Mississippi Legislature
2006 Regular Session

House Bill 1053

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Bill Text

History of Actions

Background

Title

Description: Condominiums; require developer to pay certain amounts paid by buyer into an escrow account.

Bill Text: [Introduced]

History of Actions:

1 01/16 (H) Referred To Ways and Means
2 01/31 (H) Died In Committee

Background Information:

Effective dateJuly 1, 2006
DispositionDead
DeadlineGeneral Bill/Constitutional Amendment
RevenueNo
Vote type requiredMajority

House Committee:

Principal Author: Guice

Title: AN ACT TO CREATE NEW SECTION 89-9-39, MISSISSIPPI CODE OF 1972, TO REQUIRE CONDOMINIUM DEVELOPERS TO PAY CERTAIN AMOUNTS PAID BY BUYER INTO AN ESCROW ACCOUNT; TO PROVIDE CERTAIN REMEDIES FOR THE TERMINATION OR DEFAULT OF THE DEVELOPMENT CONTRACT; TO PROVIDE PENALTIES FOR FAILURE TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION; TO REQUIRE THE DEVELOPER TO ESTABLISH THE ESCROW ACCOUNT WITH A CERTAIN APPROVED ESCROW AGENT; TO CREATE NEW SECTION 89-9-41, MISSISSIPPI CODE OF 1972, TO REQUIRE DEVELOPERS TO PROVIDE WARRANTIES TO EXTEND FOR A CERTAIN PERIOD TO PURCHASERS UPON COMPLETION OF THE BUILDING CONTAINING THE CONDOMINIUM UNIT; AND FOR RELATED PURPOSES.


Information pertaining to this measure was last updated on 01/31/06 at 18:07.

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