Bill Text: MS HB50 | 2023 | Regular Session | Introduced
Bill Title: Federal home loan banks; require to establish a collateral liquidation plan to satisfy a delinquent borrower's obligations to the bank.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Failed) 2023-01-31 - Died In Committee [HB50 Detail]
Download: Mississippi-2023-HB50-Introduced.html
MISSISSIPPI LEGISLATURE
2023 Regular Session
To: Banking and Financial Services
By: Representative Zuber
House Bill 50
AN ACT TO REQUIRE FEDERAL HOME LOAN BANKS TO ESTABLISH A COLLATERAL LIQUIDATION PLAN TO SATISFY A DELINQUENT BORROWER'S OUTSTANDING ADVANCES AND OTHER CREDIT OBLIGATIONS TO THE BANK; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Notwithstanding any other provisions of federal or state law, a federal home loan bank shall establish a collateral liquidation plan to liquidate a delinquent borrower's collateral to satisfy such borrower's outstanding advances and other credit obligations to the bank.
(2) Such collateral liquidation plan shall require the bank to foreclose upon, sell, lease or otherwise dispose of such collateral, or any portion thereof, or otherwise exercise its rights as a secured party, taking into account the nature and amount of such collateral, the markets in which such collateral is normally traded or sold, and other relevant factors, provided that the bank acts in good faith and in a commercially reasonable manner and otherwise in accordance with applicable law.
SECTION 2. This act shall take effect and be in force from and after July 1, 2023.
