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S. B. No. 2692 *SS08/R1012.1* ~ OFFICIAL ~ G1/2
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To: Business and Financial
Institutions
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026
By: Senator(s) Sparks
SENATE BILL NO. 2692
AN ACT TO BRING FORWARD SECTION 73-35-3, MISSISSIPPI CODE OF 1
1972, FOR POSSIBLE REVISION OF PROVISIONS RELATED TO REAL ESTATE 2
WHOLESALE AND INDUSTRIAL BUYING OF RESIDENTIAL REAL ESTATE; AND 3
FOR RELATED PURPOSES. 4
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 5
SECTION 1. Section 73-35-3, Mississippi Code of 1972, is 6
brought forward as follows: 7
73-35-3. (1) The term "real estate broker" within the 8
meaning of this chapter shall include all persons, partnerships, 9
associations and corporations, foreign and domestic, who for a 10
fee, commission or other valuable consideration, or who with the 11
intention or expectation of receiving or collecting the same, 12
list, sell, purchase, exchange, rent, lease, manage or auction any 13
real estate, or the improvements thereon, including options; or 14
who negotiate or attempt to negotiate any such activity; or who 15
advertise or hold themselves out as engaged in such activities; or 16
who direct or assist in the procuring of a purchaser or prospect 17
calculated or intended to result in a real estate transaction. 18
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The term "real estate broker" shall also include any person, 19
partnership, association or corporation employed by or on behalf 20
of the owner or owners of lots or other parcels of real estate, at 21
a stated salary or upon fee, commission or otherwise, to sell such 22
real estate, or parts thereof, in lots or other parcels, including 23
timesharing and condominiums, and who shall sell, exchange or 24
lease, or offer or attempt or agree to negotiate the sale, 25
exchange or lease of, any such lot or parcel of real estate. 26
(2) The term "real estate" as used in this chapter shall 27
include leaseholds as well as any and every interest or estate in 28
land, including timesharing and condominiums, whether corporeal or 29
incorporeal, freehold or nonfreehold, and whether said property is 30
situated in this state or elsewhere; provided, however, that the 31
term "real estate" as used in this chapter shall not include oil, 32
gas or mineral leases, nor shall it include any other mineral 33
leasehold, mineral estate or mineral interest of any nature 34
whatsoever. 35
(3) One (1) act in consideration of or with the expectation 36
or intention of, or upon the promise of, receiving compensation, 37
by fee, commission or otherwise, in the performance of any act or 38
activity contained in subsection (1) of this section, shall 39
constitute such person, partnership, association or corporation a 40
real estate broker and make him, them or it subject to the 41
provisions and requirements of this chapter. 42
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(4) The term "real estate salesperson" shall mean and 43
include any person employed or engaged by or on behalf of a 44
licensed real estate broker to do or deal in any activity as 45
included or comprehended by the definitions of a real estate 46
broker in subsection (1) of this section, for compensation or 47
otherwise. 48
(5) The term "automated valuation method" means any 49
computerized model used by mortgage originators and secondary 50
market issuers to determine the collateral worth of a mortgage 51
secured by a consumer's principal dwelling. 52
(6) The term "broker price opinion" means an estimate 53
prepared by a real estate broker, agent, or salesperson that 54
details the probable selling price of a particular piece of real 55
estate property and provides a varying level of detail about the 56
property's condition, market, and neighborhood, and information on 57
comparable sales, but does not include an automated valuation 58
model. 59
(7) Exempt from the licensing requirements of this chapter 60
shall be any person, partnership, association or corporation, who, 61
as a bona fide owner, shall perform any aforesaid act with 62
reference to property owned by them, or to the regular employees 63
thereof who are on a stated salary, where such acts are performed 64
in the regular course of business. 65
(8) The provisions of this chapter shall not apply to: 66
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(a) Attorneys at law in the performance of primary or 67
incidental duties as such attorneys at law. 68
(b) Any person holding in good faith a duly executed 69
power of attorney from the owner, authorizing the final 70
consummation and execution for the sale, purchase, leasing or 71
exchange of real estate. 72
(c) The acts of any person while acting as a receiver, 73
trustee, administrator, executor, guardian or under court order, 74
or while acting under authority of a deed of trust or will. 75
(d) Public officers while performing their duties as 76
such. 77
(e) Anyone dealing exclusively in oil and gas leases 78
and mineral rights. 79
(9) Nothing in this chapter shall be construed to prohibit 80
life insurance companies and their representatives from 81
negotiating or attempting to negotiate loans secured by mortgages 82
on real estate, nor shall these companies or their representatives 83
be required to qualify as real estate brokers or agents under this 84
chapter. 85
(10) The provisions of this chapter shall not apply to the 86
activities of mortgagees approved by the Federal Housing 87
Administration or the United States Department of Veterans 88
Affairs, banks chartered under the laws of the State of 89
Mississippi or the United States, savings and loan associations 90
chartered under the laws of the State of Mississippi or the United 91
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ST: Real estate wholesale and industrial buying
of residential real estate; bring forward code
for possible revision.
States, licensees under the Small Loan Regulatory Law, being 92
Sections 75-67-101 through 75-67-135, and under the Small Loan 93
Privilege Tax Law, being Sections 75-67-201 through 75-67-243, 94
small business investment companies licensed by the Small Business 95
Administration and chartered under the laws of the State of 96
Mississippi, or any of their affiliates and subsidiaries, related 97
to the making of a loan secured by a lien on real estate or to the 98
disposing of real estate acquired by foreclosure or in lieu of 99
foreclosure or otherwise held as security. No director, officer 100
or employee of any such financial institution shall be required to 101
qualify as a real estate broker or agent under this chapter when 102
engaged in the aforesaid activities for and on behalf of such 103
financial institution. 104
SECTION 2. This act shall take effect and be in force 105
from and after July 1, 2026. 106