(k) This section shall apply only to foreclosure of mortgages on owner-occupied, residential
real property with no more than four (4) dwelling units that is the primary dwelling
of the mortgagor and not to mortgages secured by other real property.
(l) Notwithstanding any other provisions of this section, any locally based mortgagees
shall be deemed to be in compliance with the requirements of this section if:
(1) The mortgagee is headquartered in Rhode Island; or
(2) The mortgagee maintains a physical office, or offices, exclusively in Rhode Island
from which office, or offices, it carries out full-service mortgage operations, including
the acceptance and processing of mortgage payments and the provision of local customer
service and loss mitigation and where Rhode Island staff have the authority to approve
loan restructuring and other loss mitigation strategies; and
(3) The deed offered by a mortgagee to be filed with the city or town recorder of deeds
as a result of a mortgage foreclosure action under power of sale contained a certification
that the provisions of this section have been satisfied.
(m) No deed offered by a mortgagee as a result of a mortgage foreclosure action under
power of sale shall be submitted to a city or town recorder of deeds for recording
in the land evidence records of the city or town until and unless the requirements
of this section are met. Failure of the mortgagee to comply with the requirements
of this section shall render the foreclosure voidable, without limitation of the right
of the mortgagee thereafter to re-exercise its power of sale or other means of foreclosure
upon compliance with this section. The rights of the mortgagor to any redress afforded
under the law are not abridged by this section.