Bill Text: MS HB1304 | 2013 | Regular Session | Introduced
Bill Title: Foreclosures; require notice to last known insurer for residential real property.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2013-02-05 - Died In Committee [HB1304 Detail]
Download: Mississippi-2013-HB1304-Introduced.html
MISSISSIPPI LEGISLATURE
2013 Regular Session
To: Banking and Financial Services
By: Representative Monsour
House Bill 1304
AN ACT TO AMEND SECTION 89-1-55, MISSISSIPPI CODE OF 1972, TO REQUIRE NOTICE OF FORECLOSURE ON RESIDENTIAL REAL ESTATE TO LAST KNOWN INSURER; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 89-1-55, Mississippi Code of 1972, is amended as follows:
89-1-55. (1) All lands comprising a single tract, and wholly described by the subdivisions of the governmental surveys, sold under mortgages and deeds of trust, shall be sold in the manner provided by Section 111 of the Mississippi Constitution of 1890 for the sale of lands in pursuance of a decree of court, or under execution. All lands sold at public outcry under deeds of trust or other contracts shall be sold in the county in which the land is located, or in the county of the residence of the grantor, or one (1) of the grantors in the trust deed, provided that where the land is situated in two (2) or more counties, the parties may contract for a sale of the whole in any of the counties in which any part of the land lies. Sale of said lands shall be advertised for three (3) consecutive weeks preceding such sale, in a newspaper published in the county, or, if none is so published, in some paper having a general circulation therein, and by posting one (1) notice at the courthouse of the county where the land is situated, for said time, and such notice and advertisement shall disclose the name of the original mortgagor or mortgagors in said deed of trust or other contract. No sale of lands under a deed of trust or mortgage, shall be valid unless such sale shall have been advertised as herein provided for, regardless of any contract to the contrary. An error in the mode of sale such as makes the sale void will not be cured by any statute of limitations, except as to the ten-year statute of adverse possession.
(2) With respect to residential real estate, any party foreclosing on property by deed of trust, or by judicial action, shall send notice of the action by first class mail, postage prepaid, to the last known insurer of the mortgage holder whose real property is being foreclosed. This notice shall be sent at the time of any conveyance of deed by sale, or at the conclusion of any judicial proceeding to transfer ownership of the real estate. The notice shall state the name of the party being foreclosed upon and the address of the real property. For notice purposes, providing notice to the insurance department in care of the last known insurer shall be sufficient to comply with this subsection.
SECTION 2. This act shall take effect and be in force from and after July 1, 2013.
