reglab/statecodes huggingface dataset:
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 4 - Agency Relationship Disclosure › Rule 30-1601-4.1 - Purpose

Current through June 25, 2024
Consumers shall be fully informed of the agency
				  relationships in real estate transactions identified in Section
				  73-35-3.
				  This rule places specific requirements on Brokers to disclose their agency
				  relationship. This does not abrogate the laws of agency as recognized under
				  common law and compliance with the prescribed disclosures will not always
				  guarantee that a Broker has fulfilled all of his responsibilities under the
				  common law of agency. Compliance will be necessary in order to protect
				  licensees from impositions of sanctions against their license by the
				  Mississippi Real Estate Commission. Special situations, where unusual facts
				  exist or where one or more parties involved are especially vulnerable, could
				  require additional disclosures not contemplated by this rule. In such cases,
				  Brokers should seek legal advice prior to entering into an agency
				  relationship.
Miss. Code Ann.
				  §§
										73-35-3
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 4 - Agency Relationship Disclosure › Rule 30-1601-4.3 - Disclosure Requirements

Current through June 25, 2024
A. In a single
				agency, a broker is required to disclose, in writing, to the party for whom the
				broker is an agent in a real estate transaction that the broker is the agent of
				the party. The written disclosure must be made before the time an agreement for
				representation is entered into between the broker and the party. This shall be
				on an MREC Agency Disclosure Form.
B. In a single agency, a real estate broker
				is required to disclose, in writing, to the party for whom the broker is not an
				agent, that the broker is an agent of another party in the transaction. The
				written disclosure shall be made at the time of the first substantive meeting
				with the party for whom the broker is not an agent. This shall be on an MREC
				Agency Disclosure Form.
C. Brokers
				operating in the capacity of disclosed dual agents must obtain the informed
				written consent of all parties prior to or at the time of formalization of the
				dual agency. Informed written consent to disclosed dual agency shall be deemed
				to have been timely obtained if all of the following occur:
(1) The seller, at the time an agreement for
				representation is entered into between the broker and seller, gives written
				consent to dual agency by signing the Consent To Dual Agency portion of MREC
				Form A.
(2) The buyer, at the time
				an agreement for representation is entered into between the broker and buyer,
				gives written consent to dual agency by signing the Consent To Dual Agency
				portion of MREC Form A.
(3) The
				Broker must confirm that the buyer(s) understands and consents to the
				consensual dual agency relationship prior to the signing of an offer to
				purchase. The buyer shall give his/her consent by signing the MREC Dual Agency
				Confirmation Form which shall be attached to the offer to purchase. The Broker
				must confirm that the seller(s) also understands and consents to the consensual
				dual agency relationship prior to presenting the offer to purchase. The seller
				shall give his/her consent by signing the MREC Dual Agency Confirmation Form
				attached to the buyer's offer. The form shall remain attached to the offer to
				purchase regardless of the outcome of the offer to purchase.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 4 - Agency Relationship Disclosure › Rule 30-1601-4.4 - Disclosure Exception

Current through June 25, 2024
A licensee shall not be required to comply with the
				  provisions of Section 3, when engaged in transactions with any corporation,
				  non-profit corporation, professional corporation, professional association,
				  limited liability company, partnership, real estate investment trust, business
				  trust, charitable trust, family trust, or any governmental entity in
				  transactions involving real estate.
Operating under this exception in no way circumvents the
				  common law of agency.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.1 - Notifications of Complaints to the Commission

Current through June 25, 2024
A. All
				complaints submitted to the Commission shall be properly certified on forms
				furnished by the Commission.
B.
				Every licensee shall, within ten days, notify the Real Estate Commission of any
				adverse court decisions in which the licensee appeared as a
				defendant.
C. It shall be mandatory
				for a responsible broker to notify the Commission if the responsible broker has
				reason to believe that a licensee for whom the broker is responsible has
				violated the Real Estate License Law or Rules and Regulations of the
				Commission.
D. If a broker finds
				that a licensee licensed under that broker has been operating independently or
				through some other broker, the broker shall notify the Commission immediately
				and forward said individual's license to the Commission.
E. A Real Estate Commissioner shall avoid
				private interviews, arguments, briefs or communication that may influence said
				Commissioner's decision on any pending complaints or hearings.
F. The expiration, suspension or revocation
				of a responsible broker's license shall automatically suspend the license of
				every real estate licensee currently under the supervision of that broker. In
				such cases, a licensee may transfer to another responsible broker.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.3 - Investigations of Complaints

Current through June 25, 2024
A. Upon receipt of
				a verified/sworn complaint, or other allegation of violation of the Mississippi
				Real Estate Commission License Law, the Commission's Administrative Rules or
				other applicable laws, the Commission's Investigative Staff, with advice and
				consultation from Commission legal staff/counsel shall make an initial
				determination whether the information justifies or warrants further
				investigation. A complaint or inquiry may be dismissed without further
				investigation based on a determination of either:
1) Lack of Commission jurisdiction;
				or
2) No apparent violation of the
				Mississippi Real Estate Commission License Law or the Commission's
				Administrative Rules governing the practice of real estate.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.4 - Results of Formal Investigation

Current through June 25, 2024
A. Upon completion
				of the formal investigation, the Investigative Review Committee will determine
				whether there is sufficient cause to believe that a violation exists of the
				Mississippi Real Estate License Law, the Commission Administrative Rules and/or
				other applicable laws governing the practice of real estate.
1) Upon a determination of sufficient cause
				to believe that a violation exists, the Investigative Review Committee shall
				refer the matter to Commission legal staff for the issuance of a Formal
				Complaint and Notice of Hearing. The Investigative Review Committee may also
				make a recommendation for resolution of the matter upon terms to be offered to
				the licensee.
2) Upon a
				determination of no sufficient cause to believe that a violation exists, the
				Investigative Review Committee:
(a) Will
				recommend dismissal of the matter, subject to review and approval of one (1)
				reviewing Commissioner and subsequent approval by the full Commission;
				and
(b) Upon approval for
				dismissal, shall notify the Complainant/complaining party and Respondent of the
				dismissal decision.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.5 - Commencement of Disciplinary Proceedings/Administrative Hearings

Current through June 25, 2024
A. If an allegation is not resolved
				informally or the Investigative Review Committee determines that an allegation
				warrants the issuance of a Formal Complaint, Commission staff may commence
				disciplinary proceedings by issuing a Formal Complaint and Notice of
				Hearing.
B. A Respondent shall be
				notified of the administrative hearing at least fifteen (15) days in advance of
				the date set for the hearing by written Notice of Hearing. The Formal Complaint
				shall set forth the charges and allegations against the Respondent in
				sufficient detail to provide sufficient disclosure and notice of all alleged
				violations of the Mississippi Real Estate License Law and/or the Commission
				Administrative Rules and other applicable laws governing the practice of real
				estate.
C. The Commission's staff
				will serve the Formal Complaint and Notice of Hearing on Respondent, with copy
				to the Responsible Broker, by:
1) Certified
				mail, postage pre-paid, to the last known address of the Respondent on record
				with the Commission; or
2) Personal
				Delivery; or
3) Electronic Delivery
				including email or facsimile.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.6 - Informal Proceedings/Informal Resolutions; Resolution by Agreed Order

Current through June 25, 2024
A. At any time prior to an Administrative
				Hearing, any matter before the Commission may be resolved through informal
				proceedings either by stipulation, agreed settlement proposal, or agreed order
				of dismissal. Any agreed settlement proposal/Agreed Order must be agreed to in
				writing by the Respondent, upon a knowing and intentional waiver by the
				Respondent of his or her right to an Administrative Hearing, and subsequently
				must be approved by the full Commission. An agreed settlement or Agreed Order
				is not required, is always voluntary, and Respondent licensees retain, at all
				times, the right to proceed to an Administrative Hearing with full due process.
				This process may occur at any time prior to the Commission entering any final
				order with respect to the allegation of violation(s). Informal proceedings may
				be conducted in person via Informal Conference or by electronic, telephonic, or
				written communication.
B. Informal
				Conferences may include an informal interview or meeting between the
				Investigative Review Committee, Commission Administrator, and the Respondent
				and/or Respondent's legal representative to fully explore the issue(s) involved
				in the complaint and to facilitate the disposition of an allegation of
				violation(s).
1) Respondent shall have a right
				to be represented by an attorney of record, of Respondent's choice and
				Respondent's expense. At any time during the informal settlement conference,
				should Respondent choose to obtain representation by an attorney and advises
				Commission staff of such choice, the conference will be discontinued.
2) Exchange of information may take place
				during the Informal Conference. Respondents are required to answer questions
				truthfully concerning the allegations and/or formal complaint and cooperate
				fully.
3) Respondent and Commission
				Investigative Review Committee participation in the conference is voluntary and
				may be terminated by either party without prejudicing the right to proceed with
				a contested case to an administrative hearing with full due process.
4) If the parties to an Informal Conference
				are unable to reach a mutually agreeable resolution and the matter is to
				proceed to a formal Administrative Hearing, the parties may agree in writing by
				stipulation to the following:
(a) Any
				undisputed claims, facts, testimony, documents, or issues; and
(b) Evidence to be introduced without
				objection.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.7 - Pre-Hearing Procedures

Current through June 25, 2024
A. Continuances.
Hearings shall be held before the Real Estate Commissioners
				  Hearing Panel at the time and place designated in the Notice of Hearing unless
				  the Commission grants a continuance.
(a) A request for a continuance must be filed
				with the Commission at least ten (10) days prior to the scheduled hearing or
				upon a showing of good cause at any time prior to the hearing.
(b) No more than two (2) continuances of the
				hearing will be granted without the approval of the Commission, Commission
				Chair, or Hearing Officer, for good cause.
(c) A request for continuance, including one
				to retain counsel, submitted less than five (5) days prior to the hearing may
				be made only under unusual or extenuating circumstances. In such event, a
				request for a continuance shall be granted only if the other parties will not
				be prejudiced thereby.
(d) Absent
				unusual or extenuating circumstances, if any continuance of an administrative
				hearing is requested or necessitated by Respondent/Respondent's counsel after
				the commencement of the hearing, any costs incurred by the Commission because
				of the continuance may be taxed against Respondent as part of any final Order
				of the Commission. Determination of the sufficiency of unusual or extenuating
				circumstances necessitating such continuance shall be in the sole discretion of
				the Hearing Officer.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.8 - Administrative Hearings

Current through June 25, 2024
A. Formal
				Administrative Hearings are conducted pursuant to Miss. Code Ann. §
									73-35-23
				which provides that hearings may be conducted before the Commission or an
				Administrative Hearing Officer. When hearings are conducted before the
				Commission, one Commissioner present at the hearing shall serve as the Hearing
				Officer for the hearing.
B. All
				testimony and other proceedings shall be recorded by a certified court reporter
				who shall be retained by the Commission. Costs incurred for the certified court
				reporter may be taxed to the Respondent as part of the costs of the proceedings
				in the final Order of the Commission as allowed or provided by statute or these
				Administrative Rules. No costs shall be taxed to a prevailing
				Respondent.
C. At an Administrative
				Hearing, Complaint Counsel and Respondent shall have opportunity to present
				evidence on all issues of fact and argument on all issues of law, to call,
				examine, and cross-examine witnesses, and to offer and introduce documentary
				evidence and exhibits as may be required for full and true disclosure of the
				facts of the matter.
D. The
				Commission Hearing Panel or Administrative Hearing Officer is not bound by
				strict rules of evidence, but all determinations of violations made by the
				Commission Hearing Panel or Administrative Hearing Officer must be based upon
				the preponderance of evidence standard of proof. The designated Hearing Officer
				shall rule on all evidentiary issues.
E. All hearings are open to the public
				pursuant to the Mississippi Open Meetings Law, Miss. Code Ann. §§
									25-41-1,
				et.seq.
F. In all
				disciplinary/administrative hearings before the Commission or Administrative
				Hearing Officer, the record of the case will include:
1) The Formal Complaint and Notice of
				Hearing;
2) All pleadings and
				rulings issued;
3) Evidence
				received or considered at the hearing;
4) Certified transcript of the proceedings
				taken by a certified court reporter; and
5) The Commission's Order or other
				disposition made by the Commission.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 5 - Complaint Procedures; Administrative and Disciplinary Proceedings › Rule 30-1601-5.9 - Appeals of Commission Orders/Rulings

Current through June 25, 2024
A. An applicant,
				Respondent/licensee or other person aggrieved of an adverse order, ruling or
				decision of the Commission, or Administrative Hearing Officer, shall have the
				right to appeal to the circuit court of the county of residence of the
				applicant, licensee, or person, or of the First Judicial District of Hinds
				County, within thirty (30) days from the service of notice of the final Order
				or action of the Commission.
B.
				Satisfactory bond in the amount of Five Hundred Dollars ($500) shall be posted
				with the court upon filing of any appeal for the payment of any costs which may
				be adjudged against Appellant applicant or licensee(s).
C. Filing, docketing and procession of
				appeals shall follow the requirements set forth in Miss. Code Ann. §
									73-35-25,
				other applicable laws, and the Uniform Circuit and County Court Rules
				(U.C.C.C.R.).
D. Any order, rule or
				decision of the Commission or Administrative Hearing Officer shall not take
				effect until after the time for appeal to the court has expired. If an appeal
				is taken by a defendant or Respondent/licensee, such appeal shall act as an
				automatic supersedeas and the court shall dispose of the appeal and enter its
				decision promptly. However, the Commission may file a motion within ten (10)
				days of the date of filing the notice of appeal and request the court to lift
				the supersedeas upon the Commission's showing, by clear and convincing
				evidence, that immediate and irreparable harm will or may occur if the licensee
				or person aggrieved were to continue operating as a licensee.
E. Actions taken by the Commission in
				suspending a license when required by Miss. Code Ann. §
									93-11-157
				or §
									93-11-163
				are not actions from which an appeal may be taken pursuant to these Rules.
				Appeals of such actions are governed by §
									93-11-157
				or §
									93-11-163.
Miss. Code
				  Ann. §
										73-35-25,
				  §
										73-35-35
				  (1972, as amended).
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.1 - Approved Courses

Current through June 25, 2024
A. Any course that
				meets the educational requirements as set forth in Section
				73-35-7
				of the Mississippi Real Estate Broker's License Act of 1954, as
				Amended.
B. Any course sponsored or
				provided by the Mississippi Real Estate Commission.
C. Any course which has been individually
				approved by the Commission pursuant to the provisions of this rule and which
				must be approved prior to presentation of the course, except that, in the
				Commission's discretion, courses which have not received such prior approval
				but which meet the proper criteria may be approved for credit for licensees who
				have completed such course.
D. Any
				course which has been approved for real estate continuing education by any
				state or country which is a member of the Association of Real Estate License
				Law Officials (ARELLO) and which course satisfies the requirements set forth in
				Rule VI (B) (3) with the exception of instruction in license law which pertains
				solely to a state other than Mississippi.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.2 - Procedures and Criteria for Approval of Courses

Current through June 25, 2024
A.
				Definitions:
(1) "Provider" - any individual
				person, partnership, association, legally established corporation or LLC,
				educational organization, or other entity that sponsors, offers, organizes,
				provides or promotes real estate continuing education courses.
(2) "Instructor" - a person who delivers
				educational material information directly to students.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.3 - Qualifications of Instructors

Current through June 25, 2024
The education and experience of the instructor must be
				  appropriate to teach the subject matter.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.4 - Administrative Requirements - Applies to VI A. 2. & 3

Current through June 25, 2024
A. Providers of continuing education courses
				shall furnish the Commission with a class roster within thirty (30) days after
				completion of each course listing each Mississippi licensee in attendance in
				alphabetical order.
B. Providers
				will utilize a three-part certificate for the purpose of certifying individual
				attendance. One designated part shall be returned completed to the commission,
				one designated part shall be given to each attendee at the conclusion of the
				course, and the remaining par shall be retained by the provider furnishing such
				information as may be called for on the certificate.
C. Attendance and other records of each
				provider must be kept on file for a period of three years and are subject to
				inspection by the Commission at any time during normal business
				hours.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.5 - Advertising and solicitation

Current through June 25, 2024
A. An approved real
				estate provider must include, in all forms of advertising, the school's name
				and the physical location of its principal place of business.
B. An approved real estate provider may not
				advertise through oral statements or written text in such a manner that the
				statement is included or contained in any advertisement by a real estate broker
				and no advertisement of a licensed school may refer to the brokerage operation
				or include the telephone number of any individual broker.
C. An approved real estate provider may not:
(1) Indicate any name other than the name
				approved by the Mississippi Real Estate Commission (MREC).
(2) Indicate that it has been endorsed,
				recommended, or certified by the MREC except that the provider may advertise
				that it is approved by the MREC to provide instruction in real estate
				courses.
(3) Indicate that
				successful completion of its curriculum will result in passing a real estate
				licensing exam, may not make any guarantee of employment to a student or
				prospective student, and may not promote the business or any real estate
				licensee, real estate franchise, or network.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.6 - Relationship with providers

Current through June 25, 2024
A. No real estate
				education presentation may be conducted in a facility that is also utilized for
				conducting the business of real estate brokerage unless all participants are
				licensees of the brokerage firm conducting the courses.
B. No real estate education provider will
				allow in-person or electronic solicitation of students for employment. A
				provider may not post, distribute, or display written material concerning
				employment nor use any approved course for the purpose of discussing,
				inducting, or promoting affiliation with any broker or brokerage firm during
				the prescribed class hours nor during the breaks between such class
				hours.
C. Providers may advertise
				that a course meets a portion of the continuing education requirements;
				however, no advertisement shall be used which states or implies that the
				Mississippi Real Estate Commission has approved or passed on the merits of a
				course.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 6 - Continuing Education › Rule 30-1601-6.7 - Suspension or Revocation of Approval

Current through June 25, 2024
Failure to comply with any provision of this rule shall
				  constitute grounds for suspension or revocation of the approval of a course, a
				  provider or an instructor, or other such action as deemed appropriate by the
				  Commission.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 7 - INSPECTION OF OFFERINGS FROM OUT OF STATE › Rule 30-1601-7.1 - Out-of-state Developers

Current through June 25, 2024
Out-of-state land developers who desire to advertise
				  out-of-state property in Mississippi (except in national publications) shall
				  first contact the Mississippi Real Estate Commission to have the property
				  approved for advertising. The Mississippi Real Estate Commission may in its
				  discretion conduct an on-site inspection of the property at the cost of the
				  developer. The developer shall, upon request from the Mississippi Real Estate
				  Commission, provide such documentation which will establish the truth and
				  accuracy of the proposed advertisements. A Mississippi broker who becomes the
				  agent or representative of the out-of-state developer, shall be responsible for
				  the truth and accuracy of representation, offerings and advertising of such
				  properties in the State of Mississippi.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.1 - Licensing

Current through June 25, 2024
Any seller, other than the developer and its regular
				  employees, of a timeshare plan within the State of Mississippi must be a
				  licensed Real Estate Broker or Real Estate Salesperson pursuant to and subject
				  to Mississippi Law and the Rules and Regulations of the Mississippi Real Estate
				  Commission.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.5 - Amendment to Registration Information and Public Offering Statement

Current through June 25, 2024
The developer shall amend or supplement its Public Offering
				  Statement and registration information to reflect any material change in any
				  information contained therein. All such amendments, supplements and changes
				  shall be filed with and approved by the Commission. Each approved amendment to
				  the Public Offering Statement, other than an amendment made only for the
				  purpose of the addition of a phase or phases to the timeshare plan in the
				  manner described in the timeshare instrument or any amendment that does not
				  materially alter or modify the offering in a manner that is adverse to a
				  purchaser, shall be delivered to a purchaser no later than 10 days prior to
				  closing.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.6 - Registration Review Time Frames

Current through June 25, 2024
Every registration required to be filed with the Commission
				  must be reviewed and issued a certificate of registration in accordance with
				  the following schedule:
A.
				Comprehensive registration. Registration shall be effective only upon the
				issuance of a certificate of registration issued by the Commission, which, in
				the ordinary course of business, should occur no more than sixty (60) calendar
				days after actual receipt by the state agency of the properly completed
				application. The Commission must provide a list of deficiencies in the
				application, if any, and the time for issuance of the certificate of
				registration by the Commission will be sixty (60) calendar days from receipt by
				the Commission of the information listed in the deficiencies in the
				application.
B. Abbreviated
				registration. Registration shall be effective only upon the issuance of a
				certificate of registration issued by the Commission, which, in the ordinary
				course of business, should occur no more than thirty (30) calendar days after
				receipt by the Commission of the properly completed application. The Commission
				must provide a list of deficiencies in the application, if any, and the time
				for issuance of the certificate of registration by the Commission will occur no
				more than thirty (30) calendar days from receipt by the Commission of the
				information listed in the deficiencies in the application.
C. Preliminary permit. A preliminary permit
				shall be issued within twenty (20) calendar days after receipt of a properly
				completed application, unless the Commission provides to the applicant a list
				of deficiencies in the application. A preliminary permit shall be issued within
				fifteen (15) calendar days after receipt by the Commission of the information
				listed in the deficiencies in the application.
D. The applicant nor a presumption of
				approval of the application. The Commission may, for cause, extend the approval
				periods.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.7 - Purchase Contracts

Current through June 25, 2024
A. Each developer
				shall furnish each purchaser with a fully completed and executed copy of a
				contract, which contract shall include the following information:
(1) The actual date the contract is executed
				by all parties;
(2) The names and
				addresses of the seller, the developer and the timeshare plan;
(3) The total financial obligation of the
				purchaser, including the purchase price and any additional charges to which the
				purchaser may be subject, such as any recurring assessment;
(4) The estimated date of availability of
				each accommodation, which is not completed;
(5) A description of the nature and duration
				of the timeshare interest being sold, including whether any interests in real
				property is being conveyed and the specific number of years or months
				constituting the term of contract;
(6) Immediately above the signature line of
				the purchaser(s), the following statement shall be printed in conspicuous type:
You may cancel this contract without any penalty or
				  obligation within seven (7) calendar days from the date you sign this contract
				  and seven (7) calendar days after you receive the public offering statement,
				  whichever is later. If you decide to cancel this contract, you must notify the
				  developer in writing of your intent to cancel. Your notice of cancellation
				  shall be effective upon the date sent and shall be sent to (name of developer)
				  at (address of developer). If you cancel the contract during a the seven-day
				  cancellation period, the developer shall refund to you all payments made under
				  the contract within thirty (30) days after receipt of your cancellation
				  notice.
No purchaser should rely upon representations other
				  than those included in this contract.
(7) These statements in Paragraph f. may not
				be waived and failure to include them in a timeshare contract shall render the
				contract void.
(8) Seller shall
				refund all payments made by the purchaser under the contract and return all
				negotiable instruments, other than checks, executed by the purchaser in
				connection with the contract within 30 days from the receipt of the notice of
				cancellation transmitted to the developer from the purchaser or if the
				purchaser has received benefits under the contract, refund all payments made
				less actual cost of benefits actually received by the purchaser before the date
				of cancellation, with an accounting of the actual costs of the benefits
				deducted from payments refunded.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.8 - Exchange Program

Current through June 25, 2024
A. If a purchaser
				is offered the opportunity to subscribe to an exchange program, the purchaser
				should receive written information concerning the exchange program prior to or
				concurrently with the execution of the contract with the exchange company. Such
				information should include, without limitation, the following information.
(1) The name and address of the exchange
				company;
(2) The names of all
				officers, directors and shareholders of greater that 10% interests of the
				exchange company;
(3) A description
				of the purchaser's contractual relationship with the exchange program and the
				procedure by which changes may be made;
(4) A description of the procedure to qualify
				for and effectuate changes;
(5) A
				description of the limitations, restrictions or priority employed in the
				operation of the exchange program;
(6) The fees or range of fees for
				participation in the exchange program and the circumstances under which the
				fees may be changed;
(7) The name
				and address of each timeshare plan participating in the exchange
				program;
(8) The number of
				timeshare interests reported in seven (7) day usage periods in each timeshare
				plan participating in the exchange program; and
(9) The number of purchasers for each
				timeshare plan participating in the exchange program.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.9 - Escrows and Alternatives Assurances

Current through June 25, 2024
In order to protect the purchaser's right to refund during
				  the rescission period and during any period in which construction of the
				  timeshare property is not complete and available for occupancy by purchasers,
				  the developer shall provide financial assurances as required by this
				  section.
A. A developer of a timeshare
				plan shall deposit into an escrow account in an acceptable escrow depository
				all funds that are received in Mississippi during the purchaser's rescission
				period. An acceptable escrow depository includes banks, trust companies, saving
				and loans associations, real estate broker trust accounts at such an
				institution, title insurers, and underwritten title companies. The handling of
				these funds shall be in accordance with an executed escrow agreement between an
				escrow agreement between an escrow agent and the developer. Funds will be
				handled to assure the following:
(1) Funds
				may be disbursed to the developer by the escrow agent from the escrow account
				or from the broker trust account only after expiration of the purchaser's
				rescission period and in accordance with the purchase contract, subject to
				paragraph 2.
(2) If a prospective
				purchaser properly cancels the purchase contract following expiration of the
				cancellation period pursuant to its terms, the funds shall be paid to the
				prospective purchaser or paid to the developer if the prospective purchaser's
				funds have been previously refunded by the developer.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.10 - Insurance

Current through June 25, 2024
A. For single site timeshare plans and
				component sites of multi-site timeshare plans located in this state, the
				timeshare instrument shall require that the following insurance be at all times
				maintained in force to protect timeshare interest owners in the timeshare plan:
(1) Insurance against property damage as a
				result of fire and other hazards commonly insured against, covering all real
				and personal property comprising the timeshare plan in an amount not less than
				80 percent of the full replacement value of the timeshare property.
(2) Liability insurance against death, bodily
				injury, and property damage arising out of or in connection with the use,
				ownership, or maintenance for the accommodations of the timeshare plan. The
				amounts of the insurance shall be determined by the association, but shall not
				be less than five hundred thousand dollars ($500,000) to One Million Dollars
				($1,000,000) for personal injury and One Hundred Thousand Dollars ($100,000)
				for property damage.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.11 - Advertising and Marketing

Current through June 25, 2024
A. No advertising
				shall:
(1) Misrepresent a fact or create a
				false or misleading impression regarding the timeshare plan.
(2) Make a prediction of increases in the
				price or value of timeshare periods.
(3) Contain any contradictory
				statements.
(4) Describe any
				improvements to the timeshare plan that will not be built or that are described
				as completed when not completed.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.12 - Management

Current through June 25, 2024
A. Before the first sale of a timeshare
				period, the developer shall create or provide for a managing entity, which may
				be the developer, a separate management firm, or an owner's association, or
				some combination thereof.
B. The
				management entity shall act in the capacity of fiduciary to the purchasers of
				the timeshare plans.
C. The duties
				of the management entity shall include, but are not limited to:
(1) Management and maintenance of all
				accommodations constituting the timeshare plan.
(2) Preparing an itemized annual operating
				and reserve budget.
(3) The
				assessment and collection of funds for common expenses.
(4) The assessment and collection of property
				taxes and casualty insurance and liability insurance against the owners, for
				which managing entity shall he primarily liable.
(5) Maintenance of all books and records
				concerning the timeshare plan, and making all of them reasonably available for
				inspection by any purchaser, or the authorized agent of such
				purchaser.
(6) Arranging for an
				annual independent audit to be conducted of all the books and financial records
				of the timeshare plan by a certified public accountant. A copy of the audit
				shall be forwarded to the officers of the owner's association; or, if no
				association exists, the owner of each timeshare period shall be notified in
				writing that such audit is available upon request.
(7) Scheduling occupancy of the timeshare
				units so that all purchasers will be provided the use and possession of the
				accommodations for which they have contracted.
(8) Notifying purchasers of common
				assessments and the identity of the managing entity.
(9) Performing any other functions and duties
				that are necessary and proper to maintain the accommodations and operate the
				owners association as provided in the contract or the timeshare
				instruments.
(10) Maintaining
				appropriate insurance as required by Rule 8.9 of these rules.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.13 - Liens

Current through June 25, 2024
A. The management entity has a lien on a
				timeshare period from the date an assessment becomes due.
B. The management entity may bring an action
				in its name to foreclose a lien for assessments in the manner a mortgage of
				real property is foreclosed, and may bring an action to recover a money
				judgment for the unpaid assessments, or, when no interest in real property is
				conveyed, an action under the Uniform Commercial Code.
C. The lien is effective from the date of
				recording in the public records of the county or counties in which the
				accommodations are located, or as otherwise provided by the laws of the
				jurisdiction in which the accommodations are located.
D. A judgment in any action or suit brought
				under this section may include costs and reasonable attorney's fees for the
				prevailing party.
E. Labor or
				materials furnished to a unit shall not be the basis for the filing of a lien
				against the timeshare unit of any timeshare interest owner not expressly
				consenting to or requesting the labor or materials.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 8 - Time Shares › Rule 30-1601-8.14 - Owner Referrals

Current through June 25, 2024
A. Referrals of
				prospective customers to the developer by any existing timeshare owner shall be
				permitted, without the owner holding a real estate license and compensation may
				be paid to the referring owner, only under the following circumstances:
(1) The existing timeshare owner refers no
				more than twenty (20) prospective customers in any twelve (12) month period;
				and
(2) The existing timeshare
				owner limits his or her activities to referring customers to the developer or
				the developer's employees or agents and does not show, discuss terms or
				conditions of purchase or otherwise participate in any negotiations with the
				purchase of a timeshare interest.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 9 - Errors and Omissions Insurance Coverage › Rule 30-1601-9.1 - Administration

Current through June 25, 2024
A. Invitations to
				bid on the Errors and Omissions coverage shall be by advertisement published in
				the appropriate newspaper having state-wide coverage.
B. Selection and approval of the Errors and
				Omissions Insurance carrier shall be by Commissioners utilizing consultants or
				committees as deemed appropriate by the Commission.
C. Upon approval of the carrier, invoices
				shall be sent via First Class Mail to all licensees; including companies and
				corporations; along with the necessary information describing the various
				available coverages, the period of coverage and the minimum requirements for
				independent coverage if desired by a licensee.
D. Coverage shall be a twelve month period
				beginning October 1, 1994, and continuing thereafter on twelve month
				basis.
E. Premiums shall be
				collected by the carrier or the Commission, at the Commission's
				discretion.
F. The Commission may
				maintain computer or written records as required for accurate documentation and
				administration of this program.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 9 - Errors and Omissions Insurance Coverage › Rule 30-1601-9.2 - Licensee Status

Current through June 25, 2024
A. Active licensees
				not submitting the required premium or providing the required proof of
				acceptable independent coverage within 30 days after the due date of the
				premium shall be placed automatically on inactive status at the end of the 30
				day period.
B. Inactive licensees
				will not be required to pay the premium until changing to active status and the
				premium will be assessed on a pro rata basis. However, inactive licensees will
				be invoiced at the beginning of the policy period. They may pay the full
				premium at that time if they desire.
C. New licensees will be given notice when
				their license is issued to provide proof of coverage within 30 days of the
				issuance of license or pay the premium specified on a pro rata basis. Failure
				to do so will result in their license being changed to inactive
				status.
Miss. Code Ann.
				  §§
										73-35-35
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1601 - Mississippi Real Estate Commission › Chapter 9 - Errors and Omissions Insurance Coverage › Rule 30-1601-9.3 - Independent Coverage

Current through June 25, 2024
A. Licensees having
				independent coverage shall submit proof of coverage by the beginning of the
				policy period as set forth above. Any deficiency in supplying proof of coverage
				must be corrected within no more than 30 days after the beginning of the policy
				period. Proof of coverage shall be by a "Certificate of Insurance" provided by
				the independent insurance carrier.
B. Minimum requirements of independent
				coverage shall be:
(1) Coverage must be for
				all activities for which a real estate license is required under this
				Chapter.
(2) A per claim limit is
				not less than $100,000.00.
(3) The
				deductible is not more than $2,500.00 per licensee, per claim, for any damages
				and the deductible is not more than $1,000.00 per licensee, per claim, for
				defense costs.
(4) The independent
				insurance carrier shall agree to a non-cancelable policy or provide a letter of
				commitment to notify the Commission 30 days prior to intention to
				cancel.
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1602 - Oral Proceedings & Declaratory Opinions › Chapter 1 - Oral Proceedings › Rule 30-1602-1.1 - Scope

Current through June 25, 2024
These rules apply to all oral proceedings held for the
				  purpose of providing the public with an opportunity to make oral presentations
				  on proposed new rules and amendments to rules before the Mississippi Real
				  Estate Commission.
Miss. Code Ann. §
										25-43-3.104
				  (Rev. 2010).
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1602 - Oral Proceedings & Declaratory Opinions › Chapter 1 - Oral Proceedings › Rule 30-1602-1.2 - When Oral Proceedings will be scheduled on Proposed Rules

Current through June 25, 2024
The Commission will conduct an oral proceeding on a proposed
				  rule or amendment if requested by a political subdivision, an agency or ten
				  (10) persons in writing within twenty (20) days after the filing of the notice
				  of the proposed rule.
Miss. Code Ann. §
										25-43-3.104
				  (Rev. 2010).
Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1602 - Oral Proceedings & Declaratory Opinions › Chapter 1 - Oral Proceedings › Rule 30-1602-1.3 - Request Format

Current through June 25, 2024
Each request must be printed or typewritten, or must be in
				  legible handwriting. Each request must be submitted on standard business
				  letter-size paper (81/2 inches by 11 inches). Requests may be in the form of a
				  letter addressed to the Commission and signed by the
				  requestor(s).
Miss. Code Ann. §
										25-43-3.104
				  (Rev. 2010).