MS HB79

Creates the "Mississippi Foreclosure Rescue Business Act" to regulate foreclosure-rescue consultants and equity purchasers who deal with homeowners facing foreclosure or default.

Requires foreclosure-rescue consultants to provide written agreements at least one business day before signing, with 12-point uppercase type, and prohibits collecting payment before completing all services.

Grants homeowners a three-business-day cancellation right for rescue service agreements and a three-business-day cancellation right for foreclosure-rescue transactions with equity purchasers, with full refunds within ten business days of cancellation notice.

Requires written foreclosure-rescue transaction agreements to disclose the equity purchaser's identity, property details, total consideration, payment terms, and establishes a rebuttable presumption that transactions are unconscionable if repurchase prices exceed 17% per annum above the equity purchaser's acquisition and improvement costs.

Imposes penalties of up to $15,000 per violation under Mississippi's unfair and deceptive trade practice laws; effective July 1, 2013.