Mississippi Land Bank Act; local government transfer vacant and abandoned property to.

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To: Judiciary, Division A;
Finance
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Senator(s) Mumford, Hickman, Jackson

SENATE BILL NO. 2677

AN ACT TO CREATE THE "MISSISSIPPI LAND BANK ACT" TO PROMOTE 1
RETURNING BLIGHTED OR ABANDONED PROPERTIES TO COMMERCE THROUGH THE 2
CREATION OF LAND BANKS BY LOCAL GOVERNMENTS, ACTING INDIVIDUALLY 3
OR COOPERATIVELY WITH OTHER LOCAL GOVERNMENTS; TO PROVIDE FOR THE 4
POWERS AND DUTIES OF LAND BANKS; TO AUTHORIZE LAND BANKS TO 5
ACQUIRE, DEVELOP, AND DISPOSE OF PROPERTY; TO AUTHORIZE LAND BANKS 6
TO PERFORM RELATED FUNCTIONS, SUCH AS MANAGING PROPERTY OWNED BY 7
THE LAND BANK, QUIETING AND CONFIRMING TITLE TO PROPERTY, 8
ESTABLISHING REDEVELOPMENT AND FINANCING STRUCTURES (INCLUDING 9
THOSE TO FACILITATE TAX CREDITS AND SUBSIDIARY ENTITIES), 10
FINANCING REDEVELOPMENT, ISSUING BONDS, AND ACCEPTING TAX 11
FORFEITED PROPERTIES FROM THE SECRETARY OF STATE; AND FOR RELATED 12
PURPOSES. 13
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 14
SECTION 1. Short title. This act shall be known and may be 15
cited as the "Mississippi Land Bank Act." 16
SECTION 2. Legislative findings and purpose. The 17
legislature finds and declares as follows: 18
(a) Many Mississippi communities – whether urban, 19
suburban or rural – are struggling to cope with vacant and 20
abandoned properties that are effectively out of commerce. 21
(b) Vacant and abandoned property represents lost 22
revenue to local governments after becoming forfeited to the state 23
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for nonpayment of taxes. They impose real costs on a community, 24
including costs associated with demolition, safety hazards and 25
spreading deterioration of neighborhoods that often lead to 26
mortgage foreclosures. 27
(c) Returning vacant and abandoned property to commerce 28
will strengthen the economy of the state and its local 29
governments. 30
(d) There is a public need to confront the problems 31
caused by vacant and abandoned properties through the creation of 32
new tools that enable communities throughout Mississippi to 33
redevelop problem properties. 34
(e) Land banking is one of the tools that can 35
facilitate the return of vacant and abandoned properties to 36
productive use. 37
(f) For land banks to function effectively, they need 38
the operational flexibility to acquire interests in vacant and 39
abandoned properties; to clean, demolish, and rehabilitate 40
property to improve the likelihood of properties being returned to 41
commerce; and to catalyze their redevelopment. 42
(g) It is a valid public purpose for a land bank 43
created under this act to acquire, assemble, dispose of, and quiet 44
title to property under this act. It is further declared to be a 45
valid public purpose for a land bank created under this act to 46
provide for financing the acquisition, assembly, disposition, and 47
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quieting of title to property, and for a land bank to exercise 48
other powers granted to a land bank under this act. 49
(h) The Legislature finds that a land bank created 50
under this act and powers conferred by this act constitute a 51
necessary program and serves a necessary public purpose. 52
SECTION 3. Construction, intent and scope of act. This act 53
shall be construed liberally to remediate property in a way that 54
addresses the legislative findings in Section 2 of this act. It 55
shall be construed as complete and independent authorization to 56
perform every act, function, and thing authorized by this act. 57
All powers granted herein shall be broadly interpreted to 58
effectuate the legislative purposes and not interpreted as a 59
limitation of powers granted to land banks. Except as otherwise 60
expressly set forth in this act, in the exercise of its powers and 61
duties under this act and its powers relating to property held by 62
a land bank, a land bank shall be authorized to operate as fully 63
and completely as if it were a private property owner and shall 64
not be subject to restrictions imposed by the charter, ordinances, 65
or resolutions of a local unit of government applicable to the 66
disposition or acquisition of property. 67
SECTION 4. Definitions. The following words and phrases 68
when used in this act shall have the meanings given to them in 69
this section unless the context clearly indicates otherwise: 70
(a) "Act" shall mean this Mississippi Land Bank Act. 71
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(b) "Board of directors" or "board" shall mean the 72
board of directors of a land bank. 73
(c) "Land bank" shall mean a land bank established 74
under this chapter and in accordance with the provisions of 75
this act. 76
(d) "Local government" shall mean a municipality or a 77
county. 78
(e) "Public servant" shall have the meaning ascribed in 79
Section 25-4-103(p). 80
(f) "Real property" or "property" shall mean lands 81
(whether unimproved or improved), lands under water, structures 82
and any and all easements, air rights, franchises and incorporeal 83
hereditaments and every estate and right therein, legal and 84
equitable, including terms for years and liens by way of judgment, 85
mortgage or otherwise, and any and all fixtures and improvements 86
located thereon. 87
(g) "Sponsoring government" shall mean the local 88
government or governments that create a land bank. 89
SECTION 5. Creation and existence. (1) Any local 90
government may create a land bank by the adoption of a resolution 91
specifying the following: 92
(a) The name of the land bank. 93
(b) The territorial extent of the land bank's 94
operation, if different from that of the sponsoring government's 95
jurisdiction. 96
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(c) The number of members of the board of directors, 97
which shall consist of an odd number of members, and shall be not 98
less than five (5) nor more than eleven (11) members. 99
(d) The qualifications, manner of selection or 100
appointment, and terms of office of members of the board. 101
(e) The initial individuals to serve as members of the 102
board of directors, and the length of terms for which they are to 103
serve. 104
(f) Other matters as determined by the sponsoring 105
government. 106
(2) Two (2) or more local governments may create a single 107
land bank by adopting an agreement under the Interlocal 108
Cooperation Agreement Act of 1974, Section 17-13-1 et seq., which 109
agreement shall be in accordance with the provisions of subsection 110
(1) of this section. 111
(3) A land bank established by a municipality may include 112
property outside of its municipal limits with the consent of the 113
county in which the property outside of the municipal limits is 114
located. 115
(4) Except when a land bank is created pursuant to 116
subsection (2) of this section, a land bank established by a 117
county shall operate only outside of the territorial extent of any 118
other pre-existing land bank, and may operate within the limits of 119
a municipality only with that municipality's consent. 120
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(5) Each land bank created pursuant to this act shall be a 121
public entity and a political subdivision in accordance with 122
Mississippi law, and shall have permanent and perpetual duration 123
until terminated and dissolved in accordance with the provisions 124
of Section 17 of this act. 125
SECTION 6. Board of directors. (1) Unless restricted by 126
the actions or agreements specified in Section 5 of this act, and 127
subject to the limits set forth in this section, the size of the 128
board may be adjusted in accordance with rules adopted by the 129
board or as specified in the land bank's bylaws. 130
(2) Notwithstanding any law to the contrary, any public 131
servant shall be eligible to serve as a board member and the 132
acceptance of the appointment shall neither terminate nor impair 133
such public servant's office. 134
(3) The members of the board of directors shall select from 135
among themselves a chairman and a vice chairman, as well as such 136
other officers as the board may determine. Their duties and terms 137
shall be regulated by rules adopted by the board. 138
(4) The board shall establish rules and requirements 139
relative to the attendance and participation of members in its 140
meetings. Such rules and regulations may prescribe a procedure 141
whereby, should any member fail to comply with such rules and 142
regulations, that member may be disqualified and removed from 143
office by no less than a majority vote of the remaining members of 144
the board, and that member's position shall be vacant as of the 145
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first day of the next calendar month. Any person removed under 146
this subsection shall be ineligible for reappointment to the 147
board, unless such reappointment is confirmed unanimously by the 148
board. 149
(5) A vacancy on the board shall be filled by the sponsoring 150
government. 151
(6) Board members shall serve without compensation. 152
(7) The board shall meet in regular session according to a 153
schedule adopted by the board, and also shall meet in special 154
session as convened by the chairman or upon three (3) days written 155
notice signed by a majority of the members and posted at the city 156
hall or courthouse of each local government, as applicable. The 157
presence of a majority of the board total membership, not 158
including vacancies, shall constitute a quorum to conduct 159
business. 160
(8) Actions of the board require an affirmative vote of a 161
majority of the members of that board present and voting. 162
However, no action of the board shall be authorized on the 163
following matters unless approved by a majority of the total board 164
membership: 165
(a) Adoption of bylaws and other rules and regulations 166
for conduct of the land bank's business. 167
(b) Hiring or firing of any employee or contractor of 168
the land bank. This function may, by majority vote, be delegated 169
by the board to a specified officer or committee of the land bank, 170
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under such terms and conditions, and to the extent, that the board 171
may specify. 172
(c) The incurring of debt. 173
(d) Adoption or amendment of the annual budget. 174
(e) Sale, lease, encumbrance, or alienation of 175
property, improvements or personal property with a value of more 176
than Fifty Thousand Dollars ($50,000.00). 177
(9) Vote by proxy shall not be permitted. Any member may 178
request a recorded vote on any resolution or action of the land 179
bank. 180
(10) Members of a board shall not be liable personally on 181
the bonds or other obligations of the land bank, and the rights of 182
creditors shall be solely against such land bank. 183
SECTION 7. Staff; retirement system; immunity. (1) A land 184
bank may employ such staff as it deems appropriate, which may 185
include a secretary, an executive director, its own counsel and 186
legal staff, and such technical experts, and such other agents and 187
employees, permanent or temporary, direct or under an employment 188
contract, as it may require, and may determine the qualifications 189
and fix the compensation and benefits of such persons. A land 190
bank may also enter into contracts and agreements with local 191
governments for staffing services to be provided to the land bank 192
by local governments, or for a land bank to provide such staffing 193
services to local governments. 194
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(2) Employees of a land bank may participate in the public 195
employees retirement system on the same basis as employees of 196
counties or municipalities. 197
(3) Employees and members of the board of a land bank shall 198
enjoy the protections afforded to "employees" under Section 199
11-46-1 et seq., commonly referred to as the Mississippi Tort 200
Claims Act. 201
SECTION 8. Powers. A land bank shall possess all powers 202
necessary or appropriate to carry out and effectuate the purposes 203
and provisions of this act, including the following powers in 204
addition to those herein otherwise granted: 205
(a) To adopt, amend and repeal bylaws for the 206
regulation of its affairs and the conduct of its business. 207
(b) To organize and reorganize the executive, 208
administrative, clerical, and other operations of the land bank 209
and to fix the duties, powers and compensation of all employees, 210
agents and consultants. 211
(c) To sue and be sued in its own name and plead and be 212
impleaded in all civil actions, including, but not limited to, 213
actions to clear title to property of the land bank. 214
(d) To borrow from private lenders, from the sponsoring 215
government, from the state, or from federal government funds, as 216
may be necessary, for the operation and work of the land bank. 217
(e) To issue negotiable revenue bonds and notes 218
according to the provisions of this act. 219
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(f) To procure insurance or guarantees from the federal 220
government of the payments of any debts or parts thereof incurred 221
by the land bank, and to pay premiums in connection therewith. 222
(g) To enter into contracts and other instruments 223
necessary, incidental or convenient to the performance of its 224
duties and the exercise of its powers, including, but not limited 225
to, intergovernmental agreements under the Interlocal Cooperation 226
Act of 1974, Section 17-13-1 et seq., for the joint exercise of 227
powers under this act. 228
(h) To enter into contracts, leases, and other 229
instruments necessary, incidental or convenient to the performance 230
of functions by the land bank on behalf of local governments, or 231
the performance by local governments of functions on behalf of the 232
land bank for a term not to exceed forty (40) years. 233
(i) To procure insurance against losses in connection 234
with the property, assets or activities of the land bank. 235
(j) To invest money of the land bank in instruments, 236
obligations, securities, or property determined proper by the 237
board, and name and use depositories for its money. 238
(k) To enter into contracts for the management of, the 239
collection of rent from or the sale of property of the land bank 240
for any length of time without regard to term of office. 241
(l) To design, develop, construct, demolish, 242
reconstruct, rehabilitate, renovate, relocate, and otherwise 243
improve property or rights or interests in property. 244
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(m) To fix, charge and collect rents, fees and charges 245
for the use of property of the land bank and for services provided 246
by the land bank. 247
(n) To grant or acquire a license, easement, lease (as 248
lessor and as lessee), or option with respect to property for any 249
length of time without regard to term of office. 250
(o) To enter into partnerships, joint ventures and 251
other collaborative relationships with other public and private 252
entities for the ownership, management, development, and 253
disposition of property. 254
(p) To take advantage of tax credits available to 255
redevelop efforts (including, but not limited to, Historic Tax 256
Credits, New Markets Tax Credits, and Low Income Housing Tax 257
Credits), and to enter into such financing structures as 258
necessary, with public or private entities or persons, as may be 259
beneficial to fund the redevelopment of any land bank property. 260
(q) To form, or participate in the formation of, 261
subsidiary entities or special purpose entities, in whole or part 262
to facilitate the redevelopment of land bank property, provided 263
that any such subsidiary entity shall comply with the ethics, 264
public meetings, and public records obligations set out in Section 265
13 of this act in the same manner as the land bank itself. 266
(r) To apply for and secure approvals customarily 267
incident to the management and development of property, including 268
zoning, building permits, and subdivision processes. 269
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(s) To undertake title curative measures for property 270
owned or planned for acquisition by the land bank. 271
(t) To do all other things necessary or convenient to 272
achieve the objectives and purposes of the land bank or other laws 273
that relate to the purposes and responsibility of the land bank. 274
(u) The property of a land bank and its income and 275
operations shall be exempt from all taxation by the state and by 276
any of its political subdivisions. 277
(v) A land bank may not exercise the power of eminent 278
domain. 279
SECTION 9. Acquisition of property. (1) The land bank may 280
acquire, and the Secretary of State may transfer, property on the 281
register of tax lands pursuant to Section 29-1-21. 282
(2) The land bank may accept transfers of property from a 283
sponsoring government upon such terms and conditions as agreed to 284
by the land bank and the sponsoring government. Notwithstanding 285
any other law to the contrary, any sponsoring government may 286
transfer to the land bank property and interests in property of 287
the sponsoring government on such terms and conditions and 288
according to such procedures as determined by the sponsoring 289
government. 290
(3) The land bank shall maintain its property in accordance 291
with the laws and ordinances of the jurisdiction in which the 292
property is located. 293
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(4) The land bank shall not own or hold property located 294
outside the jurisdictional boundaries of the sponsoring 295
government, except as provided by Section 5 or 8 of this act. 296
SECTION 10. Disposition of property. (1) The land bank 297
shall hold all property acquired by the land bank in its own name, 298
irrespective of the identity of the transferor of such property. 299
(2) The land bank shall maintain and make available for 300
public review and inspection an inventory of property held by the 301
land bank. 302
(3) The land bank shall determine and set forth in policies 303
and procedures the general terms and conditions for consideration 304
to be received by the land bank for the transfer of property and 305
interests in property for fair value, which consideration may take 306
the form of monetary payments and secured financial obligations, 307
covenants and conditions related to the present and future use of 308
the property, contractual commitments of the transferee, or such 309
other forms of consideration as determined by the board to be in 310
the best interest of the land bank and citizens of the local 311
government. 312
(4) The land bank may convey, exchange, sell, transfer, 313
lease as lessee, grant, release and demise, pledge and hypothecate 314
any and all interests in, upon or to property of the land bank. 315
(5) A sponsoring government may, in its resolution creating 316
a land bank, or in the case of multiple sponsoring governments, in 317
the applicable intergovernmental cooperation agreement, establish 318
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a hierarchical ranking of priorities for the use of property 319
conveyed by a land bank, including, but not limited to, (a) use 320
for purely public spaces and places, (b) use for affordable 321
housing, (c) use for market rate housing, (d) use for retail, 322
commercial and industrial activities, (e) mixed use, and (f) use 323
as conservation areas, and such other uses and in such 324
hierarchical order as determined by the land bank. 325
(6) A sponsoring government may, in its resolution creating 326
a land bank, or in the case of multiple sponsoring governments, in 327
the applicable intergovernmental cooperation agreement, require 328
that any particular form of disposition of property, or any 329
disposition of property located within specified jurisdictions, be 330
subject to specified voting and approval requirements of the 331
board. Except and unless restricted or constrained in this 332
manner, the board may delegate to officers and employees the 333
authority to enter into and execute agreements, instruments of 334
conveyance and all other related documents pertaining to the 335
conveyance of property by the land bank. 336
SECTION 11. Financing of land bank operations. (1) A land 337
bank may receive funding through appropriations, grants, and loans 338
from its sponsoring government, from other local governments, from 339
the state, from the federal government, or from other public and 340
private sources. 341
(2) A land bank may receive and retain payments for services 342
rendered, for rents and leasehold payments received, for 343
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consideration for disposition of real and personal property, for 344
proceeds of insurance coverage for losses incurred, for income 345
from investments, and for any other asset and activity lawfully 346
permitted to a land bank under this act. 347
(3) Ad valorem taxes collected on property conveyed by a 348
land bank shall be remitted to the land bank commencing with the 349
first taxable year following the date of conveyance from the land 350
bank and shall continue through the fifth year thereafter.351
SECTION 12. Borrowing and issuance of bonds. (1) A land 352
bank shall have the power to issue bonds for any of its purposes, 353
the principal and interest of which are payable from its revenues. 354
Any of such bonds may be secured by a pledge of any revenues, 355
including grants or contributions from its sponsoring government, 356
state, the federal government, or by mortgaging any property of 357
the land bank. 358
(2) Bonds issued by a land bank are hereby declared to have 359
all the qualities of negotiable instruments under the law merchant 360
and the negotiable instruments law of Mississippi. 361
(3) Bonds of a land bank created under the provisions of 362
this act and the income therefrom shall at all times be free from 363
taxation for the state or local purposes under any provision of 364
state law. 365
(4) Bonds of a land bank shall be authorized and issued 366
using the same procedures set out in Section 43-35-21(c) through 367
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(f), and shall be legal investments as described in Section 368
43-35-23. 369
(5) Bonds issued by the land bank shall be issued, sold and 370
delivered in accordance with the terms and provisions of a 371
resolution adopted by the board. The board may sell such bonds in 372
such manner, either at public or at private sale, and for such 373
price as it may determine to be in the best interests of the land 374
bank. 375
(6) Neither the members of a land bank nor any person 376
executing the bonds shall be liable personally on any such bonds 377
by reason of the issuance thereof. Such bonds or other 378
obligations of a land bank shall not be a debt of its sponsoring 379
government or of the State of Mississippi, and shall so state on 380
their face, nor shall any sponsoring government or the State of 381
Mississippi, nor any revenues or any property of any sponsoring 382
government or the State of Mississippi be liable therefor. 383
(7) Notwithstanding subsection (6) of this section, a 384
sponsoring government may elect to guarantee, insure or otherwise 385
become primarily or secondarily obligated on the indebtedness of a 386
land bank created by it, subject however to Mississippi law 387
applicable to indebtedness. 388
SECTION 13. Ethics, public meetings, public records, 389
reporting and audits. (1) Title 25, Chapter 4, Mississippi Code 390
of 1972 (Ethics in Government) shall apply to land banks. For 391
that purpose, a land bank shall be deemed to be a "governmental 392
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entity," and its board members and employees shall be deemed to be 393
"public servants." In furtherance of the foregoing, but without 394
limiting its effect, members of the board and employees of a land 395
bank are prohibited from: 396
(a) Conveying to the land bank any interest, direct or 397
indirect, in property; 398
(b) Acquiring any interest, direct or indirect, in 399
property of the land bank, in any property to be acquired by the 400
land bank, or in any property to be acquired from the land bank; 401
(c) Having any interest, direct or indirect, in any 402
contract or proposed contract for materials or services to be 403
furnished or used by a land bank; 404
(d) Having any interest, direct or indirect, in the 405
development of property owned by or conveyed from the land bank; 406
or 407
(e) Serving in a consulting or advisory capacity with 408
any person who intends to or actually participates in the 409
redevelopment of property owned by the land bank. 410
(2) The board may adopt supplemental rules and regulations 411
addressing potential conflicts of interest and ethical guidelines 412
for members of the board and land bank employees. 413
(3) Title 25, Chapter 41, Mississippi Code of 1972, (Open 414
Meetings) shall apply to land banks. For that purpose, a land 415
bank shall be deemed to be a "public body." 416
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(4) Title 25, Chapter 61, Mississippi Code of 1972, 417
(Mississippi Public Records Act of 1983) shall apply to land 418
banks. For that purpose, a land bank shall be deemed to be a 419
"public body." 420
(5) Annually prior to December 31, the board shall submit a 421
report to the sponsoring government and the Mississippi Secretary 422
of State that lists an inventory of the land bank's real property 423
and the real property acquired and disposed of for that year. 424
(6) A land bank shall be subject to audit by its sponsoring 425
government and the Mississippi State Auditor. 426
SECTION 14. Land bank creation following a natural disaster. 427
In the event of a natural disaster which causes widespread damage 428
to and destruction of property and improvements and dislocation of 429
residents, and, following issuance of a declaration of emergency, 430
the Governor shall have the authority to create a land bank in 431
accordance with the provisions of this Section 14 of this act. 432
(a) The Governor shall have the authority, following 433
consultation with the elected governing officials of the 434
geographic area subject to the Governor's declaration of 435
emergency, to issue an executive order providing for the immediate 436
creation of a land bank of and for such local governments. 437
(b) The executive order shall provide for the matters 438
identified in Section 5 of this act. 439
(c) The land bank created pursuant to this section 440
shall have all powers of a land bank created pursuant to this act. 441
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(d) Any land bank created pursuant to this section may 442
be converted into one or more land banks pursuant to Section 5 of 443
this act by necessary and appropriate action of the sponsoring 444
government within the geographic areas subject to the declaration 445
of emergency, at which time such Section 5 land bank shall be the 446
successor in interest and at law to the land bank created pursuant 447
to this section and the real property within the new land bank's 448
jurisdiction. 449
(e) In the event that an applicable Section 5 land bank 450
is not created in accordance with paragraph (d) of this section, 451
at the end of twelve (12) months following the date of the 452
Governor's executive order the land bank created in accordance 453
with this section shall be dissolved in accordance with Section 17 454
of this act. 455
SECTION 15. Proceedings to quiet and confirm title. (1) 456
With respect to any property in which a land bank holds an 457
interest or any property in which a land bank contemplates 458
acquiring an interest, a land bank may avail itself of proceedings 459
to quiet and confirm title under Section 11-17-1 et seq. A land 460
bank may combine multiple parcels of property in a single 461
complaint to quiet and confirm title when the multiple parcels 462
share a logical nexus, such as physical proximity, common 463
interests in chains of title, acquisition in related proceedings, 464
or inclusion in a common redevelopment plan. 465
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(2) A land bank may, in a single complaint to quiet and 466
confirm title, avail itself of a proceeding under Section 11-17-1 467
regarding tax title lands, Section 11-17-19 regarding interests 468
granted by political subdivisions, and Section 11-17-29 regarding 469
any other title. 470
(3) After entry of a judgment quieting and confirming title, 471
the owner of any extinguished recorded or unrecorded interest in 472
that property who contests the quiet and confirm title action, but 473
who was not a party to the original proceeding, may not bring an 474
action for possession of the property against any subsequent 475
owner, but may only bring an action to recover monetary damages as 476
provided in this subsection against the land bank. The chancery 477
court has original and exclusive jurisdiction in any action to 478
recover monetary damages under this subsection. An action to 479
recover monetary damages under this subsection shall be subject to 480
a statute of repose of three (3) years after a judgment to quiet 481
and confirm title is entered. Any monetary damages recoverable 482
under this subsection shall be determined as of the date a 483
judgment is entered, and shall not exceed the lesser of: 484
(a) The fair market value of the interest in the 485
property held by the person bringing the action under this section 486
on that date, less the sum of (i) any ad valorem taxes, interest, 487
penalties, and fees owed on the property as of that date; and (ii) 488
any ad valorem taxes, interest, penalties, and fees that would 489
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have accrued on the property had it not been acquired by the land 490
bank; or 491
(b) The net monetary proceeds received by the land bank 492
in consideration of the transfer of the property to the subsequent 493
owner. 494
(4) The right to sue for monetary damages under this 495
subsection shall not be transferable except by testate or 496
intestate succession. 497
SECTION 16. Relationship to other statutes. If any 498
provisions of this act conflict with other sections of state 499
law, including laws regarding the acquisition and disposition 500
of property, the provisions of this act shall prevail. 501
SECTION 17. Dissolution of land bank. (1) A land bank may 502
be dissolved sixty (60) calendar days after an affirmative 503
resolution is approved by two-thirds (2/3) of the membership of 504
the board of directors. Sixty (60) calendar days advance written 505
notice of consideration of a resolution of dissolution shall be 506
given to the sponsoring government, shall be published in a local 507
newspaper of general circulation, and shall be sent certified mail 508
to the trustee of any outstanding bonds of the land bank. Upon 509
dissolution of the land bank, all real property, personal property 510
and other assets of the land bank shall become the assets of the 511
applicable sponsoring government in whose jurisdiction the assets 512
are located. 513
S. B. No. 2677 *SS08/R1027* ~ OFFICIAL ~
26/SS08/R1027
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ST: Mississippi Land Bank Act; local government
transfer vacant and abandoned property to.
(2) In the event that two (2) or more sponsoring governments 514
create a land bank in accordance with Section 5 of this act, the 515
withdrawal of one or more sponsoring governments shall not result 516
in the dissolution of the land bank unless the intergovernmental 517
agreement so provides and there is no sponsoring government that 518
desires to continue the existence of the land bank. 519
(3) In the event a land bank, created under the emergency 520
provisions of Section 14 of this act, reaches its twelve-month 521
expiration under Section 14(e) of this act, the property of the 522
land bank shall become the property of the municipality in which 523
the property is located, or of the county in which the property is 524
located if the property lies outside of the municipal limits. 525
SECTION 18. Effective date. This act shall take effect and 526
be in force from and after July 1, 2026. 527
SECTION 19. This act shall take effect and be in force from 528
and after July 1, 2026. 529