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MS SB2730
Bill
AI Summary
- Amends Section 81-18-53 of the Mississippi Code to modify the application of the Mississippi S.A.F.E. Mortgage Act to owner financing activities
- Owner financing activities shall be subject to the S.A.F.E. Mortgage Act provisions only to the extent determined by the United States Department of Housing and Urban Development
- HUD's determination may be made through guidelines, rules, regulations, or interpretive letters
- Maintains existing exemptions in Section 81-18-5(b) and (c) while adding this new conditional exemption for owner financing
- Takes effect upon passage
Legislative Description
Mississippi S.A.F.E. Mortgage Act; applies to activities of owner financing only as determined by HUD.
Last Action
Died In Committee
3/1/2011
Full Bill Text
No bill text available