Bill > HB1477

This bill establishes a process for handling abandoned contents of safe deposit boxes in Mississippi, requiring banks and financial organizations to provide specific written and electronic notices to lessees whose rent is delinquent for at least one year or whose lease has been terminated for at least one year. After a specified notice period, if rent remains unpaid, the financial institution can open the box in the presence of two employees, one of whom must be a notary, and inventory its contents. The contents are then sealed and held until escheated to the State Treasurer, who will sell them at public auction after a period of three years from the lease termination, with proceeds going to the state after deducting any amounts owed to the financial institution. The bill also updates definitions for "last known address" and "lawful charges" within the context of unclaimed property laws and modernizes provisions related to abandoned property under the Uniform Disposition of Unclaimed Property Act.

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https://billstatus.ls.state.ms.us/2026/pdf/history/HB/HB1477.xml