Mississippi Legislature

1999 Regular Session

House Bill 230

[Introduced]

Instructions Bill Status Menu




History of Actions

Background

Title

Description: Banks and financial institutions; allow borrower to select attorney to handle loan closing.

History of Actions:

101/05/99(H)Referred To Banks and Banking
202/02/99(H)Died In Committee

Background Information:

Effective dateJuly 1, 1999
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo

House Committee:

Principal Author: Perkins

Code Sections: A 081-0012-0165, A 081-0014-0307

Title: AN ACT TO REQUIRE BANKS TO ADVISE BORROWERS IN WRITING OF THEIR RIGHT TO SELECT AN ATTORNEY OF THEIR CHOICE TO CLOSE LOANS AND LOOK AFTER THE BORROWER'S INTERESTS IN CONNECTION WITH A LOAN; TO PROVIDE THAT A BORROWER SHALL NOT BE REQUIRED TO PAY AN ATTORNEY'S FEE TO ANY ATTORNEY OTHER THAN THE ATTORNEY SELECTED BY THE BORROWER; TO PROHIBIT BANKS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE BANK WHEN INFORMING A BORROWER OF HIS RIGHT TO SELECT AN ATTORNEY; TO PROHIBIT BANKS FROM DISCRIMINATING IN ANY FORM WHATSOEVER ON ANY LOAN CLOSED BY AN ATTORNEY SELECTED BY A BORROWER; TO PROVIDE PENALTIES FOR VIOLATIONS; TO AMEND SECTION 81-12-165, MISSISSIPPI CODE OF 1972, TO PROHIBIT SAVINGS ASSOCIATIONS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE SAVINGS ASSOCIATION WHEN INFORMING A BORROWER OF THE RIGHT TO SELECT AN ATTORNEY; TO AMEND SECTION 81-14-307, MISSISSIPPI CODE OF 1972, TO REQUIRE SAVINGS BANKS TO ADVISE BORROWERS IN WRITING OF THEIR RIGHT TO SELECT AN ATTORNEY OF THEIR CHOICE IN CONNECTION WITH A LOAN; TO PROHIBIT SAVINGS BANKS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE SAVINGS BANK WHEN INFORMING A BORROWER OF HIS RIGHT TO SELECT AN ATTORNEY; TO PROHIBIT SAVINGS BANKS FROM DISCRIMINATING IN ANY FORM WHATSOEVER ON ANY LOAN CLOSED BY AN ATTORNEY SELECTED BY A BORROWER; TO PROVIDE THAT A BORROWER SHALL NOT BE REQUIRED TO PAY AN ATTORNEY'S FEE TO ANY ATTORNEY OTHER THAN THE ATTORNEY SELECTED BY THE BORROWER; TO PROVIDE PENALTIES FOR VIOLATIONS; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 02/02/99 at 17:06.



End Of Document

1999\html\History/HB\HB0230.htm