Mississippi 2015 Legislation as of May 25, 2015 The 2015 Mississippi Legislature convened January 5, 2015 and adjourned April 2, 2015. Below is an end of the session update on bills of importance to the default servicing community. MS House Bill 405: This bill would amend current Mississippi Code Section 85-7-503 to clarify the definition of “commercial real estate” under the commercial real estate broker lien act. This bill was approved by the Governor and is effective immediately. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0405.xml Default Servicing Impact: None MS House Bill 711: Amends current Mississippi Code Sections 89-7-31, 89-7-41 and 89-8-13 to provide for the disposition of personal property of a tenant remaining on a landlord’s premises after the tenant has been removed from the premises. This bill was approved by the Governor and is effective July 1, 2015. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0711.xml Default Servicing Impact: MS House Bill 1244 and MS Senate Bill 2310: Creates the Mississippi Uniform Partnership Act and specifies the law and scope of a limited partnership agreement. MS HB 1244 died in committee but SB 2310 was passed and approved by the Governor. It will take effect July 1, 2015. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1244.xml http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2310.xml Default Servicing Impact: None Prepared By: Victor Kang www.rubinlublin.com 3740 Davinci Court Suite 150 Peachtree Corners GA 30092 770.246.3300 MS Senate Bill 2364: Amends Mississippi Code Section 85-7-433 to revise the notice of contest of lien form to clarify the time in which the notice is to be filed and to confirm the form to Section 85-7-423. This bill was approved by the Governor and is effective July 1, 2015. http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2364.xml Default Servicing Impact: None MS House Bill 153: This bill creates the Mississippi Uniform Statutory Rule Against Perpetuities. This bill was approved by the Governor and is effective July 1, 2015. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0153.xml Default Servicing Impact: Minimal. This may affect title curative issues. MS House Bill 106 and MS Senate Bill 2009: These bills provide an exemption from ad valorem taxes to the owner of manufactured home or mobile home who occupies the manufactured home or mobile home as his primary residence for at least five or two years, respectively. If passed, the law would be effective starting January 1, 2015. MS HB 106 and SB 2009 died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0106.xml http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2009.xml MS House Bill 159: This bill provides for a statutory order of abatement for shares of distributes of property of a deceased. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0159.xml MS House Bill 164: The purposes of this bill would be to increase the quantity of land that may be included in the homestead exemption for purposes of property that may be exempted from seizure or sale under execution or attachment. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0164.xml MS House Bill 182: This bill would revise the standard of care owned by property owners to guests and business invitees. This bill died in committee. Prepared By: Victor Kang www.rubinlublin.com 3740 Davinci Court Suite 150 Peachtree Corners GA 30092 770.246.3300 http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0182.xml MS House Bill 190: This bill would increase the homestead exemption for senior citizens over 70 years of age or older. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0190.xml MS House Bill 207: This bill requires powers of attorney for land conveyances in execution by an attorney to be recorded with the Clerk of the Chancery Court of the county in which the land is situated. The bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0207.xml MS House Bill 216, MS House Bill 1620, MS Senate Bill 2240, MS Senate Bill 2458: The bills would increase the homestead exemption for certain persons over the age of 65 or for those that are disabled. These bills died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0216.xml http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1620.xml http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2240.xml http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2458.xml MS House Bill 233 and MS House Bill 234: Both bills establish alternatives and pre-requisites to foreclosure, including giving the borrower the option to modify his loan as well as established pre-foreclosure meetings with the creditor prior to foreclosure publication. The bills also require an assignment of mortgage to be recorded prior to the foreclosure sale. Lastly, the bills provide for a statutory pre-foreclosure notice with specified information included be sent to the borrower 90 days prior to the first publication. If passed, the law would take effect July 1, 2015. These bills died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0233.xml http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0234.xml MS House Bill 492: This bill amends current Mississippi Code Sections 11-17-35 and 11-17-37 to, among other things; clarify the jurisdiction that may be exercised by state courts in certain title disputes. The act takes effect upon passage. This bill died on calendar. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0492.xml Prepared By: Victor Kang www.rubinlublin.com 3740 Davinci Court Suite 150 Peachtree Corners GA 30092 770.246.3300 MS House Bill 708: This bill requires powers of attorney to be recorded in the chancery court in which the principal resides as well as requires the State of Mississippi to make available copies of powers of attorney on an official website of the State. If passed the law would take effect July 1, 2015. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0708.xml MS House Bill 789: This bill creates the Mississippi Foreclosure Rescue Business Act which would regulate all foreclosure-related rescue services. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB0789.xml MS House Bill 1101: The purpose of this bill is to impose a professional privilege tax on certain professionals, including attorneys, who practice in the State of Mississippi but do not reside in the state. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1101.xml MS House Bill 1183: Regulates the formation and legal administration of Homeowner’s Associations. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1183.xml MS House Bill 1190 and MS Senate Bill 2757: Both bills create the Uniform Power of Attorney Act and would repeal and replace certain existing Mississippi Code Sections related to Powers of Attorney. Both bills died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1190.xml http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2757.xml MS House Bill 1209: This act provides a method to revive, reform, modify or correct protective covenants in subdivisions. The bill died in the committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1209.xml MS House Bill 1232: This bill requires each chancery court clerk to maintain a Will registry as well as authorizes residents to file a copy of his or her will with the Will registry. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1232.xml Prepared By: Victor Kang www.rubinlublin.com 3740 Davinci Court Suite 150 Peachtree Corners GA 30092 770.246.3300 MS House Bill 1375: Repeals current Mississippi’s law provided for adverse possession of land after 10 years. This bill died in the committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1375.xml MS House Bill 1619: This bill increases the homestead exemption for ad valorem taxes. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/HB/HB1619.xml MS Senate Bill 2700: This bill affects Mississippi law on eminent domain and would require disclosures of comparative appraisals to property owners whose property is taken by eminent domain. This bill died in the Senate Judiciary Committee. http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2700.xml MS Senate Bill 2707: This bill would create a procedure whereby a testator can seek a declaratory judgment finding that his or her Will submitted to the Court be found valid before his or her death. This bill died in the Senate Judiciary Committee. http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2707.xml MS Senate Bill 2742: This bill prohibits foreclosure of residential property unless the mortgagee or holder of the mortgagee gives the borrower 90 days written notice of the foreclosure sale. The bill requires the mortgagee to notify the Commissioner of Banking and Consumer Finance of the date of the foreclosure sale, purchase price of the property, and to provide a copy of the notice of sale. The Commissioner will then be required to maintain a database of certain foreclosure related activity information. This bill died in committee. http://billstatus.ls.state.ms.us/2015/pdf/history/SB/SB2742.xml Prepared By: Victor Kang www.rubinlublin.com 3740 Davinci Court Suite 150 Peachtree Corners GA 30092 770.246.3300
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