MS HB409

Increases the maximum annual cost of administering the Veterans' Home Purchase Law from 1% to 2% of mortgage loans in force.

Administrative expenses include personnel, travel, subsistence, contractual services, commodities, and equipment costs for board operations.

Excludes from administrative costs any expenditures reimbursed by applicants, veterans/owners, insurance companies, and funds passing through escrow.

Effective date is July 1, 2015.