§ 6-1-1102 — Legislative declaration

The general assembly hereby finds,
determines, and declares that home ownership and the accumulation of equity in
one's home provide significant social and economic benefits to the state and its
citizens. Unfortunately, too many home owners in financial distress, especially the
poor, elderly, and financially unsophisticated, are vulnerable to a variety of
deceptive or unconscionable business practices designed to dispossess them or
otherwise strip the equity from their homes. There is a compelling need to curtail
and to prevent the most deceptive and unconscionable of these business practices,
to provide each home owner with information necessary to make an informed and
intelligent decision regarding transactions with certain foreclosure consultants and
equity purchasers, to provide certain minimum requirements for contracts between
such parties, including statutory rights to cancel such contracts, and to ensure and
foster fair dealing in the sale and purchase of homes in foreclosure. Therefore, it is
the intent of the general assembly that all violations of this part 11 have a
significant public impact and that the terms of this part 11 be liberally construed to
achieve these purposes.

Legislative History

Source: L. 2006: Entire part added, p. 1330, � 1, effective May 30.