Financing of manufactured homes; creditors’ remedies; retail installment contract disclosure
9 V.S.A. § 2603
in effect2603. Financing of manufactured homes; creditors’ remedies; retail installment contract disclosure
(a) Except as provided in subsection (b) of this section, a manufactured home may be financed under chapter 59 of this title, or under subdivision 41a(b)(4) of this title.
(b) A manufactured home that is or is intended to be permanently sited for continuous residential occupancy by the owner on land that is:
(1) Owned by the owner of the manufactured home shall be financed as residential real estate.
(2) Leased by the owner of the manufactured home may be financed as residential real estate.
(c) The holder of a retail installment contract, promissory note, or other evidence of indebtedness, secured by collateral consisting of a manufactured home, shall not have the prejudgment remedies provided in 9A V.S.A. § 9—609, 12 V.S.A. § 5331, V.R.C.P. 64 or V.R.C.P. 4.1, except where V.R.C.P. 64(b)(3) or V.R.C.P. 4.1(b)(3) applies, with respect to the manufactured home. The holder of the retail installment contract may proceed in Superior Court by action to take possession of the manufactured home under 9A V.S.A. § 9—609. An action to take possession of a manufactured home shall be heard by the Superior Court within 90 days of filing of the action.
(d) A manufactured home that is permanently sited in a manner intended for continuous residential occupancy by the owner, on land owned or leased by its owner, shall be considered a homestead under 27 V.S.A. chapter 3.
(e) At the time a motor vehicle retail installment sales contract for purchase of a manufactured home is taken, a retail seller shall provide to the potential buyer written disclosure in a form approved by the Commissioner of Financial Regulation. The disclosure shall clearly state that other financing options may be available for the purchase of the manufactured home, including financing offered by the Vermont Housing Finance Agency, lenders licensed pursuant to 8 V.S.A. chapter 73, a financial institution as described in 8 V.S.A. § 11101(32), or a credit union. Any person who fails to comply with this subsection may be fined by the Commissioner no more than $1,000.00 for each occurrence.
Added 1971, No. 103; amended 1975, No. 215 (Adj. Sess.), § 1, eff. April 1, 1976; 1979, No. 173 (Adj. Sess.), § 24, eff. April 30, 1980; 2003, No. 104 (Adj. Sess.), § 6; 2007, No. 176 (Adj. Sess.), § 39.
Source: Vermont General Assembly (legislature.vermont.gov)URL: https://legislature.vermont.gov/statutes/section/09/072/02603Fetched: 10/21/2026