Foreclosure purchasers; unfair conduct; prohibited representations and acts

Sec. 5. A foreclosure purchaser may not: (1) enter into repurchase or lease terms as part of the foreclosure reconveyance that are unfair or commercially unreasonable or engage in any other unfair conduct; (2) represent, directly or indirectly, that the: (A) foreclosure purchaser is acting: (i) as an adviser or a consultant; or (ii) in any other manner on behalf of the homeowner; (B) foreclosure purchaser is assisting the homeowner to save the residence; or (C) foreclosure purchaser is assisting the homeowner in preventing a foreclosure if the result of the transaction is that the homeowner will not complete a redemption of the property; or (3) until the homeowner's right to rescind or cancel the foreclosure reconveyance agreement has expired: (A) record any document, including an instrument or conveyance, signed by the homeowner; or (B) transfer to a third party or encumber, or purport to transfer to a third party or encumber, any interest in the residential real property in foreclosure. [Pre-2026 Revision Citation: 24-5.5-5-5.] As added by P.L.115-2026, SEC.97.