Upon the foreclosure of a mortgage or lien of residential real property, any money or other valuable consideration offered by a mortgagee, lienholder or other successor in interest to a tenant in possession as an incentive to vacate the premises shall be at least equal in amount or value to the greater of (1) the security deposit and interest that would be due such tenant pursuant to chapter 831 upon the termination of the tenancy plus any such security deposit and interest, (2) two months' rent, or (3) two thousand dollars. No mortgagee, lienholder or other successor in interest may require a tenant in possession, as a condition of the receipt of such money or other valuable consideration, to waive or forfeit any rights or remedies such tenant may have under law against such mortgagee, lienholder or successor in interest other than the right to bring an action to reclaim the security deposit and interest that would be due such tenant.
(Nov. 24 Sp. Sess. P.A. 08-2, S. 7; P.A. 10-181, S. 3.)
History: Nov. 24 Sp. Sess. P.A. 08-2 effective November 25, 2008; P.A. 10-181 deleted provisions re evidence of amount or value of security deposit paid by tenant, provided that incentive be at least equal to the greater of the security deposit and interest, two months' rent or $2,000 and made technical changes.
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