Bill > HB1127

This bill expands the definition of a "rental-purchase agreement" to include agreements for the conveyance of real property, meaning a contract where a consumer makes regular rental payments and eventually owns the property, typically used as their residence. It also defines "property" as personal property and "real property" as land and its structures in the context of these agreements. A key provision requires that any rental-purchase agreement involving real property must be officially recorded in the county land records, though agreements not filed will still be valid if both parties comply. Furthermore, if a consumer misses a payment on a real property rental-purchase agreement, they have a grace period of fifteen business days after the missed payment to reinstate the agreement by paying all outstanding amounts, but this reinstatement right is limited to three occasions during the agreement's term.

Justice

https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1127.xml