Mississippi legislation · 2026 Regular Session
Mississippi HB1477: Safe deposit boxes; provide escheatment process for.
Status: Failed, March 11, 2026
AN ACT TO PROVIDE FOR A SAFE DEPOSIT BOX ESCHEATMENT PROCESS; TO REQUIRE BANKS AND FINANCIAL ORGANIZATIONS TO PROVIDE CERTAIN NOTICE TO PERSONS WHO HAVE NOT PAID RENT FOR THEIR SAFE DEPOSIT BOXES; TO AUTHORIZE SUCH BANKS AND FINANCIAL ORGANIZATIONS TO OPEN THE SAFE DEPOSIT BOX AFTER PROPER NOTICE; TO AUTHORIZE THE STATE TREASURER TO RECEIVE CONTENTS FROM THE ABANDONED SAFE DEPOSIT BOX AND SELL THE CONTENTS AT PUBLIC AUCTION; TO AMEND SECTION 89-12-3, MISSISSIPPI CODE OF 1972, TO DEFINE "LAST KNOWN ADDRESS" AND "LAWFUL CHARGES" FOR THE PURPOSES OF THIS ACT; TO AMEND SECTIONS 89-12-5, 89-12-11, 89-12-17, 89-12-30, 89-12-31 AND 7-7-42, MISSISSIPPI CODE OF 1972, TO MODERNIZE CERTAIN PROVISIONS RELATING TO ABANDONED AND UNCLAIMED PROPERTY UNDER THE UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT; TO BRING FORWARD SECTION 81-5-64, MISSISSIPPI CODE OF 1972, FOR THE PURPOSE OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES.
What the bill says
An act to provide for a safe deposit box escheatment process; to require banks and financial organizations to provide certain notice to persons who have not paid rent for their safe deposit boxes; to authorize such banks and financial organizations to open the safe deposit box after proper notice; to authorize the state treasurer to receive contents from the abandoned safe deposit box and sell the contents at public auction; to amend section 89-12-3, mississippi code of 1972, to define "last known address" and "lawful charges" for the purposes of this act…
From the engrossed text:
AN ACT TO PROVIDE FOR A SAFE DEPOSIT BOX ESCHEATMENT PROCESS; TO REQUIRE BANKS AND FINANCIAL ORGANIZATIONS TO PROVIDE CERTAIN NOTICE TO PERSONS WHO HAVE NOT PAID RENT FOR THEIR SAFE DEPOSIT BOXES; TO AUTHORIZE SUCH BANKS AND FINANCIAL ORGANIZATIONS TO OPEN THE SAFE DEPOSIT BOX AFTER PROPER NOTICE; TO AUTHORIZE THE STATE TREASURER TO RECEIVE CONTENTS FROM THE ABANDONED SAFE DEPOSIT BOX AND SELL THE CONTENTS AT PUBLIC AUCTION; TO AMEND SECTION 89-12-3, MISSISSIPPI CODE OF 1972, TO DEFINE "LAST KNOWN ADDRESS" AND "LAWFUL CHARGES" FOR THE PURPOSES OF THIS ACT; TO AMEND SECTIONS 89-12-5, 89-12-11, 89-12-17, 89-12-30, 89-12-31 AND 7-7-42, MISSISSIPPI CODE OF 1972, TO MODERNIZE CERTAIN PROVISIONS RELATING TO ABANDONED AND UNCLAIMED PROPERTY UNDER THE UNIFORM DISPOSITION OF UNCLAIMED PROPERTY ACT; TO BRING FORWARD SECTION 81-5-64, MISSISSIPPI CODE OF 1972, FOR THE PURPOSE OF POSSIBLE AMENDMENT; AND FOR RELATED PURPOSES. BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: SECTION 1. (1) On and after July 1, 2026, if the rental payment for a safe deposit box in a bank or other financial organization located in the State of Mississippi is delinquent for at least one (1) year, or if the lease agreement for the safe deposit box terminated not less than one (1) year prior, the lessor may send written notice by first-class United …