MISSISSIPPI LEGISLATURE

2016 Regular Session

To: Finance

By: Senator(s) Parks

Senate Bill 2345

AN ACT TO CREATE NEW SECTION 89-1-68, MISSISSIPPI CODE OF 1972, TO SET FORTH DEFINITIONS AND PROCEDURES FOR CONVERTING A MANUFACTURED HOME TO REAL PROPERTY; TO SET FORTH DEFINITIONS AND PROCEDURES, INCLUDING A REQUIRED FORM, TO BE UTILIZED IF A MANUFACTURED HOME WHICH HAD BEEN CONVERTED TO REAL PROPERTY IS LATER PHYSICALLY SEVERED FROM THE LAND; TO AMEND TO AMEND SECTIONS 27-51-5, 27-53-1, 27-53-15, 63-21-11, 63-21-15, 63-21-16, 63-21-17, 63-21-19, 63-21-23, 63-21-25, 63-21-27, 63-21-29, 63-21-30, 63-21-31, 63-21-35, 63-21-37, 63-21-41, 63-21-43, 63-21-45, 63-21-49, 63-21-53, 63-21-55, 63-21-57, 63-21-59, 63-21-64, 75-17-1, 81-12-3, 81-12-159, 81-14-301, MISSISSIPPI CODE OF 1972, TO MAKE CONFORMING CHANGES TO THE CERTIFICATE OF TITLE STATUTE, REAL PROPERTY STATUTES AND AD VALOREM TAX STATUTE; TO MAKE CONFORMING CHANGES TO THE DEFINITIONS OF "MANUFACTURED HOME," "MOTOR VEHICLE," "RESIDENTIAL REAL PROPERTY," "REAL ESTATE LOAN" AND "REAL ESTATE"; AND FOR RELATED PURPOSES.

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

     SECTION 1.  Section 27-51-5, Mississippi Code of 1972, is amended as follows:

     27-51-5.  The subject words and terms of this section, for the purpose of this chapter, shall have meanings as follows:

          (a)  "Motor vehicle" means any device and attachments supported by one or more wheels which is propelled or drawn by any power other than muscular power over the highways, streets or alleys of this state.  The term "motor vehicle" shall not include electric personal assistive mobility devices as defined in Section 63-3-103.  However, mobile homes or manufactured homes as defined in Section 75-9-102 which are detached from any self-propelled vehicles and parked on land in the state are hereby expressly exempt from the motor vehicle ad valorem taxes, but house trailers which are actually in transit and which are not parked for more than an overnight stop are not exempted.

          (b)  "Public highway" means and includes every way or place of whatever nature, including public roads, streets and alleys of this state generally open to the use of the public or to be opened or reopened to the use of the public for the purpose of vehicular travel, notwithstanding that the same may be temporarily closed for the purpose of construction, reconstruction, maintenance, or repair.

          (c)  "Administrator of the road and bridge privilege tax law" means the official authorized by law to administer the road and bridge privilege tax law of this state.

     SECTION 2.  Section 27-53-1, Mississippi Code of 1972, is amended as follows:

     27-53-1.  For the purposes of this chapter:

          (a)  "Manufactured home or manufactured housing" means * * * any structure transportable in one or more sections, which, in the traveling mode, is eight (8) body feet or more in width or forty (40) body feet or more in length or, when erected on site, is three hundred twenty (320) or more square feet and which is built on a permanent chassis and designed and constructed so as to be suitable for use for domestic, commercial or industrial purposes with or without a permanent foundation that complies with the standards established under the National Manufactured Housing Construction and Safety Standards Act of 1974, 42 USCS, Section 5401, when such trailer is detached from a motor vehicle and parked on real estate as opposed to being towed by a self‑propelled vehicle on the highways of this state.  This definition includes all such structures which are parked even for a period of only a few months and excludes only those actually in transit on the highways or parked for no more than an overnight stop. a manufactured home as defined in Section 75-9-102.

          (b)  "Mobile home" means any structure, transportable in one or more sections, which in the traveling mode, is eight (8) body feet or more in width or forty (40) body feet or more in length or, when erected on site, is three hundred twenty (320) or more square feet and which is built on a permanent chassis and designed and constructed so as to be suitable for use for domestic, commercial or industrial purposes, with or without a permanent foundation and manufactured prior to June 15, 1976, when such structure is detached from a motor vehicle and parked on real estate as opposed to being towed by a self-propelled vehicle on the highways of this state.  This definition includes all such structures which are parked even for a period of only a few months and excludes only those actually in transit on the highways or parked for no more than an overnight stop.

          (c)  "In transit home" means any such manufactured home or mobile home or similar structure or vehicle which is not parked but which is being moved from place to place over the highways and streets of the state by being supported by two (2) or more wheels by motive power not its own and which vehicle is taxed under the provisions of the motor vehicle ad valorem tax law.  This definition is limited to those vehicles which are actually in transit and excludes any vehicles which are parked for more than an overnight stop.

          (d)  "Person" means any natural person, agency, firm, corporation, copartnership, joint stock, or other association or organization.

          (e)  "Manufactured home roll" means the special separate assessment roll in which all manufactured and mobile home assessments shall be kept unless and until such manufactured and mobile home shall become an improvement on real estate and placed on the land rolls.

     SECTION 3.  Section 27-53-15, Mississippi Code of 1972, is amended as follows:

     27-53-15.  The * * * manufactured homeowner or mobile homeowner who owns the land on which the * * * manufactured home or mobile home is located shall have the option at the time of registration of declaring whether the * * * manufactured home or mobile home shall be classified as personal or real property for purposes of ad valorem taxationA manufactured home which is real property as defined in Section 89-1-68(7) shall be classified as real property for purposes of ad valorem taxation.  If * * * the manufactured home or a mobile home is to be classified as real property for the purposes of ad valorem taxation, then the wheels and axles must be removed and it must be anchored and blocked in accordance with the rules and procedures promulgated by the Commissioner of Insurance of the State of Mississippi.  After the wheels and axles have been removed and the * * * manufactured home or mobile home has been anchored and blocked in accordance with such rules and procedures, the * * * manufactured home or mobile home shall be considered to have been affixed to a permanent foundation.  With respect to a manufactured home, upon the satisfaction of the requirements of Section 89-1-68(6), the county tax assessor shall * * * then enter the manufactured home * * * or mobile home on the land rolls and tax it as real property on the land on which it is located from the date of registration.  Upon the affixation of a mobile home to a permanent foundation, the county tax assessor shall enter the mobile home on the land rolls and tax it as real property on the land on which it is located from the date of registration.  At such time, the county tax assessor shall issue a certificate certifying that the manufactured home or mobile home has been classified as real property for purposes of ad valorem taxation.  Such certificate shall contain the name of the owner of the manufactured home or mobile home, the name of the manufacturer, the model, the serial number and the legal description of the real property on which the manufactured home or mobile home is located.  The county tax assessor shall cause such certificate to be filed in the land records of the county in which the property is situated.  After filing, the chancery clerk shall forward the certificate to the owner.  For issuance of the certificate, a fee of Twelve Dollars ($12.00) shall be collected by the county tax assessor, Ten Dollars ($10.00) of which shall be retained by the assessor and Two Dollars ($2.00) of which shall be forwarded to the chancery clerk for filing the certificate.  Upon the filing of the certificate in the land records, the manufactured home or mobile home shall then be considered real property for purposes of ad valorem taxation.  The filing of such a certificate shall not affect the validity or priority of any existing perfected lien.  If a * * * manufactured home or mobile home is classified as real property and no certificate of title was required to be issued or issued for such property pursuant to Chapter 21, Title 63, Mississippi Code of 1972, a security interest may be obtained therein through the use of a mortgage or deed of trust describing both the * * * manufactured home or mobile home and the land on which the * * * manufactured home or mobile home is located.  For a manufactured home or mobile home classified as personal property for which no certificate of title was required to be issued or issued pursuant to the provisions of Chapter 21, Title 63, Mississippi Code of 1972, the perfection of a security interest therein shall be governed by the provisions of Chapter 9, Title 75, Mississippi Code of 1972.  Regardless of whether a * * * manufactured home or mobile home for which a certificate of title was required to be issued or issued pursuant to the provisions of Chapter 21, Title 63, Mississippi Code of 1972, is classified as real property or is classified as personal property, the perfection of a security interest therein shall be governed by the provisions of Chapter 21, Title 63, Mississippi Code of 1972.  A * * * manufactured home or mobile home that has been classified as personal property may be reclassified as real property at the option of its owner if the owner obtains a certification from the tax assessor as provided in this section.  Conversely, a * * * manufactured home or mobile home that has been classified as real property may be reclassified for purposes of ad valorem taxation as personal property at the option of its owner if there is no lien against it and if the owner notifies the county tax assessor to reassess it and have the county tax collector enter it upon the manufactured home rolls.  Upon a request for reclassification, if no certificate of title was required to be issued or issued for the * * * manufactured home or mobile home, there must be no lien against it and the property owner shall present proof satisfactory to the tax assessor that there are no liens outstanding on the property.  If there is a lien against the * * * manufactured home or mobile home, the county tax assessor shall refuse to allow the county tax collector to reclassify it as personal property until the lien has been released.  If a certificate of title as provided in Chapter 21, Title 63, Mississippi Code of 1972, has been issued, the * * * manufactured home or mobile home may be reclassified for ad valorem taxation purposes regardless of whether a lien exists on the certificate of title.  Upon such request, the tax assessor may issue a certificate cancelling the classification of the * * * manufactured home or mobile home as real property and cause such certification to be filed in the land records of the county in which the property is situated.  A manufactured home with respect to which the requirements of Section 89-1-68(10) have been satisfied shall be reclassified for purposes of ad valorem taxation as personal property.  Upon such satisfaction, the tax assessor shall issue a certificate cancelling the classification of the manufactured home as real property and cause such certification to be filed in the land records of the county in which the property is situated.  For issuance of the certificate, a fee of Twelve Dollars ($12.00) shall be collected by the county tax assessor, Ten Dollars ($10.00) of which shall be retained by the assessor and Two Dollars ($2.00) of which shall be forwarded to the chancery clerk for filing the certificate.

     SECTION 4.  Section 63-21-11, Mississippi Code of 1972, is amended as follows:

     63-21-11.  (1)  No certificate of title need be obtained for:

          (a)  A vehicle, manufactured home or mobile home owned by the United States or any agency thereof;

          (b)  A vehicle, manufactured home or mobile home owned by a manufacturer or dealer and held for sale, even though incidentally moved on the highway or used for purposes of testing or demonstration, or a vehicle used by a manufacturer solely for testing;

          (c)  A vehicle, manufactured home or mobile home owned by a nonresident of this state and not required by law to be registered in this state;

          (d)  A vehicle regularly engaged in the interstate transportation of persons or property for which a currently effective certificate of title has been issued in another state;

          (e)  A vehicle moved solely by animal power;

          (f)  An implement of husbandry;

          (g)  Special mobile equipment;

          (h)  A pole trailer;

          (i)  Utility trailers of less than five thousand (5,000) pounds gross vehicle weight * * *.;

          (j)  A manufactured home with respect to which the requirements of Section 63-21-30(1), (2) and (3), as applicable, have been satisfied unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     (2)  Nothing in this section shall prohibit the issuance of a certificate of title to the nonresident owner of an all-terrain vehicle that is purchased in this state.

     SECTION 5.  Section 63-21-15, Mississippi Code of 1972, is amended as follows:

     63-21-15.  (1)  The application for the certificate of title of a vehicle, manufactured home or mobile home in this state shall be made by the owner to a designated agent, on the form the * * * State Tax Commission Department of Revenue prescribes, and shall contain or be accompanied by the following, if applicable:

          (a)  The name, driver's license number, if the owner has been issued a driver's license, current residence and mailing address of the owner;

          (b)  (i)  If a vehicle, a description of the vehicle, including the following data:  year, make, model, vehicle identification number, type of body, the number of cylinders, odometer reading at the time of application, and whether new or used; and

              (ii)  If a manufactured home or mobile home, a description of the manufactured home or mobile home, including the following data:  year, make, model number, serial number and whether new or used;

          (c)  The date of purchase by applicant, the name and address of the person from whom the vehicle, manufactured home or mobile home was acquired, and the names and addresses of any lienholders in the order of their priority and the dates of their security agreements;

          (d)  In connection with the transfer of ownership of a manufactured home or mobile home sold by a sheriff's bill of sale, a copy of the sheriff's bill of sale;

          (e)  (i)  An odometer disclosure statement made by the transferor of a motor vehicle.  The statement shall read:

     "Federal and state law requires that you state the mileage in connection with the transfer of ownership.  Failure to complete or providing a false statement may result in fine and/or imprisonment.

     I state that the odometer now reads __________ (no tenths) miles and to the best of my knowledge that it reflects the actual mileage of the vehicle described herein, unless one (1) of the following statements is checked:

     _____ (1)  I hereby certify that to the best of my knowledge the odometer reading reflects the amount of mileage in excess of its mechanical limits.

     _____ (2)  I hereby certify that the odometer reading is not the actual mileage.  WARNING-ODOMETER DISCREPANCY!"

              (ii)  In connection with the transfer of ownership of a motor vehicle, each transferor shall disclose the mileage to the transferee in writing on the title or on the document being used to reassign the title, which form shall be prescribed and furnished by the * * * State Tax Commission Department of Revenue.  This written disclosure must be signed by the transferor and transferee, including the printed name of both parties.

     Notwithstanding the requirements above, the following exemptions as to odometer disclosure shall be in effect:

                   1.  A vehicle having a gross vehicle weight rating of more than sixteen thousand (16,000) pounds.

                   2.  A vehicle that is not self-propelled.

                   3.  A vehicle that is ten (10) years old or older.

                   4.  A vehicle sold directly by the manufacturer to any agency of the United States in conformity with contractual specifications.

                   5.  A transferor of a new vehicle prior to its first transfer for purposes other than resale need not disclose the vehicle's odometer mileage.

              (iii)  Any person who knowingly gives a false statement concerning the odometer reading on an odometer disclosure statement shall be guilty of a misdemeanor and, upon conviction, shall be subject to a fine of up to One Thousand Dollars ($1,000.00) or imprisonment of up to one (1) year, or both, at the discretion of the court.  These penalties shall be cumulative, supplemental and in addition to the penalties provided by any other law; and

          (f)  For previously used manufactured homes and mobile homes that previously have not been titled in this state or any other state, a disclosure statement shall be made by the owner of the manufactured home or mobile home applying for the certificate of title.  That statement shall read:

     "I state that the previously used manufactured home or mobile home owned by me for which I am applying for a certificate of title, to the best of my knowledge:

          _____ (1)  Has never been declared a total loss due to flood damage, fire damage, wind damage or other damage; or

          _____ (2)  Has previously been declared a total loss due to:

              _____ (a)  Collision;

              _____ (b)  Flood;

              _____ (c)  Fire;

              _____ (d)  Wind;

              _____ (e)  Other (please describe): _______________

________________________________________________________________."

     (2)  The application shall be accompanied by such evidence as the * * * State Tax Commission Department of Revenue reasonably requires to identify the vehicle, manufactured home or mobile home and to enable the * * * State Tax Commission Department of Revenue to determine whether the owner is entitled to a certificate of title and the existence or nonexistence of security interests in the vehicle, manufactured home or mobile home and whether the applicant is liable for a use tax as provided by Sections 27-67-1 through 27-67-33.

     (3)  If the application is for a vehicle, manufactured home or mobile home purchased from a dealer, it shall contain the name and address of any lienholder holding a security interest created or reserved at the time of the sale and the date of his security agreement and it shall be signed by the dealer as well as the owner.  The designated agent shall promptly mail or deliver the application to the * * * State Tax Commission Department of Revenue.

     (4)  If the application is for a new vehicle, manufactured home or mobile home, it shall contain the certified manufacturer's statement of origin showing proper assignments to the applicant and a copy of each security interest document.  The holder of a manufacturer's statement of origin to a manufactured home may deliver it to any person to facilitate conveying or encumbering the manufactured home.  Any person receiving such manufacturer's statement of origin so delivered holds it in trust for the person delivering it.

     (5)  Each application shall contain or be accompanied by the certificate of a designated agent that the vehicle, manufactured home or mobile home has been physically inspected by him and that the vehicle identification number and descriptive data shown on the application, pursuant to the requirements of subsection (1)(b) of this section, are correct, and also that he has identified the person signing the application and witnessed the signature.  If the application is to receive a clear title or a branded title for a vehicle for which a salvage certificate of title has been issued, the application shall be accompanied by a sworn affidavit that the vehicle complies with the requirements of this section, Section 63-21-39 and the regulations promulgated by the * * * State Tax Commission Department of Revenue under Section 63-21-39.

     (6)  If the application is for a first certificate of title on a vehicle, manufactured home or mobile home other than a new vehicle, manufactured home or mobile home, then the application shall conform with the requirements of this section except that in lieu of the manufacturer's statement of origin, the application shall be accompanied by a copy of the bill of sale of said motor vehicle, manufactured home or mobile home whereby the applicant claims title or in lieu thereof, in the case of a motor vehicle, certified copies of the last two (2) years' tag and tax receipts or in lieu thereof, in any case, such other information the * * * State Tax Commission Department of Revenue may reasonably require to identify the vehicle, manufactured home or mobile home and to enable the * * * State Tax Commission Department of Revenue to determine ownership of the vehicle, manufactured home or mobile home and the existence or nonexistence of security interest in it.  If the application is for a vehicle, manufactured home or mobile home last previously registered in another state or country, the application shall also be accompanied by the certificate of title issued by the other state or country, if any, properly assigned.

     (7)  Every designated agent within this state shall, no later than the next business day after they are received by him, forward to the * * * State Tax Commission Department of Revenue by mail, postage prepaid, the originals of all applications received by him, together with such evidence of title as may have been delivered to him by the applicants.

     (8)  An application for certificate of title and information to be placed on an application for certificate of title may be transferred electronically as provided in Section 63-21-16.

     (9)  The * * * State Tax Commission Department of Revenue shall issue a certificate of title or any other document applied for under this chapter to the designated agent, owner or lienholder of the motor vehicle or of the manufactured home or mobile home, as appropriate, not more than thirty (30) days after the application and required fee prescribed under Section 63-21-63 or Section 63-21-64 are received unless the applicant requests expedited processing under subsection (10) of this section.

     (10)  (a)  The * * * State Tax Commission Department of Revenue shall establish an expedited processing procedure for the receipt of applications and the issuance of certificates of title and any other documents issued under this chapter, except a replacement certificate of title as provided under Section 63-21-27(2), for motor vehicles and for manufactured homes or mobile homes.  Any designated agent, lienholder or owner requesting the issuance of any such document,  at his or her option, shall receive such expedited processing upon payment of a fee in the amount of Thirty Dollars ($30.00).  Such fee shall be in addition to the fees applicable to the issuance of any such documents under Section 63-21-63 and Section 63-21-64.

          (b)  When expedited title processing is requested, the applicable fees are paid and all documents and information necessary for the * * * Tax Commission Department of Revenue to issue the certificate of title or other documents applied for are received by the * * * commission department, then the * * * commission department shall complete processing of the application and issue the title or document applied for within seventy-two (72) hours of the time of receipt, excluding weekends and holidays.

     SECTION 6.  Section 63-21-16, Mississippi Code of 1972, is amended as follows:

     63-21-16.  (1)  All designated agents appointed by the * * * State Tax Commission Department of Revenue under Section 63-21-13, Mississippi Code of 1972, may electronically transmit to the * * * State Tax Commission Department of Revenue information entered by them on applications for a certificate of title given in connection with the sale or transfer of a motor vehicle, manufactured home or mobile home or a loan for which the owner's motor vehicle, manufactured home or mobile home is pledged to that institution as collateral for the loan.  The format and the data required to be transmitted shall be established by the * * * State Tax Commission Department of Revenue.  Transmission of data shall meet minimum criteria and edits established by the * * * State Tax Commission Department of Revenue equal to any edit presently existing in the statewide title registration system, or as may be established, to which the county tax collectors shall also conform.  All data transmitted must successfully pass edits established by the * * * State Tax Commission Department of Revenue, including lienholder name, mailing address and lienholder account number assigned to a lienholder by the * * * State Tax Commission Department of Revenue to identify the lienholder, for the purpose of causing the data to appear in the certificate of title for which the application is made.

     (2)  It shall be the responsibility of the designated agent to verify all data before it is electronically transmitted.  It shall also be the responsibility of the designated agent to ensure that the required certification of designated agent and the certification of statement of facts that are contained on the application for certificate of title appear above the signatures of both the owner and the authorized representative of the designated agent.  Data which cannot be transmitted because of error shall be corrected by the designated agent when the statewide title registration system indicates that the data is erroneous or is not valid for the purposes of titling the motor vehicle, manufactured home or mobile home or for transfer of the data.

     (3)  When an institution has agreed to loan money for the purchase of a motor vehicle, manufactured home or mobile home, the institution shall complete an application for certificate of title or require the borrower to provide to the institution the copy of the application for certificate of title contained in the application packet which is designated "Lienholder's Copy" according to provisions of the Motor Vehicle and Manufactured Housing Title Law, which the owner will receive from the county tax collector or any designated agent upon completion of the application for title and registration process.

     (4)  An application for certificate of title originating from a designated agent shall be entered on the statewide title registration system by the originating lending institution when the transaction is for the purpose of perfecting the institution's interest in a vehicle, manufactured home or mobile home currently owned or purchased by the applicant, in connection with application for certificate of title or the purchase of a license tag or both.

     (5)  When an institution in this state adds a second lien on a certificate of title in possession of a first lienholder institution in this state, the second lienholder institution seeking to be shown on the certificate of title shall:

          (a)  Prepare the application for certificate of title in accordance with the requirements of Sections 63-21-15 and 63-21-45(c);

          (b)  Obtain all required signatures; and

          (c)  Forward the completed application for certificate of title to the first lienholder together with any necessary remittance advice, a check for the title fee payable to the * * * State Tax Commission Department of Revenue and a cover letter to the first lienholder requesting that the first lienholder attach the certificate of title to the required documents sent by the second lienholder and then forward the application, certificate of title and required documents to the * * * State Tax Commission Department of Revenue.

     (6)  Upon receipt of the application for certificate of title from the second lienholder institution to record the second lien, the first lienholder institution shall compare the data contained in the application for certificate of title to the information contained in the original certificate of title.  If the first lienholder institution is satisfied as to the ownership, accuracy and order of priority of liens as shown in the application, it shall enter the data contained on the application for certificate of title prepared by the second lienholder on the statewide title registration system, including the designated agent number of the second lienholder.  After entering the data from the application for certificate of title, the first lienholder institution shall immediately forward the application for certificate of title with the certificate of title attached to the application, the remittance advice and the second lienholder's check for the title fee to the * * * State Tax Commission Department of Revenue within three (3) working days.

     (7)  In an assignment of lien pursuant to Section 63-21-47, the assignee shall receive the notice of assignment along with the current title attached and with the assignors interest open.  The assignee lienholder shall prepare an application for certificate of title according to the notice of assignment, showing the assignee institution as the lienholder, and then shall electronically transmit the data to the * * * State Tax Commission Department of Revenue.  The completed application shall be forwarded to the * * * State Tax Commission Department of Revenue within three (3) working days.

     (8)  The * * * State Tax Commission Department of Revenue, upon receipt of applications for certificate of title, shall verify the data by accessing it on the statewide title registration system by the title application control number appearing on the application for title.  After receiving verification that is satisfactory to the * * * State Tax Commission Department of Revenue that the data necessary for the issuance of a new certificate of title exists, the * * * State Tax Commission Department of Revenue shall issue a new certificate of title that records the interests of all the parties named in the application for certificate of title.

     (9)  Designated agents shall be connected to the statewide title registration system for the purpose of electronic transfer of applications for certificate of title data in the order of priority established by the * * * State Tax Commission Department of Revenue.

     (10)  If a participating designated agent fails to comply with the provisions of this section or the rules adopted by the * * * State Tax Commission Department of Revenue to implement this section, the * * * State Tax Commission Department of Revenue may impose a penalty of Twenty-five Dollars ($25.00) for each instance of noncompliance.  Any penalty imposed under this section not paid within thirty (30) days after a notice is given shall be subject to collection from the bond of the designated agent that is required to be provided under the provisions of Section 63-21-13(3).  The penalty provided shall also be assessable, due and collectible from any licensed motor vehicle dealer or manufactured home or mobile home dealer for failure to accept an application for certificate of title for each and every vehicle, manufactured home or mobile home he sells to a consumer.  These penalties shall be cumulative, supplemental and in addition to the penalties provided by any other law.

     (11)  This section shall apply to all designated agents appointed by the * * * State Tax Commission Department of Revenue under Section 63-21-13, that choose to electronically transmit information on applications for certificates of title to the * * * State Tax Commission Department of Revenue.  This section shall not apply to other designated agents.

     (12)  Notwithstanding the foregoing, the Department of Revenue shall not issue a certificate of title to a manufactured home with respect to which there has been recorded an affidavit of affixation under Section 89-1-68 unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 7.  Section 63-21-17, Mississippi Code of 1972, is amended as follows:

     63-21-17.  (1)  The * * * State Tax Commission Department of Revenue shall examine each application received and, when satisfied as to its genuineness and regularity and that the applicant is entitled to the issuance of a certificate of title, shall issue a certificate of title of the vehicle, manufactured home or mobile home on the form prescribed by the * * * commission department.

     (2)  The * * * State Tax Commission Department of Revenue shall maintain a record of all certificates of title issued pursuant to the provisions of this chapter:

          (a)  Under a distinctive title number assigned to the vehicle, manufactured home or mobile home;

          (b)  Under the vehicle identification number;

          (c)  Under the name of the owner; and

          (d)  In the discretion of the * * * State Tax Commission Department of Revenue, by any other method the * * * commission department determines.

     (3)  The Department of Revenue shall file, upon receipt, each affidavit of affixation relating to a manufactured home that is delivered in accordance with Section 89-1-68 when satisfied of its genuineness and regularity.

     (4)  The Department of Revenue shall file, upon receipt, each application for a new certificate of title relating to a manufactured home that is delivered in accordance with Section 63-21-30(5), when satisfied as to its genuineness and regularity.

     (5)  Department of Revenue shall file, upon receipt, each affidavit of severance relating to a manufactured home that is delivered in accordance with Section 89-1-68 when satisfied of its genuineness and regularity.

     (6)  The Department of Revenue shall file, upon receipt, each application for the surrender of the manufacturer's statement of origin relating to a manufactured home that is delivered in accordance with Section 63-21-30(11), when satisfied of its genuineness and regularity.

     (7)  The Department of Revenue shall file, upon receipt, each application for the surrender of the certificate of title relating to a manufactured home that is delivered in accordance with Section 63-21-30(2), when satisfied of its genuineness and regularity.

     (8)  The Department of Revenue shall file, upon receipt, each application for confirmation of conversion relating to a manufactured home that is delivered in accordance with Section 63-21-30(3), when satisfied of its genuineness and regularity.

     (9)  The Department of Revenue shall maintain a record of each affidavit of affixation filed in accordance with subsection (3) of this section.  The record shall state the name of each owner of the related manufactured home, the county of recordation. the date of recordation, and the instrument number and/or book and page number of each book of records in which there has been recorded an affidavit of affixation under Section 89-1-68, and any other information the Department of Revenue prescribes.

     (10)  The Department of Revenue shall maintain a record of each affidavit of severance filed in accordance with subsection (4) of this section.  The record shall state the name of each owner of the related manufactured home, the county of recordation, the date of recordation, and the instrument number and/or book and page number of each book of records in which there has been recorded an affidavit of severance under Section 89-1-68, and any other information the Department of Revenue prescribes.

     (11)  The Department of Revenue shall maintain a record of each manufacturer's statement of origin accepted for surrender as provided in Section 63-21-30(1).  The record shall state the name of each owner of the manufactured home, the date the manufacturer's statement of origin was accepted for surrender, the county of recordation, the date of recordation, and the instrument number and/or book and page number of each book of records in which there has been recorded an affidavit of affixation under Section 89-1-68, and any other information the Department of Revenue prescribes.

     (12)  The Department of Revenue shall maintain a record of each certificate of title accepted for surrender as provided in Section 63-21-30(2).  The record shall state the name of each owner of the manufactured home, the date the certificate of title was accepted for surrender, the county of recordation, the date of recordation, and the instrument number and/or book and page number of each book of records in which there has been recorded an affidavit of affixation under Section 89-1-68, and any other information the Department of Revenue prescribes.

     (13)  The Department of Revenue shall maintain a record of each application for confirmation of conversion accepted as provided in Section 63-21-30(3).  The record shall state the name of each owner of the manufactured home, the county of recordation, the date of recordation, and the instrument number and/or book and page number of each book of records in which there has been recorded an affidavit of affixation under Section 89-1-68, and any other information the Department of Revenue prescribes.

     (14)  The Department of Revenue shall maintain the records required by this section indefinitely.

     (15)  The Department of Revenue shall establish electronic public access to the records maintained in accordance with subsections (9), (10), (11), (12) and (13) of this section.

     SECTION 8.  Section 63-21-19, Mississippi Code of 1972, is amended as follows:

     63-21-19.  (1)  Each certificate of title issued by the * * * State Tax Commission Department of Revenue shall contain:

          (a)  The date issued;

          (b)  The name and current address of the owner;

          (c)  The names and addresses of the first two (2) lienholders in the order of priority as shown on the application, or if the application is based on a certificate of title as shown on the certificate;

          (d)  The title number;

          (e)  A description of the vehicle, manufactured home or mobile home, including the following data, if applicable:  year, make, model, vehicle identification number, type of body, number of cylinders, whether new or used, odometer reading, a statement which qualifies mileage according to the odometer disclosure certified by the transferor and, if a new vehicle, the date of the first sale of the vehicle for use; and

          (f)  Any other data the * * * State Tax Commission Department of Revenue prescribes.

     (2)  Unless security is furnished as provided in subsection (b) of Section 63-21-23, Mississippi Code of 1972, a distinctive certificate of title shall be issued for a vehicle, manufactured home or mobile home last previously registered in another state or country the laws of which do not require that lienholders be named on a certificate of title to perfect their security interests.  The certificate shall contain the legend "This vehicle, manufactured home or mobile home may be subject to an undisclosed lien" and may contain any other information the * * * State Tax Commission Department of Revenue prescribes.  If no notice of a security interest in the vehicle, manufactured home or mobile home is received by the * * * State Tax Commission Department of Revenue within four (4) months from the issuance of the distinctive certificate of title, the * * * State Tax Commission Department of Revenue shall, upon application and surrender of the distinctive certificate, issue a certificate of title in ordinary form.

     (3)  The certificate of title shall contain forms for assignment and warranty of title by the owner, and for assignment and warranty of title by a dealer, and may contain forms for applications for a certificate of title by a transferee, the naming of a lienholder and the assignment or release of the security interest of a lienholder.

     (4)  A certificate of title issued by the * * * State Tax Commission Department of Revenue is prima facie evidence of the facts appearing on it.  A certificate of title issued by the Department of Revenue to a manufactured home is prima facie evidence of the facts appearing on it, notwithstanding the fact that such manufactured home, at any time, shall have become affixed in any manner to real property.

     (5)  A certificate of title for a vehicle, manufactured home or mobile home is not subject to garnishment, attachment, execution or other judicial process.  However, this paragraph shall not prevent a lawful levy upon the vehicle, manufactured home or mobile home.

     SECTION 9.  Section 63-21-23, Mississippi Code of 1972, is amended as follows:

     63-21-23.  If the * * * State Tax Commission Department of Revenue is not satisfied as to the ownership of the vehicle, manufactured home or mobile home or that there are no undisclosed security interests in it, the * * * commission department may accept the application but shall either:

          (a)  Withhold issuance of a certificate of title until the applicant presents documents reasonably sufficient to satisfy the * * * commission department as to the applicant's ownership of the vehicle, manufactured home or mobile home and that there are no undisclosed security interests in it; or

          (b)  As a condition of issuing a certificate of title, require the applicant or dealer to file with the * * * commission department a bond in the form prescribed by the * * * commission department and executed by the applicant or dealer and by a person authorized to conduct a surety business in this state, or require the application to be accompanied by the deposit of cash with the * * * commission department.  The bond or cash shall be in an amount equal to one and one-half (1-1/2) times the value of the vehicle, manufactured home or mobile home as determined by the * * * commission department and conditioned to indemnify any prior owner and lienholder and any subsequent purchaser of the vehicle, manufactured home or mobile home or person acquiring any security interest in it, and their respective successors in interest, against any expense, loss or damage, including reasonable attorney's fees, by reason of the issuance of the certificates of title of the vehicle, manufactured home or mobile home or on account of any defect in or undisclosed security interest upon the right, title and interest of the applicant in and to the vehicle, manufactured home or mobile home.  Any such interested person has a right of action to recover on the bond or cash for any breach of its conditions, but the aggregate liability of the surety to all persons shall not exceed the amount of the bond or cash.  The bond or cash shall be returned at the end of three (3) years unless the * * * commission department has been notified of the pendency of an action to recover on the bond or cash or that the vehicle, manufactured home or mobile home does not belong to the registered owner or that it is encumbered by an undisclosed lien.

     Notwithstanding the foregoing, the Department of Revenue shall not issue a certificate of title to a manufactured home with respect to which there has been recorded an affidavit of affixation under Section 89-1-68 unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 10.  Section 63-21-25, Mississippi Code of 1972, is amended as follows:

     63-21-25.  The * * * State Tax Commission Department of Revenue shall refuse issuance of a certificate of title:

          (a)  If any required fee is not paid; * * * or

          (b)  If the * * * commission department has reasonable grounds to believe that the applicant is not the owner of the vehicle, manufactured home or mobile home, or that the application contains a false or fraudulent statement, or that the applicant has failed to furnish required information or documents or any additional information the * * * commission department reasonably requires * * *.; or

          (c)  If the certificate of title is to a manufactured home with respect to which here has been recorded an affidavit of affixation under Section 89-1-68 unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 11.  Section 63-21-27, Mississippi Code of 1972, is amended as follows:

     63-21-27.  (1)  If a certificate of title is lost, stolen, mutilated or destroyed or becomes illegible, the first lienholder or, if none, the owner or legal representative of the owner named in the certificate, as shown by the records of the * * * State Tax Commission Department of Revenue, shall promptly make application for and may obtain a replacement upon furnishing information satisfactory to the * * * commission department.  The replacement certificate of title shall contain the legend "This is a replacement certificate and may be subject to the rights of a person under the original certificate."  It shall be mailed to the lienholder named in it or, if none, to the owner.

     (2)  The * * * State Tax Commission Department of Revenue shall not issue a new certificate of title to a transferee upon application made on replacement certificate until fifteen (15) days after receipt of the application.

     (3)  A person recovering an original certificate of title for which a replacement has been issued shall promptly surrender the original certificate to the * * * State Tax Commission Department of Revenue.

     (4)  Notwithstanding the foregoing, the Department of Revenue shall not issue a certificate of title to a manufactured home with respect to which there has been recorded an affidavit of affixation under Section 89-1-68 unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 12.  Section 63-21-29, Mississippi Code of 1972, is amended as follows:

     63-21-29.  If the * * * State Tax Commission Department of Revenue is not satisfied that there are no undisclosed security interests created before August 9, 1968, in a previously registered vehicle, or created before July 1, 1999, in a previously registered manufactured home or mobile home, the * * * commission department may, in addition to the * * * commission department's options under Section 63-21-27 but except as provided in Section 63-21-25(c), issue a distinctive certificate of title of the vehicle containing the legend "This vehicle, manufactured home or mobile home may be subject to an undisclosed lien" and any other information the * * * commission department prescribes.

     SECTION 13.  Section 63-21-30, Mississippi Code of 1972, is amended as follows:

     63-21-30. * * *  The certificate of title issued for a manufactured home that is classified as real property may be mailed or delivered to the State Tax Commission for cancellation.  The State Tax Commission may require any documents or information that it considers necessary to be mailed or delivered to the commission along with the certificate of title.  (1)  (a)  The owner (all, if more than one (1)) of a manufactured home that is covered by a manufacturer's statement of origin which the owner is able to produce and that is affixed to a permanent foundation as provided in Section 89-1-68, or which the owner intends to affix to a permanent foundation as provided in Section 89-1-68, may surrender the manufacturer's statement of origin to the manufactured home to the Department of Revenue by filing with the Department of Revenue an application for surrender of manufacturer's statement of origin containing or accompanied by:

              (i)  The name, residence and mailing address of the owner;

              (ii)  A description of the manufactured home including, so far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturer's serial number of the manufactured home and whether it is new or used and any other information the Department of Revenue requires;

              (iii)  The date of purchase by the owner of the manufactured home, the name and address of the person from whom the home was acquired and the names and addresses of any security interest holders and lienholders in the order of their apparent priority;

              (iv)  A statement signed by the owner, stating either:

                   1.  Any facts or information known to the owner that could affect the validity of the title to the manufactured home or the existence or nonexistence of a security interest in or lien on it; or

                   2.  That no such facts or information are known to the owner;

              (v)  The recorded original affidavit of affixation as provided in accordance with Section 89-1-68(5);

              (vi)  The original manufacturer's statement of origin;

              (vii)  The name and mailing address of each person wishing written acknowledgment of surrender from the Department of Revenue;

              (viii)  The applicable fee for filing the application for surrender; and

              (ix)  Any other information and documents the Department of Revenue reasonably requires to identify the owner of the manufactured home and to enable it to determine whether the owner satisfied the requirements of Section 89-1-68(6)(a) through (c) and is entitled to surrender the manufacturer's statement of origin, and to determine the existence or nonexistence of security interests in or liens on the manufactured home.

          (b)  When satisfied of the genuineness and regularity of the surrender of a manufacturer's statement of origin to a manufactured home and upon satisfaction of the requirements of subsection (l)(a) and (e) of this section.  The Department of Revenue shall:

              (i)  Cancel the manufacturer's statement of origin and update its records in accordance with the provisions of Section 63-21-17; and

              (ii)  Provide written acknowledgment of compliance with the provisions of this section to each person identified on the application for surrender of a manufacturer's statement of origin under subsection (1)(a)(vii) of this section.

          (c)  Upon satisfaction of the requirements of this subsection, a manufactured home shall be conveyed and encumbered as provided in Section 89-1-68.  If the application to surrender a manufacturer's statement of origin is delivered to the Department of Revenue within sixty (60) days of recording the related affidavit of affixation with the clerk of the chancery court in the county in which the real property to which the manufactured home is or shall be affixed and the application is thereafter accepted by the Department of Revenue, the requirements of this subsection shall be deemed satisfied as of the date the affidavit of affixation was recorded.

          (d)  Upon written request, the Department of Revenue shall provide written acknowledgment of compliance with the provisions of this subsection.

     (2)  (a)  The owner (all, if more than one (1)) of a manufactured home that is covered by a certificate of title which the owner is able to produce and that is affixed to a permanent foundation as provided in Section 89-1-68, or which the owner intends to affix to a permanent foundation as provided in Section 89-1-68, may surrender the certificate of title to the manufactured home to the Department of Revenue by filing with the Department of Revenue an application for surrender of certificate of title containing or accompanied by:

              (i)  The name, residence and mailing address of the owner;

              (ii)  A description of the manufactured home including, so far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturers serial number of the manufactured home and whether it is new or used and any other information the Department of Revenue requires;

              (iii)  The date of purchase by the owner of the manufactured home, the name and address of the person from whom the home was acquired and the names and addresses of any security interest holders and lienholders in the order of their apparent priority;

              (iv)  A statement signed by the owner, stating either:

                   1.  Any facts or information known to the owner that could affect the validity of the title to the manufactured home or the existence or nonexistence of a security interest in or lien on it; or

                   2.  That no such facts or information are known to the owner;

              (vi)  The recorded original affidavit of affixation as provided in accordance with Section 89-1-68(5);

              (vi)  The original certificate of title;

              (vii)  The name and mailing address of each person wishing written acknowledgment of surrender from the Department of Revenue;

              (viii)  The applicable fee for filing the application for surrender;

              (ix)  Any release of lien required by paragraph (b) of this subsection; and

              (x)  Any other information and documents the Department of Revenue reasonably requires to identify the owner of the manufactured home and to enable it to determine whether the owner satisfied the requirements of Section 89-1-68(6)(a) through (c) and is entitled to surrender the certificate of title, and to determine the existence or nonexistence of security interests in or liens on the manufactured home.

          (b)  The Department of Revenue shall not accept for surrender a certificate of title to a manufactured home unless and until all security interests or liens perfected under Section 63-2 1- 43 have been released.

          (c)  When satisfied of the genuineness and regularity of the surrender of a certificate of title to a manufactured home and upon satisfaction of the requirements of subsection (2)(a) and (b) of this section.  The Department of Revenue shall:

              (i)  Cancel the certificate of title and update its records in accordance with the provisions of Section 63-21-17; and

              (ii)  Provide written acknowledgment of compliance with the provisions of this section to each person identified on the application for surrender of a certificate of title under subsection (2)(a)(vii) of this section.

          (d)  Upon satisfaction of the requirements of this subsection, a manufactured home shall be conveyed and encumbered as provided in Section 89-1-68.  If the application to surrender a certificate of title is delivered to the Department of Revenue within sixty (60) days of recording the related affidavit of affixation with the clerk of the chancery court in the county in which the real property to which the manufactured home is or shall be affixed and the application is thereafter accepted by the Department of Revenue, the requirements of this subsection shall be deemed satisfied as of the date the affidavit of affixation was recorded.

          (e)  Upon written request, the Department of Revenue shall provide written acknowledgment of compliance with the provisions of this subsection.

     (3)  (a)  The owner (all, if more than one (1)) of a manufactured home that is not covered by a manufacturer's statement of origin or a certificate of title, or of a manufactured home that is covered by a manufacturer's statement of origin or certificate of title but which the owner of the manufactured home, after diligent search and inquiry, is unable to produce, and that is affixed to a permanent foundation as provided in Section 89-1-68, or which the owner intends to affix to a permanent foundation as provided in Section 89-1-68, may apply to the Department of Revenue by filing with the Department of Revenue an application for confirmation of conversion containing or accompanied by:

              (i)  The name, residence and mailing address of the owner;

              (ii)  A description of the manufactured home including, so far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturers serial number of the manufactured home and whether it is new or used and any other information the Department of Revenue requires;

              (iii)  The date of purchase by the owner of the manufactured home, the name and address of the person from whom the home was acquired and the names and addresses of any security interest holders and lienholders in the order of their apparent priority;

              (iv)  A statement signed by the owner, stating either:

                   1.  Any facts or information known to the owner that could affect the validity of the title to the manufactured home or the existence or nonexistence of a security interest in or lien on it; or

                   2.  That no such facts or information are known to the owner;

              (v)  The recorded original affidavit of affixation as provided in accordance with Section 89-1-68(5);

              (vi)  A sworn declaration by an attorney-at-law, duly admitted to practice in the courts of the State of Mississippi, or an agent of a title insurance company duly licensed to issue policies of title insurance in the State of Mississippi, that the manufactured home is free and clear of or has been released or will be released from all recorded security interests, liens and encumbrances and:

                   1.  Any facts or information known to him or her that could affect the validity of the title of the manufactured home or the existence or nonexistence of any security interest in or lien on it; or

                   2.  That no such facts or information are known to him or her;

              (vii)  The name and mailing address of each person wishing written acknowledgment of confirmation of conversion from the Department of Revenue;

               (viii)  The applicable fee for filing the application for confirmation of conversion; and

              (ix)  Any other information and documents the Department of Revenue reasonably requires to identify the owner of the manufactured home and to enable it to determine whether the owner satisfied the requirements of Section 89-1-68(6)(a) through (c), and the existence or nonexistence of security interests in or liens on the manufactured home.

          (b)  When satisfied of the genuineness and regularity of the application for confirmation of conversion of a manufactured home and upon satisfaction of the requirements of subsection (3)(a) of this section, the Department of Revenue shall:

              (i)  Update its records in accordance with the provisions of Section 63-21-17; and

              (ii)  Provide written acknowledgment of compliance with the provisions of this section to each person identified on the application for confirmation of conversion under subsection (3)(a)(vii) of this section.

          (c)  Upon satisfaction of the requirements of this subsection a manufactured home shall be conveyed and encumbered as provided in Section 89-1-68.  If the application for confirmation of conversion of a manufactured home is delivered to the Department of Revenue within sixty (60) days of recording the related affidavit of affixation with the clerk of the chancery court in the county in which the real property to which the manufactured home is or shall be affixed and the application is thereafter accepted by the Department of Revenue, the requirements of this subsection shall be deemed satisfied as of the date the affidavit of affixation was recorded.

          (d)  Upon written request, the Department of Revenue shall provide written acknowledgment of compliance with the provisions of this subsection.

     (4)  The Department of Revenue may promulgate rules to implement the provisions of this section.

     (5)  (a)  Notwithstanding any other provision of law, where a manufactured home has been affixed to a permanent foundation as provided in Section 89-1-68, and an affidavit of affixation has been recorded as part of the real property records in the county in which the manufactured home is located in accordance with Section 89-1-68, and where the manufactured home subsequently is detached or severed from the real property, the owner (all, if more than one (1)) of the manufactured home shall, unless exempted by other provisions of this chapter, apply for a new certificate of title by filing with the Department of Revenue an application for a certificate of title to a manufactured home, containing or accompanied by:

              (i)  The name, residence and mailing address of the owner;

              (ii)  A description of the manufactured home including, so far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the vehicle identification number or numbers of the manufactured home and whether it is new or used, and any other information the Department of Revenue requires;

              (iii)  A statement signed by the applicant, stating either:

                   1.  Any facts or information known to the applicant that could reasonably affect the validity of the title of the manufactured home or the existence or nonexistence of any security interest in or lien on it; or

                   2.  That no such facts or information are known to the applicant;

              (iv)  A certified copy of the affidavit of severance provided in accordance with Section 89-1-68(10);

              (v)  A sworn declaration by an attorney at law, duly admitted to practice in the courts of the State of Mississippi, or an agent of a title insurance company duly licensed to issue policies of title insurance in the State of Mississippi, that the manufactured home is free and clear of all security interests, liens and encumbrances or that all security interests, liens and encumbrances will be released:

                   1.  Any facts or information known to him or her that could reasonably affect the validity of the title of the manufactured home or the existence or nonexistence of any security interest in or lien on it; or

                   2.  That no such facts or information are known to him or her; and

              (vi)  Any other information and documents the Department of Revenue reasonably requires to identify the manufactured home and to enable it to determine whether the owner is entitled to a certificate of title and the existence or nonexistence of security interests in or liens on the manufactured home.

          (b)  When satisfied as to its genuineness and regularity of the application for a certificate of title to a manufactured home and upon satisfaction of the requirements of subsection (5)(a) of this section, the Department of Revenue shall:

              (i)  Issue a new certificate of title; and

              (ii)  Update its records in accordance with the provisions of Section 63-21-17.

          (c)  Immediately upon satisfaction of the requirements of this subsection and thereafter, a manufactured home shall be conveyed and encumbered as personal property.

     SECTION 14.  Section 63-21-31, Mississippi Code of 1972, is amended as follows:

     63-21-31.  (1)  If an owner transfers his interest in a vehicle, manufactured home (other than a manufactured home with respect to which the requirements of Section 63-21-30(1), (2) and (3), as applicable, have been satisfied unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10)) or mobile home, other than by the creation of a security interest, he shall, at the time of the delivery of the vehicle, manufactured home or mobile home, execute an assignment and warranty of title to the transferee in the space provided therefor on the certificate or as the * * * State Tax Commission Department of Revenue prescribes, and cause the certificate and assignment to be mailed or delivered to the transferee.

     (2)  Except as provided in Section 63-21-35, the transferee shall, promptly after delivery to him of the vehicle, manufactured home or mobile home, execute the application for a new certificate of title in the space provided therefor on the certificate or as the * * * commission department prescribes, and cause the certificate and application to be delivered to a designated agent.  If however, the transferor is not a designated agent, the certificate and application shall be processed by a county tax collector or a designated agent.

     (3)  Upon request of the owner or transferee, a lienholder in possession of the certificate of title shall, unless the transfer was a breach of his security agreement, deliver the certificate to the transferee.  Upon receipt of the certificate the transferee shall make application to a designated agent for a new certificate as required by Section 63-21-15.  The delivery of the certificate does not affect the rights of the lienholder under his security agreement.

     (4)  If a security interest is reserved or created at the time of the transfer, the certificate of title shall be retained by or delivered to the person who becomes the lienholder and the parties shall comply with the provisions of Section 63-21-47.

     (5)  Except as provided in Section 63-21-35, and as between the parties, a transfer by an owner is not effective until the provisions of this section have been complied with.

     SECTION 15.  Section 63-21-35, Mississippi Code of 1972, is amended as follows:

     63-21-35.  (1)  If the interest of an owner in a vehicle, manufactured home or mobile home passes to another other than by voluntary transfer, the transferee shall, except as provided in subsection (2), promptly deliver to a county tax collector or a designated agent the last certificate of title, if available, proof of the transfer, and make application for a new certificate in the form the * * *State Tax Commission Department of Revenue prescribes.

     (2)  If the interest of the owner is terminated or the vehicle, manufactured home or mobile home is sold under a security agreement by a lienholder named in the certificate of title, the transferee shall promptly make application to a county tax collector or a designated agent for a new certificate in the form the * * *commission department prescribes.  The application shall be accompanied by the last certificate of title and an affidavit made by or on behalf of the lienholder that the vehicle, manufactured home or mobile home was repossessed and that the interest of the owner was lawfully terminated or sold pursuant to the terms of the security agreement.

     If the lienholder succeeds to the interest of the owner and holds the vehicle, manufactured home or mobile home for resale, he need not secure a new certificate of title but, upon transfer to another person, shall promptly mail or deliver to the transferee the certificate, affidavit and other documents required to be sent to the * * *commission department by the transferee.  The transferee shall promptly make application to a county tax collector or a designated agent for a new certificate in the form prescribed by the * * *commission department.

     (3)  Notwithstanding anything to the contrary contained in this section, a person holding a certificate of title whose interest in the vehicle, manufactured home or mobile home has been extinguished or transferred other than by voluntary transfer shall mail or deliver the certificate to the * * *commission department upon request of the * * *commission department.  The delivery of the certificate pursuant to the request of the * * *commission department does not affect the rights of the person surrendering the certificate.  The action of the * * *commission department in issuing a new certificate of title as provided herein is not conclusive upon the rights of an owner or lienholder named in the old certificate.

     (4)  Notwithstanding the foregoing, the Department of Revenue shall not issue a certificate of title to a manufactured home with respect to which there have been recorded an affidavit of affixation under Section 89-1-68 unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 16.  Section 63-21-37, Mississippi Code of 1972, is amended as follows:

     63-21-37.  Except as provided in Section 63-21-25(c), the * * * State Tax Commission Department of Revenue, upon receipt of a properly assigned certificate of title, with an application for a new certificate of title, the required fee and any other documents required by the * * * commission department, shall issue a new certificate of title in the name of the transferee as owner and mail it to the first lienholder named in it or, if none, to the owner.

     The * * * commission department, upon receipt of an application for a new certificate of title by a transferee other than by voluntary transfer, with proof of the transfer, the required fee and any other documents required by law, shall issue a new certificate of title in the name of the transferee as owner.  If the outstanding certificate of title is not delivered to the * * * commission department, the * * * commission department shall make demand therefor from the holder thereof.

     The * * * commission department shall file every surrendered certificate of title, or a microfilm of every such certificate, for a period of time deemed necessary by it in order to permit the tracing of title of the vehicle, manufactured home or mobile home designated therein.  Such filing requirement shall be in addition to and not in substitution for the recordkeeping requirements set forth in Section 63-21-17, which recordkeeping requirements are not limited to any period of time.

     SECTION 17.  Section 63-21-41, Mississippi Code of 1972, is amended as follows:

     63-21-41.  (1)  This chapter does not apply to or affect:

          (a)  A lien given by statute or rule of law to a supplier of services or materials for the vehicle, manufactured home or mobile home;

          (b)  A lien given by statute to the United States, this state or any political subdivision of this state;

          (c)  A security interest in a vehicle, manufactured home or mobile home created by a manufacturer or dealer who holds the vehicle, manufactured home or mobile home for sale; however, a buyer in the ordinary course of trade from the manufacturer or dealer takes title free of the security interest.

     (2)  With respect to a manufactured home that is or will be affixed to a permanent foundation as provided in Section 89-1-68, upon recordation of an affidavit of affixation under Section 89-1-68 and satisfaction of the requirements of Section 63-21-30(1), (2) and (3), as applicable, any perfection or termination of a security interest with respect to such manufactured home shall be governed by the laws of this state applicable to real property.

     SECTION 18.  Section 63-21-43, Mississippi Code of 1972, is amended as follows:

     63-21-43.  (1)  Unless excepted by Section 63-21-41, a security interest, including a security interest under Chapter 9, Title 75 (Uniform Commercial Code - secured transactions), in a vehicle, manufactured home or mobile home of a type which a certificate of title is required is not valid against creditors of the owner or subsequent transferees or lienholders of the vehicle, manufactured home or mobile home unless perfected as provided in this chapter.

     (2)  (a)  A security interest is perfected at the time the owner signs a security agreement describing the vehicle, manufactured home or mobile home, the secured party gives value, the owner has rights in the vehicle, manufactured home or mobile home, and an application for certificate of title signed by the owner is presented to a designated agent; provided, however, that a purchase money security interest under Chapter 9, Title 75 (Uniform Commercial Code - secured transactions) in a manufactured home is perfected against the rights of judicial lien creditors and execution creditors on and after the date such purchase money security interest attaches.

          (b)  The designated agent shall deliver to the * * * State Tax Commission Department of Revenue the existing certificate of title, if any, an application for a certificate of title containing the name and address of the lienholder and the date of his security agreement, and the required fee, but the security interest will perfect at the time the requirements of subsection 2(a) of this section are met.

     (3)  If a vehicle, manufactured home or mobile home is subject to a security interest when brought into this state, the validity of the security interest is determined by the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, subject to the following:

          (a)  If the parties understood at the time the security interest attached that the vehicle, manufactured home or mobile home would be kept in this state and it was brought into this state within thirty (30) days thereafter for purposes other than transportation through this state, the validity of the security interest in this state is determined by the law of this state.

          (b)  If the security interest was perfected under the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, the following rules apply:

              (i)  If the name of the lienholder is shown on an existing certificate of title issued by that jurisdiction, his security interest continues perfected in this state.

              (ii)  If the name of the lienholder is not shown on an existing certificate of title issued by that jurisdiction the security interest continues perfected in this state for four (4) months after a first certificate of title of the vehicle, manufactured home or mobile home is issued in this state, and also thereafter if, within the period of four (4) months, it is perfected in this state.  The security interest may also be perfected in this state after the expiration of the period of four (4) months, in which case perfection dates from the time of perfection in this state.

          (c)  If the security interest was not perfected under the law of the jurisdiction where the vehicle, manufactured home or mobile home was when the security interest attached, it may be perfected in this state, in which case perfection dates from the time of perfection in this state.

          (d)  A security interest may be perfected under paragraph (b)(ii) or paragraph (c) of this subsection, either as provided in subsection (2), or by the holder of the lien created out of this state delivering to a county tax collector or a designated agent a notice of security interest in the form the * * * State Tax Commission Department of Revenue prescribes, together with documents to support the security interest as required by the * * * State Tax Commission Department of Revenue and the required fee.  The county tax collector or a designated agent shall process said notice in the manner prescribed by the * * * State Tax Commission Department of Revenue.

     (4)  Except as otherwise provided in Section 89-1-68, in Section 63-21-55 and in Section 63-21-30(1), (2) and (3), after a certificate of title has been issued to a manufactured home and as long as the manufactured home is subject to any security interest perfected under this section, the Department of Revenue shall not file an affidavit of affixation, nor cancel the manufacturer's statement of origin, nor revoke or cancel the certificate of title, and, in any event, the validity and priority of any security interest perfected under this section shall continue, notwithstanding the provision of any other law.

     SECTION 19.  Section 63-21-45, Mississippi Code of 1972, is amended as follows:

     63-21-45.  (1)  Except as provided in Section 63-21-41(2), if an owner creates a security interest in a vehicle, manufactured home or mobile home:

          (a)  The owner shall immediately execute the application in the space provided therefor on the certificate of title, or on a separate form the * * * State Tax Commission Department of Revenue prescribes to name the lienholder on the certificate showing the name and address of the lienholder and the date of his security agreement, and cause the certificate, application and the required fee to be delivered to the lienholder.

          (b)  The lienholder shall immediately cause the certificate, application and required fee to be mailed or delivered to a county tax collector or a designated agent.

          (c)  Upon request of the owner or subordinate lienholder, a lienholder in possession of the certificate of title shall either mail or deliver the certificate to the subordinate lienholder for delivery to a county tax collector or a designated agent or, upon receipt from the subordinate lienholder of the owner's application and the required fee, mail or deliver them to a county tax collector or a designated agent with the certificate.  The delivery of the certificate does not affect the rights of the first lienholder under his security agreement.

          (d)  Upon receipt of the certificate of title, application and the required fee, the * * * State Tax Commission Department of Revenue shall either endorse on the certificate or issue a new certificate containing the name and address of the new lienholder, and mail the certificate to the first lienholder named in it.

     (2)  Information evidencing a bank or lending institution's lien or other security interest in a motor vehicle's, manufactured home's or mobile home's certificate of title may be transferred by electronic means as provided in Section 63-21-16.

     SECTION 20.  Section 63-21-49, Mississippi Code of 1972, is amended as follows:

     63-21-49.  (1)  Upon the satisfaction of a security interest in a vehicle, manufactured home or mobile home for which the certificate of title is in the possession of the lienholder, he shall, within ten (10) days after demand and, in any event, within thirty (30) days execute a release of his security interest in the space provided therefor on the certificate or as the * * *State Tax Commission Department of Revenue prescribes, and mail or deliver the certificate and release to the next lienholder named therein, or, if none, to the owner or any person who delivers to the lienholder an authorization from the owner to receive the certificate; provided that the secured party of or the holder of a lien on a manufactured home may deliver release documents to any person to facilitate conveying or encumbering the manufactured home and any person receiving any such documents so delivered holds the documents in trust for the secured party or the lienholder.  The owner, other than a dealer holding the vehicle, manufactured home or mobile home for resale, shall promptly cause the certificate and release to be mailed or delivered to the * * *commission department, who shall release the lienholder's rights on the certificate or issue a new certificate.

     (2)  Upon the satisfaction of a security interest in a vehicle, manufactured home or mobile home for which the certificate of title is in the possession of a prior lienholder, the lienholder whose security interest is satisfied shall within ten (10) days after demand and, in any event, within thirty (30) days execute a release in the form the * * *commission department prescribes and deliver the release to the owner or any person who delivers to the lienholder an authorization from the owner to receive it.  The lienholder in possession of the certificate of title shall either deliver the certificate to the owner, or the person authorized by him, for delivery to the * * *commission department or, upon receipt of the release, mail or deliver it with the certificate to the * * *commission department who shall release the subordinate lienholder's rights on the certificate or issue a new certificate; provided that the secured party of or the holder of a lien on a manufactured home may deliver release documents to any person to facilitate conveying or encumbering the manufactured home and any person receiving any such documents so delivered holds the documents in trust for the secured party or the lienholder.

     (3)  Upon receipt of the aforementioned releases of security interests, the * * *commission department shall file each release in the manner prescribed by the * * *commission department and note the same upon the records of notices of security interests maintained by it.

     SECTION 21.  Section 63-21-53, Mississippi Code of 1972, is amended as follows:

     63-21-53.  If a security interest in a previously registered vehicle is perfected under any other applicable law of this state as of August 9, 1968, and if a security interest in a previously registered manufactured home or mobile home is perfected under any other applicable law of this state as of July 1, 1999, the security interest continues perfected until its perfection lapses under the law under which it was perfected.  This would apply only to vehicles, manufactured homes or mobile homes not required to be titled under this chapter, and would not apply to a manufactured home with respect to which the requirements of Section 63-21-30(1), (2) and (3), as applicable, have been satisfied unless with respect to the same manufactured home there has been recorded an affidavit of severance pursuant to Section 89-1-68(10).

     SECTION 22.  Section 63-21-55, Mississippi Code of 1972, is amended as follows:

     63-21-55.  Except as provided in Section 63-21-53 and in the immediately following sentence, the method provided in this chapter of perfecting and giving notice of security interests subject to this chapter is exclusive.  Security interests subject to this chapter are hereby exempted from the provisions of law which otherwise require or relate to the filing and recording of instruments creating or evidencing security interests; provided, however that with respect to a manufactured home that is or will be affixed to a permanent foundation, upon recordation of an affidavit of affixation under Section 89-1-68 and satisfaction of the requirements of Section 63-21-30(1), (2) and (3), as applicable, any perfection or termination of a security interest with respect to such manufactured home shall be governed by the laws of this state applicable to real property.

     SECTION 23.  Section 63-21-57, Mississippi Code of 1972, is amended as follows:

     63-21-57.  The * * * State Tax Commission Department of Revenue shall file each notice of security interest received by the * * * commission department with the required fee and maintain a record of all notices of security interests filed by the * * * commission department:

          (a)  Alphabetically, under the name of the owner;

          (b)  Under the vehicle, manufactured home or mobile home identification number;

          (c)  Under the certificate of title number; and

          (d)  In the discretion of the * * * commission department, by any other method it determines.

     The * * * commission department, before issuing or reissuing a certificate of title, shall check the name of the owner and the certificate of title number of the vehicle, manufactured home or mobile home against the record above provided for.

     The recordkeeping requirements are in addition to the recordkeeping requirements set forth in Sections 63-21-17 and 63-21-37.  The records required to be maintained by Section 63-21-17 shall be maintained indefinitely.

     SECTION 24.  Section 63-21-59, Mississippi Code of 1972, is amended as follows:

     63-21-59.  The * * * State Tax Commission Department of Revenue shall suspend or revoke a certificate of title, upon notice and reasonable opportunity to be heard, if the * * * commission department finds:

          (a)  The certificate of title was fraudulently procured or erroneously issued, or

          (b)  The vehicle, manufactured home or mobile home has been scrapped, dismantled or destroyed.

     Suspension or revocation of a certificate of title does not in itself affect the validity of a security interest noted on it.

     When the * * * commission department suspends or revokes a certificate of title, the owner or person in possession of it shall, immediately upon receiving notice of the suspension or revocation, mail or deliver the certificate to the * * * commission department.

     The * * * commission department may seize and impound any certificate of title which has been suspended or revoked.

     Notwithstanding the foregoing, except as provided in Section 63-21-30(2), the department shall not cancel, suspend or revoke a certificate of title to a manufactured home by reason of the fact that at any time it shall become affixed in any manner to real property.

     SECTION 25.  Section 63-21-64, Mississippi Code of 1972, is amended as follows:

     63-21-64.  There shall be paid to the Department of Revenue for issuing and processing documents required by this chapter, fees for manufactured homes or mobile homes according to the following schedule:

          (a)  Each application for certificate

of title................................................ $ 9.00

          (b)  Each application for replacement or

corrected certificate of title..........................   9.00

          (c)  Each suspension or revocation of

certificate of title....................................   9.00

          (d)  Each notice of security interest..........   9.00

          (e)  Each release of security interest.........   9.00

          (f)  Each assignment by lienholder.............   9.00

          (g)  Each application for information as to the status of the title of a manufactured home or mobile home..............   9.00

          (h)  Each application for surrender of

manufacturer's statement of origin of a manufactured home......  

          (i)  Each application for surrender of

certificate of title of a manufactured home....................  

          (j)  Each application for confirmation of

conversion of a manufactured home..............................  

     The designated agent may add the sum of One Dollar ($1.00) to each document processed for which a fee is charged to be retained as his commission for services rendered.  All other fees collected shall be remitted to the department.

     If more than one (1) transaction is involved in any application on a single manufactured home or mobile home and if supported by all required documents, the fee charged by the * * *Tax Commission's department's designated agent for processing and issuing shall be considered as only one (1) transaction.

     SECTION 26.  Section 75-17-1, Mississippi Code of 1972, is amended as follows:

     75-17-1.  (1)  The legal rate of interest on all notes, accounts and contracts shall be eight percent (8%) per annum, calculated according to the actuarial method, but contracts may be made, in writing, for payment of a finance charge as otherwise provided by this section or as otherwise authorized by law.

     (2)  Any borrower or debtor may contract for and agree to pay a finance charge for any loan or other extension of credit made directly or indirectly to a borrower or debtor which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method.  The rate of finance charge authorized under this subsection (2) shall be known as the "contract rate."

     (3)  Notwithstanding the foregoing and any other provision of law to the contrary, any partnership, joint venture, religious society, unincorporated association, or domestic or foreign corporation, whether organized for profit or nonprofit, may contract for and agree to pay a finance charge which will result in a yield not to exceed the greater of fifteen percent (15%) per annum or five percent (5%) per annum above the discount rate, excluding any surcharge thereon, on ninety-day commercial paper in effect at the Federal Reserve bank in the Federal Reserve district where the lender is located, each calculated according to the actuarial method, on any contract, loan, extension of credit or other obligation under which the principal balance to be repaid shall originally exceed Two Thousand Five Hundred Dollars ($2,500.00), or on any series of advances of money pursuant to a contract if the aggregate of sums advanced or originally proposed to be advanced shall exceed Two Thousand Five Hundred Dollars ($2,500.00); and as to any such agreement, the claim or defense of usury by such partnership, joint venture, religious society, unincorporated association, or corporation, or their successors, guarantors, assigns or anyone on their behalf is prohibited.

     (4)  Notwithstanding the foregoing and any other provision of law to the contrary, any borrower or debtor may contract for and agree to pay a finance charge which will result in a yield not to exceed the greater of ten percent (10%) per annum or five percent (5%) per annum above the index of market yields of the Monthly Twenty-Year Constant Maturity Index of Long-Term United States Government Bond Yields, as compiled by the United States Treasury Department, each calculated according to the actuarial method, on any loan, mortgage or advance which is secured by a lien on residential real property or by a lien on stock in a residential cooperative housing corporation where the loan, mortgage or advance is used to finance the acquisition of such stock.  The term "residential real property," as used in this subsection, means real estate upon which there is located or to be located a structure or structures designed in whole or in part for residential use, or which comprises or includes one or more apartments, condominium units or other dwelling units, including a manufactured home as defined in Section 75-9-102 or a manufactured home as defined in Section 75-9-102 which is real property as defined in Section 89-1-68(7).

     (5)  Notwithstanding the foregoing and any other provision of law to the contrary, any borrower or debtor may contract for and agree to pay and any lender or extender of credit may contract for and receive any finance charge agreed to in writing by the parties, notwithstanding that such charge is in excess of that otherwise allowed on any contract, credit sale, obligation or other extension of credit, regardless of the security taken or the purpose of the extension of credit, under which the principal balance to be repaid originally exceeds Two Thousand Dollars ($2,000.00), or on any series of advances of money pursuant to a contract if the aggregate of sums advanced or originally proposed to be advanced exceeds Two Thousand Dollars ($2,000.00), or on any extension or renewal thereof; and as to any such agreement, the claim or defense of usury or violation of any law prescribing, limiting or regulating the rate of finance charge by any borrower or debtor, or his successors, guarantors, assigns or anyone on his behalf is prohibited.

     (6)  Notwithstanding the foregoing and any other provisions of law to the contrary, the outstanding balance of a prior loan or lease of a motor vehicle used as a trade-in, as well as other items that are capitalized or amortized during the lease term, may be included in a lease for a motor vehicle, provided that the rate of finance charge associated with the lease contract does not at any time exceed the finance charge limitations specified in Section 63-19-43.

     SECTION 27.  Section 81-12-3, Mississippi Code of 1972, is amended as follows:

     81-12-3.  When used in this chapter, the following words and phrases shall have the following meanings, except to the extent that any such word or phrase specifically is qualified by its context:

          (a)  "Association" means a savings association or savings and loan association subject to provisions of this chapter.

          (b)  "Board" means the State Board of Banking Review. 

          (c)  "Capital stock association" means an association organized pursuant to Sections 81-12-37 and 81-12-39.

          (d)  "Commissioner" means the Commissioner of Banking and Consumer Finance.

          (e)  "Community" means a centralized area or locality in which the inhabitants have common residential, social or business interests.  The term is not restricted to a municipal corporation or other political subdivision; a community need not be limited by lines and boundaries.  A city, town or other governmental unit, either incorporated or unincorporated, may constitute one (1) community; a large, populous area under one or more forms of government may comprise one (1) or several communities.

          (f)  "Department" means the Department of Banking and Consumer Finance.

          (g)  "Earnings" means that part of the "sources available for payment of earnings" as defined herein which is declared payable on savings accounts from time to time by the board of directors.  Earnings also may be referred to as "interest."

          (h)  "Financial institution" means a thrift institution, commercial bank or trust company.

          (i)  "Impaired condition" means a condition in which the assets of an association in the aggregate do not have a fair value equal to the aggregate amount of liabilities of the association to its creditors, including its members and all other persons, or a condition in which the association shall be unable to pay when due current withdrawal requests by its members or depositors.

          (j)  "Insured association" means an association, the savings accounts of which are insured wholly or in part in accordance with the provisions of this chapter.

          (k)  "Liquid assets" means cash on hand, cash on deposit in federal home loan banks, in state banks performing similar reserve functions, or in commercial banks insured by the Federal Deposit Insurance Corporation, which is not pledged as security for indebtedness; except that any deposits in a bank under the control or in the possession of any supervisory authority shall not be considered as liquid assets; loans immediately available or federal funds on a day-to-day basis to a bank insured by the Federal Deposit Insurance Corporation; and direct obligations of, or obligations which are fully guaranteed as to principal and interest by, the United States or agencies or instrumentalities thereof or this state.

          (l)  "Member" means a person holding a savings account of a mutual association, and a person borrowing from or assuming or obligated upon a loan or interest therein held by an association, or purchasing property securing a loan or interest therein held by an association, and any other person obligated to an association.  A joint and survivorship relationship, whether of savers or borrowers, constitutes a single membership.  This definition shall not apply to associations organized under Sections 81-12-37 and 81-12-39 as a capital stock association.

          (m)  "Mutual association" means an association composed of members which is not a capital stock association as authorized by this chapter.

          (n)  "Net income" means gross revenues for an accounting period less all expenses paid or incurred, taxes and losses sustained as shall not have been charged to reserves pursuant to the provisions of this chapter.

          (o)  "Net worth" means the sum of all reserve accounts (except specific or valuation reserves), retained earnings, capital stock, any other nonwithdrawable accounts of an association, and the principal amount of any subordinated debt securities to the extent authorized by the commissioner.

          (p)  "One borrower" means:  (i) any person or entity which is or which, upon the making of a loan, will become obligor on a real estate loan; (ii) nominees of such obligor; (iii) all persons, trusts, partnerships, syndicates and corporations of which such obligor is a nominee or a beneficiary, partner, member or record or beneficial stockholder owning ten percent (10%) or more of the capital stock; and (iv) if such obligor is a trust, partnership, syndicate or corporation, all trusts, partnerships, syndicates and corporations of which any beneficiary, partner, member or record or beneficial stockholder owning ten percent (10%) or more of the capital stock, is also a beneficiary, partner, member or record or beneficial stockholder owning ten percent (10%) or more of the capital stock of such obligor.  A guarantor or endorser shall be considered an obligor.

          (q)  "Person" means any natural or artificial being, including any legal entity.

          (r)  "Primary lending area" means this state and any county (or parish) of another state of which the county seat is located not more than seventy-five (75) air miles from the home or a branch office of an association.

          (s)  "Real estate loan" means any loan or other obligation secured by a first lien on real estate in any state held in fee or in a leasehold or subleasehold extending or renewable automatically or at the option of the holder (or at the option of the association) for a period of at least ten (10) years beyond the maturity or date scheduled for a final principal payment of such loan or obligation, or any transaction out of which a first lien or claim is created against such real estate, including, inter alia, the purchase of such real estate in fee by an association and the concurrent or immediate sale thereof on installment contract, and any loan or other obligation secured by a first lien on a manufactured home as defined in Section 75-9-102 which is real property as defined in Section 89-1-68(7).

          (t)  "Savings account" means that part of the savings liability of the association which is credited to the account of the holder thereof.  A savings account also may be referred to as a deposit.

          (u)  "Savings institution" means either an association or a savings bank.

          (v)  "Savings liability" means the aggregate amount of savings accounts of members and depositors, including earnings credited to such accounts, less redemptions and withdrawals.

          (w)  "Service organization" means an organization, substantially all the activities of which consist of originating, purchasing, selling and servicing loans upon real estate and participating interests therein, or clerical, bookkeeping, accounting, statistical or similar functions performed primarily for associations, and such other activities as the commissioner, by regulation, may approve, which are directly related to real estate development and the servicing of real estate loans.

          (x)  "Sources available for payment of earnings" means net income for an accounting period less amounts transferred to reserves as provided in or permitted by this chapter, plus any balance of undivided profits from preceding accounting periods, or from surplus.

          (y)  "Thrift institution" means a savings bank, bank for savings, a homestead association, a savings and loan association, a building and loan association, a federal savings association, a federal savings and loan association, and a supervised thrift and residential financing institution of a substantially similar nature, but shall not include a banking association organized under the laws of the United States or a bank organized under the laws of this state or any other state.

          (z)  "Withdrawal value" means the amount credited to a savings account of a member, less lawful deductions therefrom, as contained in the records of the association.

     SECTION 28.  Section 81-12-159, Mississippi Code of 1972, is amended as follows:

     81-12-159.  Every association shall have power to invest in loans and other investments as follows:

          (a)  Loans secured by its savings accounts to the extent of the withdrawal value thereof;

          (b)  Real estate loans in any amount not exceeding the value of the security, subject to the following conditions:

              (i)  No association shall make a real estate loan to one (1) borrower if the sum of (1) the amount of such loan, and (2) the total balances of all outstanding loans owed to such association by such borrower, excluding the amount of any loan on the security of a savings account, exceeds an amount equal to ten percent (10%) of such association's savings liability or an amount equal to the sum of such association's net worth except that any such loan may be made if the sum of (1) and (2) does not exceed One Hundred Thousand Dollars ($100,000.00);

              (ii)  An association may (1) participate with one or more financial institutions, or entities having a tax exemption under Section 501(a) of the Internal Revenue Code, in any real estate loan of the type in which such association is authorized to invest on its own account, provided that the participating interest of such association is not subordinated or inferior to any other participating interest; or (2) participate in such real estate loans with other than financial institutions or those entities described, provided that the participating interest of such association is superior to the participating interests of such other participants;

              (iii)  Such restrictions on real estate loans on real estate located outside the primary lending area of an association and on real estate loans as the commissioner may establish by regulation;

              (iv)  Such other restrictions as the commissioner may establish;

          (c)  Loans secured by the pledge of loans or investments, the assignment of which need not be recorded, of a type in which the association is authorized to invest, provided that the loans and investments so pledged shall be subject to all restrictions and requirements which would be applicable were the association to invest directly in such loans or investments;

          (d)  Loans secured by the pledge of policies of life insurance, the assignment of which is properly acknowledged by the insured, but not exceeding the cash value of such policies;

          (e)  Property improvement loans made pursuant to the provisions of any title of the National Housing Act or subject to any limitation as to maximum loan amount prescribed by the commissioner for all associations, loans to homeowners and other property owners for the construction, maintenance, repair, alteration, modernization, landscaping, improvement, furnishing or equipping of properties pursuant to rules and regulations prescribed by the commissioner;

          (f)  Loans made for the purpose of mobile home financing or manufactured home financing, subject to any limitation as to maximum loan amount which may be prescribed by the commissioner for all associations.  For the purpose of this subsection, "mobile home" shall mean a movable accommodation used or designed for use as living quarters, and "manufactured home" shall have the meaning stated in Section 75-9-102;

          (g)  Such real property or interests therein, including real estate for home or branch offices, as the directors may deem necessary or convenient for the conduct of the business of the association, which for the purposes of this chapter shall be deemed to include the ownership of stock of a wholly owned subsidiary corporation having as its exclusive activity the ownership and management of such property or interests, but the amount so invested shall not exceed the net worth of the association, provided that the commissioner may authorize a greater amount to be so invested.

     SECTION 29.  Section 81-14-301, Mississippi Code of 1972, is amended as follows:

     81-14-301.  Subject to the regulations of the commissioner, a savings bank may loan funds as follows:

          (a)  On the security of deposit accounts, but no such loan shall exceed the withdrawal value of the pledged account.

          (b)  On the security of real estate, including a manufactured home as defined in Section 75-9-102 which is real property as defined in Section 89-1-68(7):

              (i)  Of a value, determined in accordance with regulations adopted by the commissioner, sufficient to provide good and ample security for the loan;

              (ii)  With a fee simple title or a leasehold title having a duration of not less than ten (10) years beyond the maturity of the loan;

              (iii)  With the title established by evidence of title as is consistent with sound lending practices in the locality;

              (iv)  With the security interest in real estate evidenced by an appropriate written instrument and the loan evidenced by a note, bond or similar written instrument; a loan on the security of the whole of the beneficial interest in a land trust satisfies the requirements of this section if the title to the land is held by a corporate trustee and if the real estate held in the land trust meets the other requirements of this section.

          (c)  For the purpose of repair, improvement, rehabilitation, furnishing or equipment of real estate.

          (d)  Through the participation of loans that are of a type that the savings bank would be authorized to make in accordance with this section and its bylaws.  Subject to regulations by the commissioner, participants shall be limited to federally insured financial institutions and their subsidiaries, and instruments of, or corporations owned wholly or in part by, the United States or this state.

          (e)  Through the purchase of loans, wholly or in part, that at the time of purchase, the savings bank could make in accordance with this section and its bylaws.

          (f)  Through the purchase of installment contracts for the sale of real estate and title thereto that is subject to the contracts, but in each instance only if the savings bank, at the time of purchase, could make a mortgage loan of the same amount for the same length of time on the security of real estate.

          (g)  Through loans guaranteed or insured, wholly or in part, by the United States or any of its instrumentalities.

          (h)  Subject to regulations adopted by the commissioner, through secured or unsecured loans for business, corporate, commercial or agricultural purposes; provided that the total of all loans granted under this paragraph shall not exceed fifteen percent (15%) of the savings bank's total assets.

          (i)  For the purpose of mobile home or manufactured home financing subject, however, to the regulation of the commissioner.  For the purposes of this paragraph, "manufactured home" shall have the meaning stated in Section 75-9-102.

          (j)  Through loans secured by the cash surrender value of any life insurance policy or any collateral that would be a legal investment under the terms of this chapter if made by a savings bank.

          (k)  Any provisions of this chapter to the contrary, notwithstanding and subject to the commissioner's regulations, any savings bank may make any loans or investment or engage in any activity that it could make or engage in if it were organized under state law as a savings and loan association or under federal law as a federal savings and loan association or federal savings bank.

          (l)  A savings bank may issue letters of credit or other similar arrangements only as provided by regulation of the commissioner with regard to aggregate amounts permitted, take out commitments for standby letters of credit, underlying documentation and underwriting, legal limitations on loans of the savings bank, control and subsidiary records, and other procedures deemed necessary by the commissioner.

          (m)  For the purpose of secured and unsecured financing of personal and family credits, subject to the regulations of the commissioner.

          (n)  For the purpose of financing primary, secondary, undergraduate or postgraduate education.

          (o)  Through revolving lines of credit on the security of a first or junior lien on the borrower's personal residence, based primarily on the borrower's equity, the proceeds of which may be used for any purpose.

          (p)  As secured or unsecured credit to cover the payment of checks, drafts or other funds transfer orders in excess of the available balance of an account on which they are drawn, subject to the regulations of the commissioner.

     SECTION 30.  The following shall be codified as Section 89-1-68, Mississippi Code of 1972:

     89-1-68.  (1)  For the purposes of this section. "manufactured home" has the meaning stated in Section 75-9-102.  Notwithstanding the foregoing, for the purposes of 11 USC Section 1322(b)(2), a manufactured home shall be deemed to be real property.  For the purposes of this section, Chapter 21 of Title 63 and Chapter 9 of Title 75, a manufactured home is "affixed to a permanent foundation" if it is anchored to real property by attachment to a permanent foundation; and connected to residential utilities, such as, water, gas, electricity, or sewer or septic service.

     (2)  To convey or voluntarily encumber a manufactured home as real property, the following conditions shall be met:

          (a)  The manufactured home shall be affixed to a permanent foundation;

          (b)  The ownership interests in the manufactured home and the real property to which the manufactured home is or shall be affixed shall be identical; provided, however, that the owner of the manufactured home, if not the owner of the real property, is in possession of the real property as lessee under the terms of a lease in recordable form, and owner has the consent of the lessor of the real property; provided, however, if the real property will be encumbered by a deed of trust, the lease shall have a term of not less than five (5) years longer than the term of the deed of trust;

          (c)  The person or persons having an ownership interest in such manufactured home shall execute and record with the clerk of the chancery court of the county in which the real property is located an affidavit of affixation as provided in subsection (3) of this section, and satisfy the other applicable requirements of this section; and

          (d)  Upon receipt of a recorded original affidavit of affixation tinder subsection (5) of this section, any person designated therein for filing with the Department of Revenue shall file the recorded original affidavit of affixation with the Department of Revenue except that:

              (i)  In a case described in subsection (3)(a)(iv)l(A) of this section, the recorded original of the affidavit of affixation and the original manufacturer's statement of origin, each as recorded in the county in which the real property is located, shall be filed with the Department of Revenue under Section 63-21-30(1);

              (ii)  In a case described in subsection (3)(a)(iv)l(B) of this section, the recorded original of the affidavit of affixation, as recorded in the county in which the real property is located, and the original certificate of title shall be filed with the Department of Revenue under Section 63-21-30(2); and

              (iii)  In a case described in subsection (3)(a)(iv)2(A) of this section or subsection (3)(a)(iv)2(B) of this section, original affidavit of affixation, as recorded in the county in which the real property is located, and an application for confirmation of conversion shall be filed with the Department of Revenue under Section 63-21-30(3).

     (3)  (a)  An affidavit of affixation shall contain:

              (i)  So far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturers serial number of the manufactured home, and whether the manufactured home is new or used;

              (ii)  1.  A statement that the party executing the affidavit is the owner of the real property described therein; or

                   2.  If not the owner of the real property:

                        (A)  A statement that the patty executing the affidavit is in possession of the real property as lessee under the terms of a lease in recordable form; and

                        (B)  The consent of the lessor of the real property endorsed upon or attached to the affidavit and acknowledged or proved in the manner as to entitle a conveyance to be recorded;

              (iii)  The street address and the legal description of the real property to which the manufactured home is or shall be affixed;

              (iv)  1.  If the manufactured home is not covered by a certificate of title, a statement by the owner to that effect, and either:

                        (A)  A statement by the owner of the manufactured home that the manufactured home is covered by a manufacturer's statement of origin, the date the manufacturer's statement of origin was issued, the manufacturer's serial number, and a statement that annexed to the affidavit of affixation is a copy of the manufacturer's statement of origin for the manufactured home, duly endorsed to the owner of the manufactured home. and that the owner of the manufactured home shall surrender the original manufacturer's statement of origin to the Department of Revenue; or

                        (B)  A statement that the owner of the manufactured home, after diligent search and inquiry, is unable to produce the original manufacturer's statement of origin for the manufactured home and that the owner of the manufactured home shall apply to the Department of Revenue for a confirmation of conversion of the manufactured home; or

                   2.  If the manufactured home is covered by a certificate of title, either:

                        (A)  A statement by the owner of the manufactured home that the manufactured home is covered by a certificate of title, the date the title was issued, the title number, a statement that annexed to the affidavit is a copy of the certificate of title naming or duly endorsed to the owner, and that the owner of the manufactured home shall surrender the original title to the Department of Revenue; or

                        (B)  A statement that the owner of the manufactured home, after diligent search and inquiry, is unable to produce the certificate of title for the manufactured home and that the owner of the manufactured home shall apply to the Department of Revenue for a confirmation of conversion of the manufactured home;

              (v)  A statement whether or not the manufactured home is subject to one or more security interests or liens and:

                   1.  If the manufactured home is subject to one or more security interests or liens, the name and address of each party holding a security interest in or lien on the manufactured home, including, but not limited to, each holder shown on any certificate of title issued by the Department of Revenue, if any, and a statement that the security interest or lien shall be released; or

                   2.  A statement that each security interest in or lien on the manufactured home, if any, has been released, together with due proof of each such release;

              (vi)  If the manufactured home is covered by neither a manufacturer's statement of origin nor a certificate of title, a statement by the owner of the manufactured home to that effect and that the owner of the manufactured home shall apply to the Department of Revenue for a confirmation of conversion of the manufactured home;

              (vii)  A statement that the manufactured home is or shall be affixed to a permanent foundation; and

              (viii)  The name and address of a person designated for filing the recorded original affidavit of affixation with the Department of Revenue, to whom the clerk of the chancery court shall return the recorded original affidavit of affixation after it has been duly recorded in the real property records, as provided in subsection (5) of this section.

          (b)  An affidavit of affixation shall be duly acknowledged or proved in like manner as to entitle a conveyance to be recorded, and when so acknowledged or proved and upon payment of the lawful fees therefor, the clerk of the chancery court shall immediately cause the affidavit of affixation and any attachments thereto to be duly recorded and indexed under Chapter 5 of this title.

          (c)  The affidavit of affixation shall be accompanied by the applicable fee for recording and issuing a recorded copy of such affidavit.

          (d)  The affidavit of affixation shall be in the following form:

_______________, 20__     FILING INSTRUCTIONS: ________, ________,

                                             __________________.

Date

_____________________

Place of Recording

Prepared by:       Record & Return by [ ] Mail [ ] Pickup to:

________________________                   __________________________

Name   Bar No. (if applicable)         Name

________________________                   __________________________

Address 1                             Address 1

________________________                   __________________________

Address 2                             Address 2

________________________                   __________________________

Telephone Number                      Telephone Number

Homeowner #1

Name: ____________________________________________________________

Address: _________________________________________________________

Residential Telephone: __________  Business Telephone: ___________

Homeowner #2:

Name: ____________________________________________________________

Address: _________________________________________________________

Residential Telephone: ___________  Business Telephone: __________

MANUFACTURED HOME AFFIDAVIT OF AFFIXATION

Homeowner, being duly sworn, on his or her oath, states as follows:

     1.  Homeowner owns the manufactured home ("Home") described as follows:

__________________________________________________________________

New/Used  Year  Manufacturer's Name/Make  Model Name/ Model No.

  Manufacturer's Serial No           Length/Width

     2.  The Home is or will be located at the following "Property Address":_________________________________________________________

Street or Route    City      County    State             Zip Code

     3.  The legal description of the Property Address ("Land") is:

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

     4.  The Homeowner is the owner of the Land or, if not the owner of the Land, is in possession of the real property pursuant to a lease in recordable form, and the consent of the lessor is attached to this Affidavit.

     5.  The Home is, or shall be promptly upon delivery, affixed to a permanent foundation.

     6.  Homeowner intends that the Home be an immoveable fixture and a permanent improvement to the Land.

     7.  The Home shall be assessed and taxed as an improvement to the Land.

     8.  Homeowner shall initial only one of the following, as it applies to title to the Home.

[___]     The Home is not covered by a certificate of title. The Home is covered by the manufacturer's statement of origin, which was issued on __________ (serial no.______________).  A copy of the original manufacturer's statement of origin, duly endorsed to the Homeowner, is attached to this Affidavit.  The Homeowner shall surrender the original manufacturer's statement of origin to the Department of Revenue.

[___]     The Home is not covered by a certificate of title.  After diligent search and inquiry, the Homeowner is unable to produce the original manufacturer's statement of origin.  The Homeowner shall apply to the Department of Revenue for a confirmation of conversion of the Home.

[___]     The Home is covered by a certificate of title.  A copy of the original certificate of title naming or duly endorsed to the Homeowner  is attached to this Affidavit.  The certificate of title was issued______________.  The title number is ________________.  The Homeowner shall surrender the original certificate of title to the Department of Revenue.

[___]     The Home is covered by a certificate of title.  After diligent search and inquiry, the Homeowner is unable to produce the certificate of title.  The Homeowner shall apply to the Department of Revenue for a confirmation of conversion of the Home.

[___]     The Home is not covered by a certificate of title or a manufacturer's statement of origin.  The Homeowner shall apply to the Department of Revenue for a confirmation of conversion of the Home.

     9.  Homeowner shall initial only one of the following as it apple to the Home.

[___]     The Home is not subject to any liens or security interests. 

[___]     Each security interest in or lien on the Home has been released and proof of release is attached to this Affidavit.

[___]     The Home is subject to the following security interests or liens:

     (1)  Name of Lienholder: __________________________________________________________________

Adress:___________________________________________________________

     (2)  Name of Lienholder: __________________________________________________________________

Adress:___________________________________________________________

     (3)  Name of Lienholder: __________________________________________________________________

Adress:___________________________________________________________

     Each security interest or lien shall be released.

     10.  The Homeowner designates ____________________________________________________ (name) of ____________________________________ (address) to file the recorded original of this Affidavit with the Department of Revenue:

IN WITNESS WHEREOF, Homeowner(s) has executed this Affidavit in my presence on this ____________ day of ______________________________, ___________.

____________________________________ (Seal)

Homeowner #1                     

____________________________________

Printed Name 

____________________________________ (Seal)

Homeowner #2                     

____________________________________

Printed Name                

STATE OF ___________________________

(                       )  ss.:

COUNTY OF _______________________ )

     On the _____________ day of ____________________________ in the year ____________ before me, the undersigned, a Notary Public in and for said State, personally appeared ___________________________________________________________________________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person on behalf of which the individual(s) acted, executed the instrument.

_______________________________

Notary Signature

_______________________________

Notary Printed Name

Notary Public; State of ________________

Qualified in the County of _____________

My commission expires:  ________________

Official Seal:

Lender's Statement of Intent:

The undersigned ("Lender") intends that the Home be an immoveable fixture and a permanent improvement to the Land.

___________________________

Lender

By:  ____________________________

     Authorized Signature

Printed Name:  _______________________

STATE OF _____________________________)

                                     )  ss.:

COUNTY OF ____________________________)

     On the _____________ day of __________________________ in the year ____________ before me, the undersigned, a Notary Public in and for said State, personally appeared ___________________________________________________________________________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person on behalf of which the individual(s) acted, executed the instrument.

_______________________________

Notary Signature

_______________________________

Notary Printed Name

Notary Public; State of __________________

Qualified in the County of _______________

My commission expires:  __________________

Official Seal

     (4)  Neither the act of affixing a manufactured home to real property nor the recording of the affidavit of affixation shall impair the rights of any holder of a security interest in or lien on a manufactured home perfected under Section 63-21-43, unless and until the due filing with and acceptance by the Department of Revenue of an application to surrender the title as provided in Section 63-21-30(b) and the release of such security interest or lien as provided in Section 63-21-49.  Upon the filing of such a release. the security interest or lien perfected under Section 63-21-43 is terminated.  The recording of an affidavit of affixation does not release or change the character of the lien noted on a certificate of title.

     (5)  The affidavit of affixation shall be presented for recording pursuant to Chapter 5 of this title, together with the fees provided by law.  Upon receipt from the clerk of the chancery court of the recorded original affidavit of affixation by the person presenting the affidavit for recording, such person shall forthwith deliver for filing to the Department of Revenue the recorded original affidavit of affixation and the other documents as provided in subsection (2)(d) of this section.

     (6)  A manufactured home shall be deemed to be real property upon the occurrence of all of the following events:

          (a)  The manufactured home is affixed to a permanent foundation as provided in subsection (1) of this section;

          (b)  An affidavit of affixation conforming to the requirements of subsection (3) of this section has been recorded in the conveyance records in the office of the clerk of the chancery court in the county where the manufactured home is affixed to real property;

          (c)  The recorded original affidavit of affixation has been delivered for filing to the Department of Revenue as provided in subsection (5) of this section; and

          (d)  The requirements of Section 63-21-30(1), (2) and (3), as applicable, have been satisfied.

          (e)  Notwithstanding paragraphs (a), (b), (c) and (d) of this subsection, if an application to surrender a manufacturer's statement of origin, an application to surrender a certificate of title or an application for confirmation of conversion pursuant to Section 63-21-30 is delivered to the Department of Revenue within sixty (60) days of recording the related affidavit of affixation in the land records of the clerk of the chancery clerk in the county in which the real property to which the manufactured home is or shall be affixed and the application is thereafter accented by the Department of Revenue, the requirements of this section shall be deemed satisfied as of the date the affidavit of affixation is recorded.

     (7)  Upon the satisfaction of the requirements of subsection (6) of this section, such manufactured home shall be deemed to be real property, and any mortgage, deed of trust, lien, or security interest which can attach to land, buildings erected thereon or fixtures affixed thereto shall attach as of the date of its recording in the same manner as real property.  Title to such manufactured home shall be transferred by deed or other form of conveyance that is effective to transfer an interest in real property, together with the land to which such structure has been affixed.  The manufactured home shall be deemed to be real property and shall be governed by the laws of this state applicable to real property.

     (8)  Except as provided in subsections (3), (5), (6) and (7) of this section, an affidavit of affixation is not necessary or effective to convey or encumber a manufactured home or to change the character of a manufactured home to real property.

     (9)  Nothing in this section shall impair any rights existing under law prior to the effective date of this section of anyone claiming an interest in a manufactured home.

     (10)  If and when a manufactured home for which an affidavit of affixation has been recorded is detached or severed from the real property to which it is affixed, any person having an interest in the real property may record an affidavit of severance in the land records of the county where the affidavit of affixation with respect to the manufactured home is recorded.

          (b)  The affidavit of severance shall contain:

              (i)  The name, residence and mailing address of the owner of the manufactured home;

              (ii)  A description of the manufactured home including, so far as the following data exists, the name of the manufacturer, the make, the model name, the model year, the dimensions, and the manufacturer's serial number or numbers of the manufactured home and whether it is new or used;

              (iii)  The instrument number and/or book number, page number and date of recordation of the affidavit of affixation;

              (iv)  A statement of either:

                   1.  Any facts or information known to the party executing the affidavit that could reasonably affect the validity of the title of the manufactured home or the existence or nonexistence of a security interest in or lien on it; or

                   2.  That no such facts or information are known to such party;

              (v)  A sworn declaration by an attorney at law. duly admitted to practice in the courts of the State of Mississippi, or an agent of a title insurance company duly licensed to issue policies of title insurance in the State of Mississippi, that the manufactured home is free and clear of all security interests, liens and encumbrances or all security interest, liens and encumbrances will be released:

                   1.  Any facts or information known to him or her that could affect the validity of the title of the manufactured home or the existence or nonexistence of any security interest in or lien on it; or

                   2.  That no such facts or information are known to him or her; and

              (vi)  The name and address of a person designated for filing the recorded copy of the affidavit of severance with the Department of Revenue, to whom the clerk of the chancery court shall return the recorded copy of the affidavit of severance after it has been duly recorded in the real property records, as provided in paragraph (e) of this subsection.

          (c)  The affidavit of severance shall be in the form set forth in paragraph (d) of this subsection, duly acknowledged or proved in like manner as to entitle a conveyance to be recorded, and when so acknowledged or proved and upon payment of the lawful fees therefor, the clerk of the chancery court shall immediately cause the affidavit of severance and any attachments thereto to be duly recorded and indexed under Chapter 5 of this title.

          (d)  An affidavit of severance shall be in the form set forth below:

_______________, 20__     FILING INSTRUCTIONS: ________, ________,

                                             __________________.

Date

_____________________

Prepared by:       Record & Return by [ ] Mail [ ] Pickup to:

________________________                   __________________________

Name   Bar No. (if applicable)         Name

________________________                   __________________________

Address 1                             Address 1

________________________                   __________________________

Address 2                             Address 2

________________________                   __________________________

Telephone Number                      Telephone Number

Homeowner #1

Name: ____________________________________________________________

Address: _________________________________________________________

Residential Telephone: __________  Business Telephone: ___________

Homeowner #2:

Name: ____________________________________________________________

Address: _________________________________________________________

Residential Telephone: ___________  Business Telephone: __________

Manufactured Home Affidavit of Severance

STATE OF ________________________ )

                                  )  ss.:

COUNTY OF _______________________ )

BEFORE ME, the undersigned notary public, on this day personally appeared Homeowner(s) known to me to be the person(s) whose name(s) is/are subscribed below (each a "Homeowner"), and who, being by me first duly sworn, did each on his or her oath state as follows:

  1.  The legal description of the real property from which the manufactured home ("Home"), described below, is or will be severed ("Land") is:

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

__________________________________________________________________

                2.  The Homeowner(s) reside at the following address:

__________________________________________________________________

__________________________________________________________________

Street or Route         City      County             State

                                                     Zip Code

Mailing address, if different:

__________________________________________________________________

__________________________________________________________________

Street or Route         City      County             State

                                                     Zip Code

  3.  Homeowner owns the Home described as follows:

__________________________________________________________________

__________________________________________________________________

New/Used  Year         Manf. Name/Make   Model Name and Model No.  Manf. Serial No.             Length /  Width

  4.  The Home is or was located at the following "Property Address":

__________________________________________________________________

__________________________________________________________________

Street or Route         City      County             State

                                                     Zip Code

  5.  An Affidavit of Affixation was duly recorded in the land records of  ______________________________ County on ________________________________, with an instrument number of____________ and/or in the Deed Book in book number ___________ at page number _____________.  A copy of the recorded Affidavit of Affixation is attached to this Affidavit.

  6.  The Home is subject to the following security interests (each, a "Security interest"):

Name of Lienholder:                Name of Lienholder:

__________________________         _____________________________

Address:                           Address:                   

__________________________         _____________________________

Original Principal Amount Secured: _______________________________

Original Principal Amount Secured: _______________________________

  7.  Other than those disclosed in this Affidavit, (i) the Homeowner is not aware of any facts or information known to the him or her that could reasonably affect the validity of the title of the manufactured home or the existence or nonexistence of security interests in or liens on it or (ii) that no such facts or information are known to the Homeowner.

  8.  The sworn statement of an attorney at law, duly admitted to practice in the courts of the state of Mississippi, or an agent of a title insurance company duly licensed to issue policies of title insurance in the state of Mississippi is attached ("Severance Certification").  The Severance Certification states that the manufactured home is free and clear of all security interests, liens and encumbrances or all security interests, liens and encumbrances will be released, and (A) any facts or information known to him that could reasonably affect the validity of the title of the manufactured home or the existence or nonexistence of security interests in or liens on it; or (B) that no such facts or information are known to him.

  9.  The Homeowner designates the following person to file the recorded copy of this Manufactured Home Affidavit of Severance with the Department of Revenue.  After recording of this Affidavit, the clerk of the chancery court shall return the recorded copy to this designated person:

Name: ____________________________________________________________

Address: _________________________________________________________

  10.  This Affidavit is executed by Homeowner(s) pursuant to applicable state law.

IN WITNESS WHEREOF, Homeowner(s) has executed this Affidavit in my presence on this ____________ day of ____________________________, ___________.

____________________________________ (SEAL)

Homeowner #1

____________________________________

Printed Name

____________________________________ (SEAL)

Homeowner #2

____________________________________

Printed Name

STATE OF _________________________    )

                                  )  ss.:

COUNTY OF _______________________ )

     On the _____________ day of _________________________________ in the year ____________ before me, the undersigned, a Notary Public in and for said State, personally appeared ___________________________________________________________________________________________, personally known to me or proved to me on the basis of satisfactory evidence to be the individual(s) whose name(s) is(are) subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their capacity(ies), and that by his/her/their signature(s) on the instrument, the individual(s), or the person on behalf of which the individual(s) acted, executed the instrument.

___________________________________

Notary Signature

___________________________________

Notary Printed Name

Notary Public; State of __________________________

Qualified in the County of _______________________

My commission expires: ___________________________

Official Seal:

          (e)  The affidavit of severance shall be presented for recording pursuant to Chapter 5 of this title, together with the fees provided by law.  Upon receipt from the clerk of the chancery court of a copy of the recorded affidavit of severance by the person presenting the affidavit for recording, such personal shall forthwith deliver for filing to the Department of Revenue such copy of the affidavit of severance and the other documents as provided in paragraph (b) of this subsection.

     SECTION 31.  This act shall take effect and be in force from and after January 1, 2017.