Bill Text: MS HB409 | 2015 | Regular Session | Enrolled
Bill Title: Veterans' Home Purchase Law; increase maximum annual cost of administering.
Spectrum: Bipartisan Bill
Status: (Passed) 2015-03-13 - Approved by Governor [HB409 Detail]
Download: Mississippi-2015-HB409-Enrolled.html
MISSISSIPPI LEGISLATURE
2015 Regular Session
To: Banking and Financial Services
By: Representatives Zuber, Dixon
House Bill 409
(As Sent to Governor)
AN ACT TO AMEND SECTION 35-7-9, MISSISSIPPI CODE OF 1972, TO INCREASE THE MAXIMUM ANNUAL COST OF ADMINISTERING THE VETERANS' HOME PURCHASE LAW FROM ONE PERCENT OF MORTGAGE LOANS IN FORCE TO TWO PERCENT OF MORTGAGE LOANS IN FORCE; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. Section 35-7-9, Mississippi Code of 1972, is amended as follows:
35-7-9. The cost of
administering this chapter shall not exceed in any one (1) fiscal year * * * two percent (2%) of
mortgage loans in force. Administrative expenses shall include all costs for:
personnel, travel, subsistence, contractual services, commodities and equipment
utilized in operating the offices and facilities of the board and shall not
include expenditures reimbursed to the board by applicants, veterans/owners,
insurance companies and funds passing through escrow, regardless of the budget
and accounting codes utilized. The amount of contracts in force for the
purpose of this section shall be considered the amount in force at the end of
the fiscal year in which the expenditures for administration are incurred.
SECTION 2. This act shall take effect and be in force from and after July 1, 2015.
