(ii) The mortgagee otherwise complies with the requirements of subsection (d); provided,
however, that if the mortgagee fails to mail the notice required by subsection (d)
to the mortgagor within the time frame set forth in subsection (d)(4)(i), the mortgagee
shall pay a penalty at the rate of one thousand dollars ($1,000) per month for each
month, or part thereof, with the first month commencing on the thirty-first (31st)
day after the date upon which the loan is released from the protection of the automatic
stay in a bankruptcy proceeding or any similar injunctive order issued by a state
or federal court and a new month commencing on the same day (or if there is no such
day, then on the last day) of each succeeding calendar month until the mortgagee sends
the mortgagor written notice as required by this section. Notwithstanding the foregoing,
any penalties assessed under this subsection for any failure of any mortgagee to provide
notice as provided herein during the period from September 13, 2013, through the effective
date of this section shall not exceed the total amount of one hundred twenty-five
thousand dollars ($125,000) for such mortgagee.
(5) Notwithstanding any other provisions of this section, a mortgagee may initiate a judicial
foreclosure in accordance with § 34-27-1.
(e) A form of written notice meeting the requirements of this section shall be promulgated
by the department for use by mortgagees at least thirty (30) days prior to the effective
date of this section. The written notice required by this section shall be in English,
Portuguese, and Spanish and may be combined with any other notice required under this
chapter or pursuant to state or federal law.