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MS HB1285

Bill

Official Source

Status

Passed

3/11/2011

Primary Sponsor

Mark Formby

Click for details

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Amends Section 81-18-53 of the Mississippi S.A.F.E. Mortgage Act to add a new exemption for owner financing arrangements
  • Owner financing activities will only be regulated under the state mortgage licensing act to the extent required by U.S. Department of Housing and Urban Development guidelines, rules, regulations, or interpretive letters
  • Maintains existing provision that retail sellers of manufactured homes are similarly regulated only to the extent determined by HUD
  • Takes effect immediately upon passage

Legislative Description

S.A.F.E. Mortgage Act; applies to activities of owner financing only to extent as determined by U.S. Department of HUD.

Last Action

Approved by Governor

3/11/2011

Full Bill Text

No bill text available