Every association may require borrowers to pay all reasonable expenses incurred in connection with the making, closing, disbursing, extending, readjusting or renewing of real estate loans as shall be authorized by the commissioner. If an attorney's fee is charged the borrower in connection with any loan, the borrower shall have the right to select an attorney of his choice to close the loan and to look after his interests in connection with the loan and the fee shall be paid to the attorney selected. It is the intention of the Legislature to insure that the borrower shall not be required to pay any attorney's fee to any attorney other than the attorney selected by the borrower to close the loan. The borrower shall be advised by the association in writing of his right to select an attorney, provided that such attorney is on an approved list of a title insurance company acceptable to the association, and authorized to do business in the State of Mississippi. Title insurance is used herein as a criterion for qualifications of attorneys only, and nothing in this chapter shall be construed as requiring any association to require a borrower to secure a title insurance policy in addition to the regular attorney's certification of title. However, an association may, if it desires, require title insurance policies on loans, but if policies are required from one (1) attorney they shall be required from all attorneys used in connection with loans under this section. No association shall discriminate as to any charges, fees or discounts, or make any different charges whatsoever between loans closed by an attorney selected or recommended by, or representing the association and loans closed by an attorney selected by the borrower under the provisions of this subsection. It is the intent of the Legislature that borrowers shall be free to select attorneys of their choice to close all loans under the authority of this paragraph, without incurring any additional charge or expense whatsoever. The commissioner shall have the authority to adopt reasonable rules and regulations to promulgate the provisions of this subsection. Any association, or any officer or employee of any such association willfully violating the provisions of this subsection shall be guilty of a misdemeanor and, upon conviction thereof, shall be fined not less than One Hundred Dollars ($100.00) nor more than Five Hundred Dollars ($500.00).
Structure Mississippi Code
Title 81 - Banks and Financial Institutions
Chapter 12 - Savings Associations Law
§ 81-12-1. Citation of chapter
§ 81-12-4. Private corporation laws; application to savings and loan associations
§ 81-12-7. Rights, powers, privileges and duties of board
§ 81-12-9. Determinations of commissioner final; judicial review
§ 81-12-11. Duties of department
§ 81-12-25. Incorporation; petition; fee; articles; bylaws; exhibits
§ 81-12-27. Incorporation; examination and investigation of petition
§ 81-12-49. Powers of associations
§ 81-12-51. Additional powers of capital stock associations
§ 81-12-53. Conversion of association organized under state law into federal association
§ 81-12-55. Conversion of federal association into association organized under state law
§ 81-12-63. Conversion prohibited; exceptions
§ 81-12-65. Reorganization, merger and consolidation of associations
§ 81-12-75. Membership fees prohibited
§ 81-12-85. Bonding of association's officers, attorneys, employees, agents and directors
§ 81-12-89. Deposit of association funds; approval by directors
§ 81-12-93. Management contracts
§ 81-12-95. Records; minutes of meetings; business transactions
§ 81-12-99. Records; maintenance by means of data processing services
§ 81-12-103. Records; overvaluation of assets
§ 81-12-107. Records; loan and investment
§ 81-12-109. Records; membership and stockholder
§ 81-12-111. Records; reproduction by photostatic, photographic or microfilming process
§ 81-12-119. Savings accounts; execution of contract by holder
§ 81-12-121. Savings accounts; evidence of ownership
§ 81-12-123. Savings accounts; lost or destroyed account books or certificates
§ 81-12-125. Savings accounts; inducements to open
§ 81-12-127. Savings accounts; adverse claims to accounts
§ 81-12-129. Savings plans at educational institutions
§ 81-12-131. Payroll savings plans
§ 81-12-133. Attorneys authorized to make withdrawals; revocation of authority
§ 81-12-139. Accounts of administrators, executors, guardians, trustees, and other fiduciaries
§ 81-12-141. Accounts of deceased nonresidents
§ 81-12-143. Payments to successors without administration
§ 81-12-145. Accounts payable at death
§ 81-12-149. Payment of earnings on savings accounts
§ 81-12-151. Withdrawals by savings account holders
§ 81-12-155. Securities in which associations may invest
§ 81-12-159. Loans and other investments in which associations may invest
§ 81-12-161. Real estate loans to be written on approved loan plans
§ 81-12-167. Late payment charges
§ 81-12-169. Reinstatement of loan prior to foreclosure sale
§ 81-12-171. Right of association to deal with successor in interest of real estate securing loan
§ 81-12-173. Right to act to avoid loss
§ 81-12-176. Branch offices; additional types of offices
§ 81-12-179. Order of discontinuance of violation; enforcement in chancery court
§ 81-12-184. Supervisory merger
§ 81-12-185. Restrictions on appointment of conservator or receiver
§ 81-12-191. Federal associations domiciled in state
§ 81-12-195. Offering and sale of savings accounts exempt from securities regulations
§ 81-12-205. Appeal from final rule, regulation or order of commissioner or board
§ 81-12-217. Commissioner to issue supervisory control for association
§ 81-12-219. Appeal of cease and desist order
§ 81-12-221. Reimbursement of fines or penalties
§ 81-12-223. Cumulative fines and penalties
§ 81-12-225. Credit allowed; discretion of commissioner
§ 81-12-227. Amount of liability to association for loans
§ 81-12-229. Commissioner to furnish copy of call reports; fee; failure or refusal; misdemeanor