MISSISSIPPI LEGISLATURE
2016 Regular Session
To: Judiciary A
By: Representatives Huddleston (30th), Hines, Anderson, Campbell, Faulkner, Holloway, Thomas
AN ACT TO RELIEVE THE PURCHASER OF AN AUTOMOBILE FROM FINANCIAL OBLIGATION ON THE AUTOMOBILE IF THE PURCHASER CAN NO LONGER AFFORD TO MAKE PAYMENTS; TO REQUIRE THE PURCHASER TO CONTACT THE SELLER OR FINANCING COMPANY TO MAKE ARRANGEMENTS TO HAVE THE AUTOMOBILE RETURNED; TO CEASE FUTURE FINANCIAL OBLIGATION OF THE PURCHASER AT THE TIME CONTACT IS MADE WITH THE SELLER OR FINANCE COMPANY TO RETAKE POSSESSION OF THE AUTOMOBILE; TO STIPULATE THE CONDITIONS UPON WHICH THE PURCHASER MUST MAKE PAYMENTS ON THE REPOSSESSED VEHICLE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. If at any time after an individual purchases an automobile through a lease, lease-purchase or long-term finance agreement, that individual becomes unable to make the regularly scheduled payments in a timely manner, he or she may contact the seller or financing company to make arrangements for the automobile to be returned to the seller. At the point at which contact is made by the purchaser with the seller or the financing company to retake possession of the automobile in default, the purchaser shall be relieved from making future payments on the automobile, provided that any outstanding balances remaining due on the automobile prior to the time of contact and repossession are paid in full. If a previous outstanding balance remains unpaid at the time of repossession, the purchaser shall make necessary arrangements with the seller or financing company to cure the previous remaining balance before being released from financial obligation with respect to the automobile.
SECTION 2. This act shall take effect and be in force from and after July 1, 2016.