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MS HB1233
Bill
Status
3/20/2013
Primary Sponsor
Greg Snowden
Click for details
AI Summary
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Amends Mississippi's S.A.F.E. Mortgage Act exemption for individuals who owner-finance up to 10 residential mortgage loans per year (or 20% of total residential units sold, whichever is greater)
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Adds protection clarifying that if a seller violates this owner-financing exemption limit, the violation does not affect the purchaser/borrower's title to the property
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Ensures that violations of the owner-financing exemption also do not void the purchaser/borrower's obligations under the mortgage loan terms
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Maintains existing exemptions from the S.A.F.E. Mortgage Act for registered mortgage loan originators, family member transactions, licensed attorneys, depository institutions, certain nonprofits, and government agency employees
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Effective date: July 1, 2013
Legislative Description
S.A.F.E. Mortgage Act; violation of limitation on owner financing of residential mortgage loans will not affect title.
Last Action
Approved by Governor
3/20/2013