§ 2603 - Financing of mobile homes; creditors' remedies; retail installment contract disclosure - Vermont Statutes

§ 2603. Financing of mobile homes; creditors' remedies; retail installment contract disclosure

(a) Except as provided in subsection (b) of this section, a mobile home may be financed under chapter 59 of this title, or under subdivision 41a(b)(4) of this title.

(b) A mobile home that is or is intended to be permanently sited for continuous residential occupancy by the owner on land that is:

(1) Owned by the owner of the mobile home shall be financed as residential real estate.

(2) Leased by the owner of the mobile home may be financed as residential real estate.

(c) The holder of a retail installment contract, promissory note or other evidence of indebtedness, secured by collateral consisting of a mobile home, shall not have the prejudgment remedies provided in section 9-609 of Title 9A, section 5331 of Title 12, V.R.C.P. 64 or V.R.C.P. 4.1, except where V.R.C.P. 64(b)(3) or V.R.C.P. 4.1(b)(3) applies, with respect to the mobile home. The holder of the retail installment contract may proceed in superior court by action to take possession of the mobile home under section 9-609 of Title 9A. An action to take possession of a mobile home shall be heard by the superior court within 90 days of filing of the action.

(d) A mobile home which is permanently sited in a manner intended for continuous residential occupancy by the owner, on land owned or leased by its owner, shall be considered a homestead under chapter 3 of Title 27.

(e) At the time a motor vehicle retail installment sales contract for purchase of a mobile home is taken, a retail seller shall provide to the potential buyer written disclosure in a form approved by the commissioner of banking, insurance, securities, and health care administration. The disclosure shall clearly state that other financing options may be available for the purchase of the mobile home, including financing offered by the Vermont housing finance agency, lenders licensed pursuant to chapter 73 of Title 8, a financial institution as described in 8 V.S.A. § 11101(32), or a credit union. Any person who fails to comply with this subsection may be fined by the commissioner no more than $1,000.00 for each occurrence. (Added 1971, No. 103; amended 1975, No. 215 (Adj. Sess.), § 1, eff. April 1, 1976; 1979, No. 173 (Adj. Sess.), § 24, eff. April 30, 1980; 2003, No. 104 (Adj. Sess.), § 6; 2007, No. 176 (Adj. Sess.), § 39.)