HB 1477 Mississippi House · 2026 Regular Session

Safe deposit boxes; provide escheatment process for.

HB 1477 establishes a process for handling safe deposit boxes with unpaid rent in Mississippi. Banks must notify owners after one year of delinquency (including a 60-day window to pay) and can open boxes with two employees (one a notary) if rent remains unpaid. After three years of abandonment, banks must turn over box contents to the State Treasurer, who will sell the items at public auction. This affects bank customers with unpaid boxes, banks as property holders, and the State Treasurer as the receiver of unclaimed property.

Bill status died 3 of 5 stages cleared

Introduction

Feb 2026

Committee Review

Feb 2026

House Passage

Feb 2026

Senate Passage

Governor

Introduced Feb 11, 2026 Last action Mar 11, 2026

Maddy AI version diff · 2 comparisons

What changed between versions

Committee Substitute → Current version · 1 edit

MINOR

The bill title was updated to reflect that it has passed the House, indicating progress in the legislative process. No substantive policy changes to the bill's content, scope, or requirements were made in this version.

TECHNICAL

The bill header was changed from 'Committee Substitute' to 'As Passed the House', indicating the bill has moved forward in the legislative process without substantive changes to its content.

As Introduced → Committee Substitute · 9 edits

MAJOR

This bill modernizes Mississippi's safe deposit box escrow and unclaimed property laws by updating notice requirements, extending abandonment periods, and clarifying procedures for banks to handle abandoned boxes. The changes ensure banks can legally open boxes after proper notice, define what constitutes abandonment, and establish clear processes for the State Treasurer to manage and sell abandoned contents while protecting both banks and owners.

Scope change

The bill expands the scope of safe deposit box handling by adding specific procedures for boxes opened before July 1, 2026, and clarifies that the State Treasurer has exclusive authority over abandoned box contents after proper notice is given.

TIMELINE

Changed the abandonment period for safe deposit box contents from two years to three years before property is presumed abandoned and turned over to the State Treasurer.

Extended the period for warrants to become void from one year to one year, and clarified the process for transferring unclaimed warrant funds to the Abandoned Property Fund.

REQUIREMENT

Added detailed notice requirements that must include specific information about unpaid rent, content summaries, apparent owners, and instructions for preventing the State Treasurer from taking possession.

Added procedures for handling hazardous materials, firearms, and contraband found in safe deposit boxes, requiring the State Treasurer to establish specific disposition procedures.

Modified the safe deposit box affidavit requirements to allow access without probate for estates under $50,000, reducing administrative burden for small estates.

ELIGIBILITY

Updated the definition of 'apparent owner' and clarified that banks must identify all apparent owners before reporting contents to the State Treasurer.

EXEMPTIONS

Added exemptions for military awards, medals, and decorations which cannot be sold and must be retained by the State Treasurer until claimed by the rightful owner.

DEFINITION

Added new definitions for 'last known address' and 'lawful charges' to clarify what constitutes valid contact information and permissible fees for abandoned property.

Added comprehensive definitions for various property types including intangible personal property, tangible personal property, and banking organizations to ensure consistent application of the law.

Floor votes · House Feb 10, 2026

How they voted

92–16

Passed · 14 other

Total votes 122

Feb 10, 2026

D Democratic40

17 Yea 14 Nay 9

42% Yea

I Independent2

1 Yea 1

50% Yea

R Republican80

74 Yea 2 Nay 4

92% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Feb 26, 2026

Upper · Passed

Title Suff Do Pass As Amended

upper

Feb 18, 2026

Committee

Referred To Business and Financial Institutions

upper

Feb 11, 2026

Introduced

Transmitted To Senate

lower

Feb 10, 2026

Lower · Passed

Passed

lower

Feb 2, 2026

Lower · Passed

Title Suff Do Pass Comm Sub

lower

Jan 19, 2026

Committee

Referred To Banking and Financial Services

lower

1 primary · 0 co-sponsors