HB1127

Mississippi HB1127 amends the definition of rental-purchase agreements and establishes new requirements for recording such agreements in county land.

Mississippi HB1127 revises the definition of "rental-purchase agreement" and introduces new terms under the Mississippi Rental-Purchase Agreement Act. It mandates that lessors file rental-purchase agreements for real property in county land records. The bill allows consumers to reinstate agreements by paying all due amounts within fifteen days after a missed payment, but limits this right to three occurrences. It also specifies that rental-purchase agreements for real property do not convert to month-to-month tenancies upon payment failure. The act takes effect from July 1, 2026.