MCA Chapter 7

MCA Chapter 7
in effect

Miss. Code Ann. § 35-7-3 Declaration of public policy.

It is hereby declared to be the public policy of this state to aid its veterans to become rehabilitated and to become as quickly as possible self-sustaining, thereby strengthening their citizenship and expressing the gratitude of all the peoples of this state for such public services they have rendered, and to that end this chapter is passed.

Miss. Code Ann. § 35-7-5 Definitions.

When used in this chapter, the word or term: “Veterans” includes: Any person who, upon presentation of his U.S. armed services record is eligible for a certificate of eligibility for a home loan guaranty from the U.S. Veterans’ Administration. Unremarried surviving spouses of the above-described eligible persons who died as the result of service or service-connected injuries. The unremarried spouse of any eligible veteran who has not purchased a home since the veteran’s death shall be eligible for the benefits of this chapter, except that the benefits of a Veterans’ Administration guaranteed loan will not be available. The spouse of any member of the armed forces serving on active duty who is listed as missing in action, or is a prisoner of war, and has been so listed for a total of more than ninety (90) days. Any such person shall have been discharged under conditions other than dishonorable from the branch of service in which he or she served, shall have been a bona fide resident of the United States of America at the time of his or her enlistment, induction, commission or drafting, and shall have lived in this state for two (2) years immediately preceding entry to extended active duty or the filing of the purchase application, or have married a person who has been a legal resident of this state for at least two (2) consecutive years immediately preceding the marriage and application. The veteran must obtain a certificate of eligibility for home loan guaranty from the Veterans’ Administration and present both an original certificate and a record of service or original discharge (DD 214) to the board. “Applicant” is a person meeting the criteria of “veteran” who has made written application to the board in the format prescribed by the board. “Mortgagor” is the person described as “applicant” who has subsequently executed a deed of trust on real property to the board, and may otherwise be described as “owner” or title holder. “Board” means the Veterans’ Home Purchase Board of the State of Mississippi. “Home” means a parcel of real estate upon which there is a single family dwelling house and such other buildings as will, in the opinion of the board, suit the needs of the purchaser and his dependents as a place of abode.

Miss. Code Ann. § 35-7-7 Creation of Veterans’ Home Purchase Board; composition; qualifications, appointment, terms of office and compensation of members; general powers and duties of board; officers and employees.

The administration of the provisions hereof is vested in a Veterans’ Home Purchase Board consisting of six (6) members who shall be appointed, or reappointed, by the Governor, with the advice and consent of the Senate. Members appointed to the board shall be veterans of either World War II, the Korean Conflict, the Southeast Asia Conflict, the Persian Gulf Conflict or have served in active duty for at least one hundred eighty (180) days during a time of war or a conflict in which a campaign ribbon or medal was issued and shall possess a background in business, banking, real estate or the legal profession which enables them to carry out the duties of the board. No state/department commander of any federally recognized veterans organization, no national officer of any federally recognized veterans organization and no member of the Mississippi Council of Veterans Organizations shall be eligible for appointment to the board until the expiration of a period of three (3) years after the termination of his service in such disqualifying positions. Appointments shall be staggered, with each Governor appointing or reappointing two (2) members in the first year of his administration; one (1) member in the second year, two (2) members in the third year, and one (1) member in the fourth year. Appointments for terms that expire in 1988 shall be made as follows: one (1) shall be made for a term ending on July 1, 1989; one (1) shall be made for a term ending on July 1, 1991; and two (2) shall be made for a term ending on July 1, 1992. Persons appointed to succeed the two (2) members whose terms expired in 1986, or any such member holding over after 1986 because no successor was appointed, shall serve until July 1, 1990. After the expiration of the foregoing terms, all appointments shall be for a term of four (4) years from the expiration date of the previous term. From and after July 1, 1988, one (1) appointee shall be selected from each of the five (5) congressional districts of this state as such districts are composed on May 1, 1987, and one (1) appointee shall be selected from the state at large. Any vacancy occurring during a term shall be filled by appointment of a member for the unexpired portion of the term. The board is hereby authorized and empowered to make and promulgate such reasonable rules and regulations under this chapter as it shall deem to be necessary or advisable and to enforce the same. The board shall have authority to render the final decision on the purchase application process, approval of purchases, funding of purchase commitments, servicing loans and default, property security, management, resale, release from security, and all other matters relating to the purchases and loans made under this law. The board shall likewise, by an order spread on its minutes, elect a chairman and vice chairman to serve for one-year terms, and all such officers are eligible to succeed themselves in such offices. The chairman may appoint a three-member loan committee from the membership of the board and shall specify the conditions, responsibilities and authority of such committee. Each member of the board and his successor shall be reimbursed all of his actual and necessary traveling and other expenses incurred in the attendance of the meetings of the board or in the performance of other duties in connection with the business of the board as provided for state officers and employees in Section 25-3-41, and shall be allowed a per diem as provided in Section 25-3-69 for such attendance; provided that the number of days per diem shall not exceed sixty-six (66) days for the chairman and fifty (50) days for other members of the board during any one (1) fiscal year. The above limitation of days per year shall not apply to board members appointed on a full-time basis to the loan committee. The director, or other executive officer employed by the board, shall execute a surety bond in the sum of One Hundred Thousand Dollars ($100,000.00), conditioned upon the faithful performance of his duties and upon his accounting for all monies coming into his hands; and each employee handling funds shall execute a like bond in the sum of Fifteen Thousand Dollars ($15,000.00), and the premiums thereon shall be paid from the funds provided for administering this chapter. The board may designate one (1) of its employees as the acting director or executive officer by a vote of the majority of the members of the board, officially recorded in the minutes of a regular or special meeting, and such acting director shall be vested with all the authority conferred upon the director by the provisions of this chapter; but such acting director may not serve for a continuous period of time in excess of six (6) months, and the acting director, when so designated, will be required to furnish surety bond in the same amount and under the same conditions as the director. The purpose of this provision is to designate an executive officer during any temporary illness, absence or incapacity of the regularly designated director. The board may designate one (1) of its employees by a vote of the majority of the members of the board, officially recorded in the minutes of a regular or special meeting, to be authorized to sign a Deed of Conveyance or other closing documents necessary as to not delay the closing or settlement of a home purchase during the absence or unavailability of the director. The board may select and employ such expert, technical and clerical assistance as in its judgment may be necessary in the proper administration of said board and fix the salaries of such employees. The board is empowered to employ auditors and accountants to examine the books, accounts and records of the board if it so desires, and the board is also authorized to employ legal counsel if it deems such a course necessary in the proper administration of its affairs.

Miss. Code Ann. § 35-7-9 Limitation on costs of administration of chapter.

The cost of administering this chapter shall not exceed in any one (1) fiscal year two percent (2%) of mortgage loans in force. Administrative expenses shall include all costs for: personnel, travel, subsistence, contractual services, commodities and equipment utilized in operating the offices and facilities of the board and shall not include expenditures reimbursed to the board by applicants, veterans/owners, insurance companies and funds passing through escrow, regardless of the budget and accounting codes utilized. The amount of contracts in force for the purpose of this section shall be considered the amount in force at the end of the fiscal year in which the expenditures for administration are incurred.

Miss. Code Ann. § 35-7-11 Offices of board; staff and related expenses; assistance from county veterans service officers and others.

The board is hereby authorized to establish offices and employ an adequate staff to serve the citizens of Mississippi as it deems necessary; and the expenses of such offices shall be included within the administrative cost limitation prescribed in Section 35-7-9. The board may utilize the services of county veterans service officers and other such persons in contact with the veteran community to advise and assist the board; however, such persons assisting shall not be employees nor officially represent the board, and shall perform their services without cost to the board.

Miss. Code Ann. § 35-7-13 Duty of public officials to cooperate with board.

It is hereby made the duty of all state, county and city officials to furnish and give all required information to the board, upon request and without charge therefor.

Miss. Code Ann. § 35-7-15 Eligibility of veterans; applications; priority preferences; waiting lists; distribution of assistance.

Any person deeming himself a veteran, and desiring to benefit under the provisions of this chapter, shall submit to the board information, in such form as may be prescribed, that will enable the board to determine his eligibility and qualifications. The board may make such further inquiries and investigations as it deems proper and necessary in order to determine such eligibility and qualifications. Applicant priority for processing shall be in accordance with the order in which the fully completed application forms are received and verified as eligible for consideration in the board’s Pearl, Mississippi, office. Once accepted, the qualified and eligible applicant will retain his priority on a waiting list until the time that funds are available to fully process his application, or until it is ascertained that the applicant is no longer eligible or qualified for the loan, or until the applicant withdraws himself from consideration. The board may suspend the taking of applications from time to time based on availability of funds. The board shall not maintain applications which are projected to exceed one (1) year before final processing. In each instance of suspension, the board will project a date in the future when applications will be again accepted in order that persons inquiring for application may know to do so after such date. The board may act upon any purchase loan application or related matter by telephone poll of the board members taken by the executive director, or his designee, in order to facilitate an applicant’s loan request before the next meeting of the board. Action taken upon such a poll may be taken only upon majority vote of the entire board. The action of the board taken by telephone poll shall be placed in the minutes of the board at its next meeting. Veterans who are otherwise qualified and who have a service connected, permanent disability, as verified by the Veterans’ Administration or a branch of the United States Armed Forces, rating fifty percent (50%) or greater, will receive priority over other applicants waiting for consideration. Veterans who have not purchased a single family, permanent home since their honorable discharge from active duty and have not owned a single-family residence in the State of Mississippi while serving in the armed services may be given priority over other veterans waiting to make application. This priority will be second only to those veterans given priority due to a service-connected disability of fifty percent (50%) or greater. Such returning veterans must meet all other eligibility and qualification criteria, including Mississippi residence requirements. This priority will apply only during the first five (5) years following the veteran’s discharge and will apply to veterans who served in Vietnam regardless of time since discharge. The board shall establish rules and procedures to provide a waiting system, limitations on waiting, and the priority preference given to disabled and other special veteran groups when the number of veterans desiring to apply for a purchase at any time exceeds the funds available in the revolving fund for purchases or the number of applications that can be reasonably processed. It is the intent of the Legislature that access to the revolving fund be available on an equitable basis to all eligible veterans throughout the state. The board is, therefore, authorized to travel, conduct and attend meetings, advertise and announce through public service and commercial media, prepare and distribute audio/visual and printed publications, and otherwise announce and promote among veterans the provisions of this law. The board shall monitor application and purchase distribution throughout the state based upon available information concerning veteran population in certain geographic units such as districts, counties and major metropolitan areas, and is authorized to halt, limit or place temporary moratoriums on further purchase applications from areas determined by the board to have excess purchases in relation to the veteran population of that area. At the same time, the board shall have the authority to employ discriminatory announcement and promotion activities in areas determined to have a shortage of purchases. The board shall not set quotas or other inflexible limits on any geographic unit nor shall the board solicit purchase applications from any veteran, group of veterans or geographic unit.

Miss. Code Ann. § 35-7-17 Acquisition of homes for resale to veterans; refinancing of permanent mortgage loans; limitations as to applications for purchase.

The board may acquire for sale to a veteran a home situated in the State of Mississippi, provided that the cost of such home to the board does not exceed the maximum loan limit as provided in 38 USCS Section 3703 by application of the housing loan guaranty for housing loans to veterans as defined in 38 USCS Section 3701. A veteran purchasing such home may advance a sum of money on the purchase price of the home. In addition to the home acquisition, the board may also provide the funds for any funding fee charged by the Department of Veterans Affairs for any loan contract underwritten or guaranteed by the Department of Veterans Affairs even if the home acquisition cost and the funding fee together exceed the maximum loan amount. Nothing contained in this chapter shall prevent the acquisition for sale to a veteran by the Veterans’ Home Purchase Board of the State of Mississippi of a home, the title to which has, prior to the date of such purchase, been vested in such veteran if title thereto is vested in such veteran due to (a) the veteran previously owning the land and the purpose of the application is to finance a home on the land; (b) the veteran having taken title to the land for the purpose of obtaining construction financing or otherwise constructing or making a major renovation of a home on the land; or (c) the veteran having previously taken title to the land and home under a nonpermanent purchase money lien to secure his ability to purchase the property while awaiting processing, approval and closing of his application with the board. The proceeds of the purchase approved may be applied toward the liquidation of a purchase money lien, contractor’s or materialman’s lien, or temporary construction loan outstanding against the property if the board should determine that the indebtedness secured by such liens or loan is not adequately financed on a permanent basis. The limit provided above on the cost of property to the board may be exceeded in the case of a veteran who has been certified for the purchase of a home under Public Law No. 782 of the 80th Congress, by Public Law No. 286 of the 81st Congress, and other amendments thereto, which provides special benefits to veterans who have lost the use of both legs. In such cases where the federal government donates half of the cost of a dwelling for such a disabled veteran, as provided by Public Law No. 286, and, further, where the Department of Veterans Affairs guarantees half of the remainder of the purchase price, the board may increase the amount of money to be advanced for such a purchase to the maximum loan limits, as provided above. Except as otherwise provided in subsection (5) of this section, the board shall not consider an application to refinance a home with adequate permanent financing with a lending institution, individual or other entity, or the refinancing of the veteran’s equity in a home to which he has title. The board will consider, on a case-by-case basis, the adequacy of financing when a veteran has title to the property and financing with variable rates, terms or payments where the board can ascertain that the loan was made with temporary intent on either the part of the veteran or lender, or where the veteran is in jeopardy of losing the financing due to no fault of his own. In such cases, the board shall ascertain that the present lender has no objection to the early payoff of the loan and that the veteran has not obtained and continued any form of temporary financing for the purpose of waiting for financing by the board when he could have previously obtained adequate, permanent financing. The board shall not consider applications for purchase that would provide the veteran with a second home, or provide funds to be used either directly or indirectly for investment purposes. The veteran must divest himself of any personal residence before being eligible to close the board purchase on a new property. Divestment may be accomplished by sale which transfers title to another individual, or by an irrevocable lease/purchase contract, or land contract where title passes after the prescribed payment. This requirement that the veteran divest himself may be waived by the board in cases where the board can ascertain that the ownership of such property was originally intended as a temporary residence or a condominium or mobile home, or that the veteran’s present residence is inadequate for his needs; and in cases where the requirement to sell on short notice will cause a financial hardship or loss to the veteran in the market place; and in cases where the sale of the present residence is not necessary to free the veteran of obligations to qualify financially for the new loan. When such waiver is granted, the veteran must agree in writing (a) not to reside in the former residence for a period of ten (10) years, (b) that the rent proceeds in excess of mortgage payments and cash expenses on the old home will be paid to the board as a reduction to the loan balance on the new home, and (c) that, at the sale of the old home within a period of ten (10) years, a full disclosure of the sale shall be made to the board and proceeds of the sale in excess of mortgage payoff and actual cost of the sale will be paid to the board as a reduction to the balance of the existing loan with the board. The board may provide for the refinancing of permanent mortgage loans under the following conditions: Funds are available to the board from the issuance of its notes or bonds in amounts in excess of the funds required for applicants on a waiting list for their first loan from the board. The veteran has an outstanding mortgage or mortgages on the property to be refinanced. The terms and conditions of the refinance loan complies with the Department of Veterans Affairs guaranteed loan program guidelines for refinance. The refinance loan shall be limited to the payoff of existing mortgages plus the closing costs of the transaction and further limited to eighty percent (80%) of the property value or amount of the Department of Veterans Affairs guaranty available on the refinance loan. The board may establish interest rates, terms and conditions on refinance loans which may differ from original loans made by the board.

Miss. Code Ann. § 35-7-19 Acquisition by board of leasehold interests in certain lands for resale to veterans.

In addition to and supplemental to any other authority vested in the Veterans Home Purchase Board, the board is authorized and empowered to purchase a leasehold interest in sixteenth section lands, and leasehold interests in other lands owned by the state or a department thereof, for resale of such interest in land to a qualified veteran for a home when the duration of such leasehold interest exceeds the amortization period of the board’s loan by not less than fourteen (14) years or contains automatic renewal to the leaseholder and lienholders. The purchase price of the leasehold interest in the sixteenth section lands and leasehold interest in other lands owned by the state or a department thereof shall not exceed the maximum purchase price as otherwise provided by law. However, the veteran acquiring a home under the provisions of this chapter shall be given the right to advance a sum of money on the total purchase price of the leasehold interest of the home above the maximum purchase price to the board. Wherever applicable, all other provisions of statutes governing said board shall apply, and the board may prescribe and adopt needful and necessary rules and regulations to administer this section.

Miss. Code Ann. § 35-7-21 and 35-7-23. Repealed.

Repealed by Laws, 1987, ch 425, § 21, eff from and after May 1, 1987. § 35-7-21 . [Codes, 1942, §§ 7520, 7520.3; Laws, 1936, ch. 199; Laws, 1946, ch. 221, § 7; Laws, 1948, ch. 493, § 1, ch. 500, § 7; Laws, 1950, ch. 465, § 7; Laws, 1956, ch. 352, § 1; Laws, 1958, ch. 460, § 3; Laws, 1962, ch. 478, § 1; Laws, 1964, ch. 479, ch. 482; Laws, 1968, ch. 481, § 1; Laws, 1974, ch 404, § 2; Laws, 1979, ch 313, § 2; Laws, 1985, ch 501, § 3] § 35-7-23 . [Codes, 1942, § 7520.5; Laws, 1955, Ex Sess, ch. 125, § 1; Laws, 1956, ch. 352, § 3; Laws, 1958, ch. 460, § 4; Laws, 1962, ch. 478, § 2; Laws, 1964, ch. 480; Laws, 1968, ch. 482, § 1; Laws, 1979, ch 313, § 3; Laws, 1985, ch 501, § 4] Editor’s Notes — Former § 35-7-21 provided for acquisition by former veterans farm and home board of additional land near veteran’s homestead for resale to veteran. Former § 35-7-23 provided for advance of money for additional construction, renovation, or improvement to veteran’s residence.

Miss. Code Ann. § 35-7-25 Selection of home by veteran; contract between board and veteran; terms of payment; appraisal.

When a veteran has been authorized by the board to select the home he desires, he shall submit his selection in such form as may be prescribed by the board. If the board is satisfied of the desirability of the property submitted and if such veteran has agreed with the board to actually reside upon such property within sixty (60) days from the date of purchase by the board, and if the price of said property to the board does not exceed the maximum provided in Section 35-7-17, then the board shall be empowered to purchase said property from the owner thereof, including the veteran under the provisions of Section 35-7-17(1), upon such terms as may be by them agreed upon. The board, in its discretion, is authorized to enter into a contract with the veteran for the sale and to consummate the sale of said property to said veteran. The board shall fix the selling price of such property by adding to the purchase price of said property or to the value of said property as determined by the board when such property is acquired by the board in a manner other than by purchase, as in foreclosure or repossession, all expenses incurred and estimated to be incurred by the board in relation thereto, inclusive of interest, administration, appraisals, examination of title, incidental expenses and such sum as shall be deemed necessary to meet unforeseen contingencies. The purchaser shall make an initial payment of at least twenty percent (20%) of the selling price of the property; however, the board may reduce or waive said initial payment for any veteran provided the loan contract is underwritten or guaranteed by the Veterans’ Administration in accordance with the terms of the Servicemen’s Readjustment Act of 1944, as amended. The balance of said selling price may be amortized over a period to be fixed by the board, but not exceeding thirty (30) years, together with interest thereon at a rate which shall be fixed by the board, which shall in no case be less than two and one-half percent (2 1/2%) per annum, and which shall in no case be higher than the rate of interest authorized and permitted by the Veterans’ Administration for loans guaranteed under the provisions of Title III of the Servicemen’s Readjustment Act of 1944, as amended. The purchaser shall have the right at any time to pay any or all installments still remaining unpaid. In any individual case, the board may for good cause postpone from time to time, upon such terms as the board may deem proper, the payment of the whole or any part of any installment of the selling price or interest thereon. The board is empowered in each individual case to specify the terms of the contract entered into with the purchaser, not contrary to the provisions of this chapter. Before the purchase of any property by the board, there must be filed with said board an appraisement of the fair and reasonable value of such property by a qualified appraiser. Each appraisement shall state, among other things, that it is made in good faith and that the valuation is honestly determined and represents the bona fide opinion of the maker. The board, before consummating the purchase under the provisions of this section, shall be satisfied that title to the property sought to be purchased is good.

Miss. Code Ann. § 35-7-27 Details of contract between board and purchaser.

The contract entered into between the board and the purchaser shall provide, among other things, that the purchaser intends to maintain said farm or home as his place of residence, that the purchaser shall keep the same in good order, that the purchaser shall keep in repair all buildings, fences and other permanent improvements, situated thereon, and that the purchaser shall insure and keep insured against fire and other hazards, all buildings and other permanent improvements on said property, in an insurance company authorized to do business in Mississippi, with a loss payable clause or standard New York mortgage clause in standard form payable to the board as its interest shall appear, in such amount or amounts and in such insurance company or companies as shall be agreeable to the board.

Miss. Code Ann. § 35-7-29 Execution of general deed and deed of trust; notice of veteran’s intent to transfer property.

When a purchaser shall have paid as much as twenty percent (20%) on such home, or when the purchaser shall cause the amount due on such purchase to be underwritten by the United States Department of Veterans Affairs under the provisions of the Servicemen’s Readjustment Act of 1944, the board may determine the amount of the initial payment to be made by the veteran, if any, and the board is hereby authorized and empowered to execute to the purchaser a deed to the property and to take back from such purchaser a trust deed to secure the balance due the board on such transaction, payable over a period of not exceeding thirty (30) years on such amortization plan as the board may determine. Such trust deed and evidence of debt shall run in favor of the Veterans’ Home Purchase Board of the State of Mississippi. It is the intent of the Legislature that the benefits of this purchase permitting home ownership be enjoyed by the eligible veteran. Although it is recognized that many events may cause transfer of title or habitation during the term of the loan, the veteran is encouraged to retain permanent ownership of, and to reside in, the home; therefore, a veteran desiring to transfer his property should provide at least thirty (30) days’ advance notice to the board. Upon notice, he or his designated agent shall be provided a current accounting on his loan, instruction on transfer procedures established by the board, and information concerning the impact of a transfer to him and the new owner. All loans secured by deed of trust, except those guaranteed by the United States Department of Veterans Affairs, shall be made under a deed of trust providing an acceleration clause (due on sale) when the title is transferred from the original veteran. The board may waive the execution of such clause by specific majority decision of the board and shall establish procedures and criteria for consideration of such waiver.

Miss. Code Ann. § 35-7-31 Escrow agreements.

The board is authorized to enter into escrow agreements with the purchaser for the payment of anticipated taxes and hazard insurance premiums, or for the payment of life insurance premiums in cases where the board requires a life insurance policy to cover the unpaid balance of the indebtedness. All funds collected as escrow items for the benefit of the veteran as insurance premiums, taxes, appraisal fees, and other funds belonging to the veteran, and not the state revolving fund, shall be maintained and accounted for separately from the special revolving fund, although the receipt of such funds may be commingled with installment payments or other payments to the board. The board shall establish separate accounts and trusteeships for this purpose exclusive of requirements that agencies of the state commingle funds into one (1) state treasury account. Interest earned on such deposits shall accrue to the state revolving fund of the board, and shall be paid to the revolving fund annually.

Miss. Code Ann. § 35-7-33 Satisfaction of taxes, assessments, etc.; improvements.

If the purchaser fails or neglects to pay, satisfy and discharge at maturity any taxes, assessments or other charges or encumbrances which shall be a lien upon the property being purchased from the board, or any part thereof, or any taxes or assessments levied or assessed upon the land so bought or the interest created by the contract or purchase of such property, or if the purchaser fails or neglects to keep the buildings and other permanent improvements upon such property insured as provided by this chapter, or if the purchaser fails or neglects to keep in good order and repair all buildings, fences and other permanent improvements situated upon such property as provided by this chapter, then, and in any such event, it shall be lawful for the board to pay, satisfy, discharge, settle or compromise such taxes, assessments, charges or encumbrances, or to insure said buildings, and permanent improvements, or any of them, or to do or cause to be done the work and supply the material necessary to keep the buildings, fences and other improvements situated upon such property in good order and repair. All monies so expended by the board shall be added to the selling price of such property, or balance due, and bear interest at the same rate as the original loan, or the current rate set by the board, at the board’s discretion, computed annually, from the date of expending the same, and shall be repaid by the purchaser to the board on demand. The board may amortize the repayment of such expenditures or permit repayment in installments upon such terms and conditions as it deems proper. The board shall be the sole judge of the legality or validity of such taxes, assessments, charges or encumbrances and the amount of insurance to be placed upon the buildings, and other permanent improvements situated upon such property and the amount necessary to be paid for the premiums for such insurance, and the necessity and nature of the work necessary to keep the good order and repair and the amount necessary to be paid therefor.

Miss. Code Ann. § 35-7-35 Cancellation; foreclosure.

In event of a failure of a purchaser to comply with any of the terms of his contract, or the trust deed, provided for in this chapter, the board shall have the right at its option to cancel such contract or to cause a foreclosure thereof to be made under its deed of trust. Failure of the board to exercise any option to foreclose or to exercise any other rights under the trust deed held by it for any default on the part of the purchaser or mortgagor, shall not be deemed a waiver of its rights then or at any future time to exercise such right or rights. In the event of any sale under foreclosure as herein provided for, the board may appear at such sale and bid on said property, and may become the purchaser at such sale. Property foreclosed, repossessed or otherwise reverted to the board may be conveyed to the Veterans’ Administration in the case of VA Guaranty, resold inclusive of refinancing, or otherwise disposed of to the highest financial advantage in the best judgment of the board.

Miss. Code Ann. § 35-7-37 Care of property reverting to board.

The board shall have the power to insure and keep insured against fire and other hazards as the board may determine, all buildings, and other permanent improvements, or any of them, situated upon any property which has reverted to and is under the control of the board. The board shall have the power to do or cause to be done the work and supply the materials necessary to keep said buildings, fences, and other improvements situated upon such property in good order and repair. The board shall have authority to lease or let such property, in whole or in part, upon such terms as it may deem proper, and if a farm, to cultivate such farm or cause it to be cultivated, or harvest or cause to be harvested the crop or crops growing thereon.

Miss. Code Ann. § 35-7-39 Second purchases of property for veteran.

The intent of this law is to provide a one-time benefit to the veteran, and the board shall not consider applications for the purchase of a second home as long as there are eligible veterans on the waiting list to apply for a first purchase. If a veteran who has been the beneficiary of this chapter loses his home by fire, windstorm or other insurable hazard beyond his control and his account with the board is paid in full, the board may, in its discretion, approve the purchase of a home for such veteran, subject to all the other provisions of this chapter.

Miss. Code Ann. § 35-7-41 Rights of surviving spouse.

If a veteran dies after filing his or her application for a home as provided in this chapter, and his or her application is subsequently approved, his or her unremarried spouse may, in the discretion of the board, succeed to his or her rights, privileges and benefits under this law that would have been his or hers but for his or her death. The contract or purchase which the board otherwise would or might have entered into with such veteran may be entered into with his or her unremarried spouse.

Miss. Code Ann. § 35-7-43 Removal of disability of minority.

Any citizen of this state, over the age of 18 years and under the age of 21 years, otherwise qualified under the provisions of this chapter and desirous of obtaining the benefits of this chapter, notwithstanding such minority, shall be entitled to avail of the benefits of this chapter, and for so doing the minority of such person is hereby removed to authorize the same.

Miss. Code Ann. § 35-7-45 Funds; sale of mortgages; issuance of notes.

Any money previously appropriated to the revolving fund of the board or that may be hereinafter appropriated shall be commingled, exclusive of escrow funds provided for in Section 35-7-31, into a general revolving fund for carrying out the provisions of this chapter. The expense of administering this chapter shall be paid from the revolving fund within the limitations provided by Section 35-7-9. The revolving fund of the board will constitute a trust fund and shall be segregated from all other funds in the State Treasury. All interest earned by the State Treasury on any investment of the Veterans’ Home Purchase Board Revolving Fund shall be placed to the credit of such fund. The State Fiscal Management Board is authorized and directed to draw warrants upon such funds from time to time upon requisition of the board executed by its executive officer, and the State Treasurer is hereby authorized and directed to pay such warrants. The money repaid by the purchaser shall be deposited in the board’s revolving fund and shall be available under the same conditions as the original appropriation. The board shall have continuing authority to expend funds up to the maximum amount received into the special revolving fund, limited to the discretionary best judgment of the board as to reserve. The board shall submit to the State Fiscal Management Board, the Legislative Budget Office, legislative appropriation committees, and other such authority as may arise or be deemed necessary, an annual budget, using the standard general fund budget format as a model, but modified to reflect an accurate and management-oriented view of the revolving fund, and an annual report reflecting a detailed analysis of all revenue and expenditures. All funds in the revolving fund in excess of the one percent (1%) administrative expense allowance shall be expended or committed for new loans with the exception of the reserve judged necessary by the board. The board, with the advice and consent of the State Bond Commission, may also sell or hypothecate its mortgage loans to the Reconstruction Finance Corporation of the United States Government or to any subsidiary agency thereof, or to any other agency, private or public, when a sale of such mortgage loans would be to the advantage of the board. However, no mortgage loans may be sold for less than the prevailing market value, which may include sale at a discount from book value when discounted to present value to equate to market yields, of said loans as determined by the State Bond Commission. The provisions of this section may also include the discounting to present value of lower interest rate loans to the mortgagor to encourage early payoff of the loan. The board may issue its notes in such amounts and for such terms as the board may deem advisable to provide additional funds for purchase of veterans’ homes, and such notes shall be eligible for purchase by any agency of the State of Mississippi. The repayment of such notes shall be guaranteed by the board, and any and all income to the board from the repayments of the principal and interest on its purchases by veterans shall be first pledged to repayment of any maturing notes. The maturity dates, denomination or amount, and rate of interest of such notes shall be determined by the board; however, such notes shall in no event exceed a term of thirty (30) years nor bear a higher rate of interest than one percent (1%) below that received by the board on its mortgages and deeds of trust. Notwithstanding any other provisions of this chapter, the board may apply the proceeds from the issuance of its notes under this section or the issuance of its bonds under any other applicable law, as follows: Refinancing of permanent mortgage loans, subject to the conditions specified in Section 35-7-17(5). Increasing the purchase limit on homes as provided in Section 35-7-17(1). The board shall have the authority to sell outright its mortgages and deeds of trust at market value, or discounted to present value, as hereinabove provided and to service said mortgages for the purchaser, collecting the principal and interest due the owner of such mortgages, and to charge therefor a reasonable service fee to be mutually agreed upon by the purchaser of such mortgages and the board. Any notes issued by the board must be approved at a regular meeting of the board, upon favorable vote by a majority of four (4) members of the board, who shall authorize the chairman and the executive director of said board to issue and sign such notes as the official deed and act of the whole board. Any additional monies appropriated or obtained to extend the benefits of this chapter shall be commingled with and become an integral part of the revolving fund provided by this section, and the method of accounting therefor shall be the same as used with respect to any other monies in the revolving fund.

Miss. Code Ann. § 35-7-47 Special consideration in event of hardship.

This law recognizes the occurrence of extreme and unusual circumstances which create hardship on veteran applicants from time to time; therefore, the board shall have the authority to waive, according to its best judgment, certain provisions, rules and criteria on a case by case basis. Any request for special consideration of hardship shall be fully documented and verified by the board, to include signed statements by the applicant, knowledgeable disinterested third parties, and investigation by an officer or employee of the board.

Miss. Code Ann. § 35-7-49 Confidentiality of information obtained in loan processing.

All personal information, including financial and credit information, provided to the board for the purpose of obtaining and servicing a loan, shall be held in strict confidence by the board, and used only by the board and its authorized employees for the purpose of processing and servicing the subject loan. Release of any information on an applicant or borrower outside of the board shall be only by proper legal subpoena or by the written consent of the individual involved. The intent is to protect the privacy of individual citizens/veterans and to provide complete candor in loan processing and related business matters. This section is not intended to apply to communication with the credit and financial community on credit evaluation and loan servicing. Also, it is not intended to prevent the disclosure of information in the process of negotiating a settlement by a third party when a loan is in default or otherwise in violation of this law.

Miss. Code Ann. § 35-7-51 Criminal sanctions for fraudulent conduct.

Any person, seller, veteran, broker, agent, attorney or corporate officer, who shall knowingly make, utter, publish, pass or use any false, fictitious or forged paper, document, contract, affidavit, application, assignment or other instrument in writing in connection with or pertaining to any transaction under this law, shall be guilty of a felony and, upon conviction thereof, shall be subject to punishment under the laws of the State of Mississippi, and shall further forfeit any rights to the benefits of this law, and shall repay on demand any funds expended by the board on his or her behalf or otherwise outstanding to the board.