MS SB2394

Amends Section 29-1-75 of Mississippi Code to allow nonbanking corporations to purchase lands sold or forfeited to the state for delinquent taxes, subject to acreage limitations in Section 29-1-73.

Permits banking corporations that own tax-forfeited lands or hold mortgages on them to purchase such lands regardless of acreage, with requirement to reconvey lands to original mortgagor upon debt payment.

Allows nonresident aliens to acquire up to 320 acres for industrial development and up to 5 acres for residential purposes, with industrial land escheating to the selling public body if no longer used for industrial purposes.

Takes effect July 1, 2014, and repeals on July 1, 2016, making this a temporary two-year authorization.