MS HB75

Creates the Mississippi Foreclosure Rescue Business Act to regulate foreclosure-rescue consultants and equity purchasers, protecting homeowners vulnerable to fraud and deceptive practices in foreclosure situations.

Requires foreclosure-rescue consultants to execute written agreements in 12-point uppercase type with homeowners before providing services and prohibits collecting payment until all promised services are completed.

Grants homeowners a 3-business-day cancellation period for foreclosure-rescue service agreements and a 3-business-day cancellation right for foreclosure-rescue transactions, with all payments refunded within 10 business days if cancelled.

Mandates written foreclosure-rescue transaction agreements include property details, financial obligations, total consideration, payment terms, and possession transfer date; establishes a 30-day cure period for homeowners to remedy contract defaults up to 3 times.

Establishes a rebuttable presumption that foreclosure-rescue transactions with repurchase options are loans rather than sales; prohibits repurchase prices exceeding 17% annual return on the equity purchaser's total investment; violations subject to penalties up to $15,000 per violation.