MS HB1273

Expands the definition of "rental-purchase agreement" to include agreements for the conveyance of real property where a consumer makes regular rental payments and gains ownership upon full payment.

Requires lessors to record rental-purchase agreements for real property conveyances in the county land records where the property is located, though unrecorded agreements remain valid if both parties comply.

Permits consumers who fail to make timely rental payments to reinstate a real property rental-purchase agreement by paying all amounts due within 15 business days of the missed payment without losing any rights or options.

Limits consumers to three reinstatements during the agreement term; after the fourth late payment, lessors may exercise all available remedies under the chapter and agreement.

Takes effect July 1, 2025.