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MS HB807
Bill
Status
3/15/2019
Primary Sponsor
Jason White
Click for details
AI Summary
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Extends the repeal date of Section 29-1-75 from July 1, 2019 to July 1, 2022, maintaining restrictions on corporate and nonresident alien purchases of public lands.
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Banking corporations may continue to purchase tax-forfeited lands they previously held mortgages on, with lands held for the mortgagor's benefit until debt is satisfied.
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Nonbanking corporations may purchase tax-forfeited lands subject to acreage limitations under Section 29-1-73.
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Nonresident aliens may acquire up to 320 acres for industrial development and up to 5 acres for residential purposes, with industrial land reverting to the state if use changes.
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Takes effect July 1, 2019.
Legislative Description
Public lands; extend repealer on statute prohibiting corporations and nonresident aliens from purchasing.
Last Action
Approved by Governor
3/15/2019