Mississippi Legislature

1999 Regular Session

Senate Bill 2886

[Introduced] [Passed Senate] [Sent to Governor]

Instructions Bill Status Menu




History of Actions

Amendments

Background

Title

Description: Motor vehicle retail installment contracts; require disclosure of negative equity.

History of Actions:

101/18/99(S)Referred To Business and Financial Institutions
201/28/99(S)Title Suff Do Pass
302/08/99(S)Passed
402/09/99(S)Transmitted To House
502/10/99(H)Referred To Banks and Banking
602/22/99(H)Title Suff Do Pass As Amended
703/03/99(H)Amended
803/03/99(H)Passed As Amended
903/04/99(H)Returned For Concurrence
1003/11/99(S)Concurred in Amend From House
1103/16/99(S)Enrolled Bill Signed
1203/16/99(H)Enrolled Bill Signed
1303/19/99Approved by Governor

Amendments:

Adopted [H] Amendment No 1

Background Information:

Effective dateJuly 1, 1999
DispositionLaw
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
3/5ths vote requiredNo
Chapter number426

Senate Committee:

House Committee:

Principal Author: Woodfield

Code Sections: A 063-0019-0031, A 075-0017-0001

Title: AN ACT TO AMEND SECTION 63-19-31, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT A MOTOR VEHICLE RETAIL INSTALLMENT CONTRACT SHALL INCLUDE THE AMOUNT, IF ANY, ACTUALLY PAID OR TO BE PAID BY THE SELLER PURSUANT TO AN AGREEMENT WITH THE BUYER TO DISCHARGE A SECURITY INTEREST, LIEN OR LEASE INTEREST ON PROPERTY TRADED IN; TO AMEND SECTION 75-17-1, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT NEGATIVE EQUITY MAY BE CAPITALIZED IN A MOTOR VEHICLE LEASE IF THE FINANCE CHARGE RATE ASSOCIATED WITH THE LEASE CONTRACT DOES NOT EXCEED THE LIMITATIONS FOR MOTOR VEHICLE PURCHASES; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 03/19/99 at 00:00.



End Of Document

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