Senate Bill 2619

(As Passed the Senate)

AN ACT TO REPEAL SECTIONS 27-47-1 THROUGH 27-47-31, MISSISSIPPI CODE OF 1972, WHICH AUTHORIZE A TAXPAYER TO ASSIGN TO ANY ASSIGNEE TAX LIENS FOR AD VALOREM TAXES OWED UPON THE TAXPAYER'S PROPERTY UPON PAYMENT OF THE TAXES AND ALL COSTS AND DAMAGES INCURRED, PROVIDE THE FORM OF THE ASSIGNMENT, PROVIDE FOR THE RECORDING OF THE ASSIGNMENT AND NOTICE TO THE HOLDERS OF MORTGAGES OR OTHER LIENS, PROVIDE FOR THE ENFORCEMENT OF THE LIEN BY THE ASSIGNEE, PROVIDE THAT CERTAIN LOANS MADE UNDER THIS CHAPTER SHALL BE EXEMPT FROM TAXES AND PROVIDE THAT THE USURY STATUTES DO NOT APPLY.

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

SECTION 1. Sections 27-47-1, 27-47-3, 27-47-5, 27-47-7, 27-47-9, 27-47-11, 27-47-13, 27-47-15, 27-47-17, 27-47-19, 27-47-21, 27-47-23, 27-47-25, 27-47-27, 27-47-29 and 27-47-31, Mississippi Code of 1972, which authorize a taxpayer to assign to any assignee tax liens for ad valorem taxes owed upon the taxpayer's property upon payment of the taxes and all costs and damages incurred, provide the form of the assignment, provide for the recording of the assignment and notice to the holders of mortgages or other liens, provide for the enforcement of the lien by the assignee, provide that certain loans made under this chapter shall be exempt from taxes and provide that the usury statutes do not apply, are repealed.

SECTION 2. This act shall take effect and be in force from and after July 1, 2003.