MS SB2016

Reenacts sections 85-7-501 through 85-7-527 of the Mississippi Code creating the "Commercial Real Estate Broker Lien Act," which allows licensed real estate brokers to place liens on commercial real estate for unpaid compensation.

Defines "commercial real estate" to include property used for sales, office, research, warehouse, manufacturing, industrial, or multifamily residential purposes (5+ units), excluding oil, gas, and mineral leases.

Requires brokers to file a timely notice of lien with the chancery clerk before property conveyance, containing the lien claimant's name, owner's name, property description, amount claimed, and grounds for the lien.

Establishes that brokers must serve notice on property owners by certified mail or per Mississippi Rules of Civil Procedure and must file suit to enforce the lien within one year of filing the notice or the lien is extinguished.

Extends the repeal date of the Commercial Real Estate Broker Lien Act from July 1, 2017 to July 1, 2021.