MISSISSIPPI LEGISLATURE
2011 Regular Session
To: Banking and Financial Services
By: Representatives Formby, Jones (111th)
AN ACT TO AMEND SECTION 81-18-53, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT THE MISSISSIPPI S.A.F.E. MORTGAGE ACT SHALL APPLY TO THE ACTIVITIES OF OWNER FINANCING ONLY TO THE EXTENT AS DETERMINED BY THE UNITED STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 81-18-53, Mississippi Code of 1972, is amended as follows:
81-18-53. (1) The provisions of this chapter shall apply to the activities of retail sellers of manufactured homes to the extent as determined by the United States Department of Housing and Urban Development through guidelines, rules, regulations or interpretive letters.
(2) In addition to the exemptions in Section 81-18-5(b) and (c), the provisions of this chapter shall apply to the activities of owner financing only to the extent as determined by the United States Department of Housing and Urban Development through its guidelines, rules, regulations or interpretive letters.
SECTION 2. This act shall take effect and be in force from and after its passage.