MISSISSIPPI LEGISLATURE

1999 Regular Session

To: Banks and Banking

By: Representative Perkins

AN ACT TO PROHIBIT REAL ESTATE BROKERS AND SALESPERSONS AND BANKS AND BANK OFFICERS AND EMPLOYEES FROM REQUIRING THE USE OF SPECIFIC ATTORNEYS IN REAL PROPERTY TRANSACTIONS; TO PROVIDE A CRIMINAL PENALTY FOR VIOLATIONS OF THIS SECTION; AND FOR RELATED PURPOSES.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1. It shall be unlawful for any real estate broker or salesperson, or for any bank or any officer or employee of a bank, to require a person who is purchasing any real property or borrowing money to purchase any real property to use a specific attorney or to select an attorney from a list of attorneys provided by the broker, salesperson or bank to handle any legal matter in connection with the purchase of real property, the borrowing of money to purchase real property, or any other real property transaction. Any person violating this section shall be guilty of a misdemeanor and, upon conviction, shall be fined not more than One Thousand Dollars ($1,000.00).

SECTION 2. This act shall take effect and be in force from and after July 1, 1999.