History of Actions | Background | Title |
Description: Banks and financial institutions; allow borrower to select attorney to handle loan closing.
| 1 | 01/05/99 | (H) | Referred To Banks and Banking | |
| 2 | 02/02/99 | (H) | Died In Committee |
| Effective date | July 1, 1999 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| 3/5ths vote required | No |
House Committee:
Principal Author: Perkins
Code Sections: A 081-0012-0165, A 081-0014-0307
Title: AN ACT TO REQUIRE BANKS TO ADVISE BORROWERS IN WRITING OF THEIR RIGHT TO SELECT AN ATTORNEY OF THEIR CHOICE TO CLOSE LOANS AND LOOK AFTER THE BORROWER'S INTERESTS IN CONNECTION WITH A LOAN; TO PROVIDE THAT A BORROWER SHALL NOT BE REQUIRED TO PAY AN ATTORNEY'S FEE TO ANY ATTORNEY OTHER THAN THE ATTORNEY SELECTED BY THE BORROWER; TO PROHIBIT BANKS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE BANK WHEN INFORMING A BORROWER OF HIS RIGHT TO SELECT AN ATTORNEY; TO PROHIBIT BANKS FROM DISCRIMINATING IN ANY FORM WHATSOEVER ON ANY LOAN CLOSED BY AN ATTORNEY SELECTED BY A BORROWER; TO PROVIDE PENALTIES FOR VIOLATIONS; TO AMEND SECTION 81-12-165, MISSISSIPPI CODE OF 1972, TO PROHIBIT SAVINGS ASSOCIATIONS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE SAVINGS ASSOCIATION WHEN INFORMING A BORROWER OF THE RIGHT TO SELECT AN ATTORNEY; TO AMEND SECTION 81-14-307, MISSISSIPPI CODE OF 1972, TO REQUIRE SAVINGS BANKS TO ADVISE BORROWERS IN WRITING OF THEIR RIGHT TO SELECT AN ATTORNEY OF THEIR CHOICE IN CONNECTION WITH A LOAN; TO PROHIBIT SAVINGS BANKS FROM RECOMMENDING ANY ATTORNEY OR REFERRING TO ANY ATTORNEY AS REPRESENTING THE SAVINGS BANK WHEN INFORMING A BORROWER OF HIS RIGHT TO SELECT AN ATTORNEY; TO PROHIBIT SAVINGS BANKS FROM DISCRIMINATING IN ANY FORM WHATSOEVER ON ANY LOAN CLOSED BY AN ATTORNEY SELECTED BY A BORROWER; TO PROVIDE THAT A BORROWER SHALL NOT BE REQUIRED TO PAY AN ATTORNEY'S FEE TO ANY ATTORNEY OTHER THAN THE ATTORNEY SELECTED BY THE BORROWER; TO PROVIDE PENALTIES FOR VIOLATIONS; AND FOR RELATED PURPOSES.
End Of Document
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