Bill > SB2856

This bill amends Mississippi law to prevent the perfection of a security interest in a motor vehicle if that vehicle is already subject to a statutory possessory lien, which is a legal claim on property to secure payment for services or materials, such as those provided by a mechanic or a towing company. Before a secured party, like a bank or lender, can perfect their security interest (meaning to officially establish their legal claim to the vehicle as collateral for a loan), they must now certify to the Department of Revenue that no such possessory lien exists or obtain written consent from the holder of that lien. If a security interest is perfected in violation of this new rule, it will be considered unperfected against the holder of the possessory lien and will be subordinate to that lien, meaning the possessory lien will take priority. The bill also brings forward existing sections of Mississippi Code related to vehicle titles, secured transactions, and possessory liens for potential future amendments.

Budget and Finance

https://billstatus.ls.state.ms.us/2026/pdf/history/SB/SB2856.xml