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2024 Legislative Session Wrap-up

Louisiana REALTORS® • July 18, 2024

2024 Regular Legislative Session Successes


Real Estate Licensing Law

Louisiana REALTORS® was proud to support changes to the real estate licensing law requiring all real estate licensees to have buyer agreements. HB 366/Act 690 by Rep. Paula Davis, R-Baton Rouge, passed, has been signed by the governor and goes into effect August 19.

 

Real Estate Service Agreements

Louisiana REALTORS® supported legislation making it an unfair trade practice actionable by the Attorney General to secure a real estate service agreement with a mortgage or other encumbrance. SB 506/Act 363 by Sen. Rick Edmonds, R-Baton Rouge, passed and has been signed by the governor.

 

Property Insurance

During the recent legislative session, the Legislature debated many pieces of legislation designed to attract companies writing property insurance back to Louisiana. Louisiana REALTORS® was supportive of this effort to provide confidence to the insurance industry to stimulate competition; legislation of interest that passed follows:

 

  • HB 120/Act 8 by Rep. Matthew Willard, D-New Orleans, repeals the sunset on the Louisiana Fortify Homes Program.
  • HB 611/Act 9 by Rep. Gabe Firment, R-Pollock, phases out the three-year rule for property insurance, an issue carriers have identified as a major impediment to investment in Louisiana.
  • SB 295/Act 10 by Sen. Heather Cloud, R-Turkey Creek, shifts Louisiana from "prior approval" to "file in use" and will allow insurers more flexibility to price their product and remove another burden that slows down the process. Act 10
  • SB 323/Act 3 by Sen. Kirk Talbot, R-River Ridge, establishes a process for good faith and fair dealing in the claims process, removing the ambiguity in the law that hinders swift claims resolution.

 

Louisiana Citizens

HB 428/Act 401 by Rep. Delisha Boyd, D-New Orleans, The bill allows a Louisiana Citizens’ policyholder to request to that tangible personal property be excluded from their policy. If granted, Louisiana Citizens could calculate an actuarially justified reduction in the property owner’s premium. LR supported the bill.


SB 113/Act 757 by Sen. Kirk Talbot, R-River Ridge, removes the requirement that Louisiana Citizens’ rates must be at least 10% higher than private insurance companies’ between January 1, 2025, and December 31, 2027.

 

Consumer Guide Update: Preparing for Homeownership

By Louisiana REALTORS® • February 19, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on preparing for homeownership. This guide covers what prospective buyers should consider as they kick off the home purchase process, including the importance of credit scores, mortgage pre-approval, down payments, budgeting, and educational resources. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Preparing for Homeownership Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with potential clients to ensure they have the information they need to be successful in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover property taxes.

Consumer Guide Update: Escrow and Earnest Money

By Louisiana REALTORS® • February 14, 2025
As previewed last week, NAR is pleased to share the latest consumer guide focused on escrow. This guide covers what homebuyers should know about earnest money deposits, including the general terms and use cases in real estate transactions. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow a few days for the Spanish version of the latest resource to be translated and uploaded. For ease of reference, below is a list of the most recent guides: NEW: Escrow and Earnest Money Pricing Your Home Preparing to Sell Your Home Fire Damage and Policy Coverage Flood Insurance Thank you for your continued engagement with the “Consumer Guide” series and for sharing the resources with prospective clients to ensure they have the information they need to find success in their homebuying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Be on the lookout for next week’s guide on Wednesday, which will cover preparing prospective buyers for homeownership.

2026 LR Officer Elections, RVPs & NAR Director Applications

By Louisiana REALTORS® • February 12, 2025
The Louisiana REALTORS® Board of Directors will conduct several elections this Spring. Interested candidates that meet the qualification who are looking to serve at either the state association level or the national association level are encouraged to view the criteria and submit an application. An application that is not submitted on the appropriate form or not submitted pursuant to the instructions shall not be considered as submitted timely.
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