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MS HB1127

Bill

Official Source

Status

Failed

2/3/2026

Primary Sponsor

Rodney Hall

Click for details

Origin

House of Representatives

2026 Regular Session

AI Summary

  • Expands Mississippi's Rental-Purchase Agreement Act to include real property (land and buildings) used as a consumer's residence, in addition to personal property
  • 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
  • Grants consumers a 15-business-day grace period after a missed payment to reinstate a rental-purchase agreement for real property by paying all amounts due, without losing any rights or options
  • Limits the reinstatement right to three occasions per agreement; after a fourth missed payment, the lessor may exercise all legal remedies
  • Takes effect July 1, 2026

Legislative Description

Rental-purchase agreements; establish certain rights and duties specific to agreements for a conveyance of real property.

Last Action

Died In Committee

2/3/2026

Committee Referrals

Judiciary A1/19/2026

Full Bill Text

No bill text available