1. 1. Bad faith avoidance A person may not in bad faith attempt to avoid the application of this chapter including engaging in subterfuge or designing or structuring a transaction with the purpose of evading the provisions of this chapter.

   [PL 2021, c. 350, §3 (NEW).]

2. 2. Survival of foreclosure A land installment contract may not require a purchaser to enter into a promissory note or any other financial instrument or obligation that survives the foreclosure of the purchaser's interest in the real estate, or enforce any such obligation, unless:

   1. A. The term of the promissory note does not exceed the term of the land installment contract;

      [PL 2021, c. 350, §3 (NEW).]

   2. B. Payments of principal made during the term of the promissory note are credited to reduce the principal due on the note; and

      [PL 2021, c. 350, §3 (NEW).]

   3. C. After obtaining a judgment for foreclosure and the expiration of the period of redemption set forth in Title 14, section 6203‑F, the vendor conducts a sale in the same manner as required for a mortgagee in Title 14, section 6323 and complies with the provisions of Title 14, section 6324 except with the equity of redemption being 60 days.

      [PL 2021, c. 350, §3 (NEW).]

   [PL 2021, c. 350, §3 (NEW).]

PL 2021, c. 350, §3 (NEW).