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ROBERT L. EHRLICH, JR., Governor Ch. 509
(2) RESCIND A FORECLOSURE RECONVEYANCE AT ANY TIME BEFORE
MIDNIGHT OF THE 10TH 3RD BUSINESS DAY AFTER ANY CONVEYANCE OR TRANSFER
IN ANY MANNER OF LEGAL OR EQUITABLE TITLE TO A RESIDENCE IN FORECLOSURE.
(B) RESCISSION OCCURS WHEN THE HOMEOWNER GIVES WRITTEN NOTICE
OF RESCISSION TO THE FORECLOSURE CONSULTANT AT THE ADDRESS SPECIFIED IN
THE CONTRACT OR THROUGH ANY FACSIMILE OR ELECTRONIC MAIL ADDRESS
IDENTIFIED IN THE CONTRACT OR OTHER MATERIALS PROVIDED TO THE
HOMEOWNER BY THE FORECLOSURE CONSULTANT.
(C) NOTICE OF RESCISSION, IF GIVEN BY MAIL, IS EFFECTIVE WHEN
DEPOSITED IN THE UNITED STATES MAIL, PROPERLY ADDRESSED, WITH POSTAGE
PREPAID.
(D) NOTICE OF RESCISSION NEED NOT BE IN THE FORM PROVIDED WITH THE
CONTRACT AND IS EFFECTIVE, HOWEVER EXPRESSED, IF IT INDICATES THE
INTENTION OF THE HOMEOWNER TO RESCIND THE FORECLOSURE CONSULTING
CONTRACT OR FORECLOSURE RECONVEYANCE.
(E) AS PART OF THE RESCISSION OF A FORECLOSURE CONSULTING
CONTRACT OR FORECLOSURE RECONVEYANCE, THE HOMEOWNER SHALL REPAY,
WITHIN 60 DAYS FROM THE DATE OF RESCISSION, ANY FUNDS PAID OR ADVANCED
BY THE FORECLOSURE CONSULTANT OR ANYONE WORKING WITH THE
FORECLOSURE CONSULTANT UNDER THE TERMS OF THE FORECLOSURE
CONSULTING CONTRACT OR FORECLOSURE RECONVEYANCE, TOGETHER WITH
INTEREST CALCULATED AT THE RATE OF 8% A YEAR
(F) THE RIGHT TO RESCIND MAY NOT BE CONDITIONED ON THE REPAYMENT
OF ANY FUNDS.
7-306.
(A) A FORECLOSURE CONSULTING CONTRACT SHALL:
(1) BE IN WRITING AND PROVIDED IN BLANK FORM AT THE FIRST
MEETING OF THE FORECLOSURE CONSULTANT AND HOMEOWNER BE PROVIDED TO
THE HOMEOWNER FOR REVIEW BEFORE SIGNING;
(2) BE PRINTED IN AT LEAST 12 POINT TYPE AND WRITTEN IN THE SAME
LANGUAGE THAT IS USED BY THE HOMEOWNER AND WAS USED IN DISCUSSIONS
WITH THE FORECLOSURE CONSULTANT TO DESCRIBE THE CONSULTANT'S SERVICES
OR TO NEGOTIATE THE CONTRACT;
(3) FULLY DISCLOSE THE EXACT NATURE OF THE FORECLOSURE
CONSULTING SERVICES TO BE PROVIDED, INCLUDING ANY FORECLOSURE
RECONVEYANCE THAT MAY BE INVOLVED, AND THE TOTAL AMOUNT AND TERMS OF
ANY COMPENSATION TO BE RECEIVED BY THE FORECLOSURE CONSULTANT OR
ANYONE WORKING IN ASSOCIATION WITH THE CONSULTANT;
(4) BE DATED AND PERSONALLY SIGNED BY THE HOMEOWNER AND THE
FORECLOSURE CONSULTANT AND BE WITNESSED AND ACKNOWLEDGED BY A
NOTARY PUBLIC APPOINTED AND COMMISSIONED BY THE STATE; AND
- 2995 -
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