Title 14, section 6323 and complies with the provisions of Title 14, section 6324 except with the equity of redemption being 60 days. [2021, c. 350, §3(NEW).] [2021, c. 350, §3(NEW).]
Added by 2021SP1, c. 350,§ 3, eff. 10/18/2021.