D.C. Mun. Regs. tit. 26, r. 26-C2702

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 26-C2702 - COMPLETION OF NOTICE OF DEFAULT ON RESIDENTIAL MORTGAGE INSTRUCTIONS

2702.1

The Notice of Default on Residential Mortgage (Form FM-1) shall contain all required information as specified in the applicable form in order to satisfy the requirements of Section 539 b of the Act.

2702.2

The lender or an agent of the lender shall be responsible for the completion of the Notice of Default on Residential Mortgage (Form FM-1).

2702.3

A Notice of Default on Residential Mortgage (Form FM-1), including all information required by Subsection 2703.3, shall be completed for each borrower for the property for which the Notice of Default on Residential Mortgage (Form FM-1) will be issued.

2702.4

Except as provided by Subsection 2702.5, a Notice of Default on Residential Mortgage (Form FM-1) that is not in the form prescribed by Subsection 2701.1 shall be void and shall not be in compliance with Section 539 b of the Act.

2702.5

A lender may include a supplement to a Notice of Default on Residential Mortgage (Form FM-1) that provides additional information or contractual disclosures required by a mortgage to the borrower provided the supplement is a separate attachment at the end of the Notice of Default on Residential Mortgage (Form FM-1) and is entitled "Supplement" and provides the reason the information is being provided.

2702.6

In the event there is more than one (1) borrower, a Notice of Default on Residential Mortgage (Form FM-1) shall include all borrowers for the property subject to the residential mortgage.

2702.7

If the Notice of Default mailed by the lender provides the borrower with a mediation election period of more than thirty (30) days, any applicable time period set forth in the Act or in this chapter shall be tolled for the additional days granted by the lender.

D.C. Mun. Regs. tit. 26, r. 26-C2702

Emergency and Proposed Rulemaking published at 58 DCR 2958 (April 8, 2011)[EXPIRED]; as amended by Emergency and Proposed Rulemaking published at 58 DCR 8247 (September 23, 2011)[EXPIRED]; as amended by Final Rulemaking published at 58 DCR 11469 (December 30, 2011)

Authority: The Commissioner of the Department of Insurance, Securities and Banking (Department), pursuant to the authority set forth in Mayor's Order 2011-51, dated March 2, 2011, and section 539 b(i) of An Act To establish a code of law for the District of Columbia, approved March 3, 1901 (31 Stat. 1189; codified in scattered sections in the D.C. Official Code), as amended by the Saving D.C. Homes from Foreclosure Amendment Act of 2010, effective March 12, 2011 (D.C. Law 18-314; D.C. Official Code §§ 42-815, et seq. (2011 Supp.)), and further amended by the Saving D.C. Homes from Foreclosure Temporary Amendment Act of 2011, effective November 26, 2011 (D.C. Law 19-41; 58 DCR 8686) (Act) or any succeeding similar legislation.