Bill Text | History of Actions | Background | Title |
Description: Condominiums; require developer to pay certain amounts paid by buyer into an escrow account.
Bill Text: [Introduced]
| 1 | 01/16 (H) Referred To Ways and Means | |
| 2 | 01/31 (H) Died In Committee |
| Effective date | July 1, 2006 | |
| Disposition | Dead | |
| Deadline | General Bill/Constitutional Amendment | |
| Revenue | No | |
| Vote type required | Majority |
House Committee:
Principal Author: Guice
Title: AN ACT TO CREATE NEW SECTION 89-9-39, MISSISSIPPI CODE OF 1972, TO REQUIRE CONDOMINIUM DEVELOPERS TO PAY CERTAIN AMOUNTS PAID BY BUYER INTO AN ESCROW ACCOUNT; TO PROVIDE CERTAIN REMEDIES FOR THE TERMINATION OR DEFAULT OF THE DEVELOPMENT CONTRACT; TO PROVIDE PENALTIES FOR FAILURE TO COMPLY WITH THE REQUIREMENTS OF THIS SECTION; TO REQUIRE THE DEVELOPER TO ESTABLISH THE ESCROW ACCOUNT WITH A CERTAIN APPROVED ESCROW AGENT; TO CREATE NEW SECTION 89-9-41, MISSISSIPPI CODE OF 1972, TO REQUIRE DEVELOPERS TO PROVIDE WARRANTIES TO EXTEND FOR A CERTAIN PERIOD TO PURCHASERS UPON COMPLETION OF THE BUILDING CONTAINING THE CONDOMINIUM UNIT; AND FOR RELATED PURPOSES.
End Of Document
2006/html/History/HB/HB1053.htm