Vermont Statutes Title 9 Sec. 2603
Terms Used In Vermont Statutes Title 9 Sec. 2603
- Contract: A legal written agreement that becomes binding when signed.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- mobile home: means :
- Permanently sited: means the mobile home has become affixed to the land. See
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- real estate: shall include lands, tenements, and hereditaments and all rights thereto and interests therein, and pews or slips in places of public worship shall be treated as real estate. See
- State: when applied to the different parts of the United States may apply to the District of Columbia and any territory and the Commonwealth of Puerto Rico. See
§ 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 9A V.S.A. § 9—609, 12 V.S.A. § 5331, 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 9A V.S.A. § 9—609. 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 that 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 27 Vt. Stat. Ann. chapter 3.
(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 Financial Regulation. 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 8 Vt. Stat. Ann. chapter 73, 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.)