Louisiana REALTORS® Resource - (03-05-2018)
Amy P. Fennell • March 8, 2018
#1 SPECIAL LEGISLATIVE SESSION REPORT
While legislators are still not able to reach a consensus on how to resolve the budget deficit, one bright spot is that issues important to the REALTOR® family have so far been protected. Louisiana REALTORS® was once again successful in preventing sales taxes being placed on your services.
House Bill No. 19 was heard in the House Ways and Means Committee and did not move forward. THANK YOU to those members who responded to our Call for Action! Your voices were heard and gave Louisiana REALTORS a win on this issue.
A crucial bill regarding the renewal of 1/4th of the additional penny sales tax set to expire June 30th and the repeal of various exemptions to the state sales tax (HB No. 23, Representative Dwight) failed to pass the House of Representatives Sunday evening. If the legislature adjourns without passing any budget reform or revenue measures there will likely be a second special session following adjournment of the regular session. This leaves approximately three weeks before the beginning of the 2018-2019 state fiscal year to address the budget shortfall.
#2 SAVE THE DATE: REALTOR® DAY - APRIL 24, 2018
Save the Date and plan to join us on April 24, 2018 for REALTOR® Day an event in conjunction with the Spring Into Action Conference!
This event is a chance for members to rally together as an industry at the State Capitol and discuss issues and concerns that affect Louisiana's homeowners while elected officials are in a legislative session.
This year we will also celebrate the 50th Anniversary of the Fair Housing Act and recognize the important role that has played in homeownership.
Watch the video for what last year's attendees had to say!
#3 LREC MANDATES REVISED PROPERTY DISCLOSURE DOCUMENT
The revised Property Disclosure Form is mandatory as of March 1, 2018. REALTORS® are encouraged to download the form from LREC's website to insure the proper version is used. Many members have asked whether this applies on active listings. While it is good risk management practice, the form is only mandated on listings taken on or after March 1.
To read more about how and why the changes came about, click here.
PLEASE NOTE: LREC has closed their P.O. Box. Any mail sent to P.O. Box address will be subject to at least a two-week delay due to post office sorting. In order to avoid this delay, send mail to the physical address: 9071 Interline Ave., Baton Rouge, LA 70809.
#4 NAR COMMITTEE APPLICATION OPENS MARCH 1
Louisiana REALTORS® encourages more of Louisiana's members to get involved and represent viewpoints at all levels of the organization! The National Association of REALTORS® is now accepting applications for members interested in serving on a committee in 2019.
Submissions are being taken through May 1. NAR’s committees are a great forum for debate and discussion. Being on a committee allows you to contribute to the decision-making process, and gain national experience beneficial for those seeking a leadership role and a great way to build contacts around the country. Applying to a committee is simple; visit the committee application webpage to get started: www.CommitteeApp.realtor.
#5 UPCOMING EDUCATION
New Home Construction & Buyer Representation
April 25, 2018 | Baton Rouge
8:30 am - 5:00 pm
Solid increases in single-family, still historically low interest rates, and high buyer demand point to healthy sales of new-home construction.
This one-day course provides buyer’s representatives with the product knowledge and increased confidence to make new-home construction a win-win transaction for buyer-clients. Earns 1 ABR elective credit, 1 GRI credit & 8 hours of CE credit. Early Bird Registration ends 3/25.
WEBINAR: Fair Housing Compliance
April 30, 2018
9:30 am - 11:30 am
Fair housing is more than a list of dos and don’ts, rights and penalties, and mandatory continuing education. As stewards of the right to own, use and transfer private property, fair housing protects our livelihood and business as REALTORS® and depends on a free, open market that embraces equal opportunity.
Louisiana REALTORS® is partnering with the Louisiana Attorney General's office to host an informative 2-hour webinar. Limited seating available. More information and link to register will be provided as the event is closer.
This week, the Legislature remained in high gear, and several items relevant to Louisiana’s real estate market moved into focus. The biggest headline for our industry this week was HB 468 by Rep. Troy Hebert , our wholesaling/consumer-protection bill, was slated to be heard on the House floor, however was bumped due to floor congestion and out-of-order bills. It is now expected to be reset for next Tuesday. This bill remains one of the clearest “market integrity” efforts on the board with clearer rules for non-traditional transactions, stronger transparency and better consumer protections. We also continued substantive policy work behind the scenes. We are actively engaging with Rep. Carver on a vacant land disclosure bill he has authored, and we appreciate that he is welcoming our input and guidance as the language is refined. Our goal is straightforward: ensure any vacant land disclosure framework is practical, reduces confusion and avoids unintentionally shifting liability or enforcement burdens onto real estate professionals. In addition, we were pleased to deepen our relationships at the Capitol this week. We had the privilege of hosting a lunch for the Governor’s Office, enjoyed meeting Governor Landry’s team, and look forward to working with them in a constructive, solutions-oriented manner as the session continues. Finally, Rep. Hebert also filed an additional measure that aligns with our legislative agenda and speaks directly to transaction risk management: HB 1027 , which would limit liability for licensed real estate appraisers in situations involving smoke and carbon monoxide detector compliance. The current law already provides that real estate agents are not liable for a seller’s failure to comply with Louisiana’s detector requirements in one- or two-family dwellings. HB 1027 would extend that same liability protection to licensed appraisers by amending R.S. 40:1581(F). This is a clean, common-sense clarification that helps prevent appraisers from being pulled into compliance disputes that properly belong with the seller’s statutory obligations. Next week, committees are scheduled to hear multiple bills relevant to real estate, including measures involving construction and roofing standards (often tied to insurance and mitigation), property rights/expropriation, and property tax and adjudicated property issues that can influence housing supply and neighborhood reinvestment. We will stay closely engaged and will flag any bills or amendments that materially affect transactions, homeownership costs or private property rights. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates.
Louisiana REALTORS® is compiling a cookbook of Louisiana flavor with a REALTOR® heart in support of the REALTORS® Relief Foundation . And we have two ways for you to get involved: Join us in contributing your favorite recipe using this online form. If you want to include a picture with your recipe, send to info@larealtors.org and reference recipe title in email subject. Or share your creativity by designing the cover artwork for the cookbook. A small committee will review all entries and choose one to print on the cover. Stay tuned for more details on when you can grab your own copy of the cookbook! Cover artwork and recipes are due by April 17th.
Week three of the Regular Session kept real estate issues in the conversation, even as lawmakers continued to focus heavily on workforce, tax and insurance policy. On the property tax front, measures to reshape assessments and exemptions, including proposals for a new blight rehabilitation exemption and additional relief for seniors, remain parked in the House Ways and Means Committee as stakeholders work through fiscal and local government concerns. These bills matter because they will influence long-term carrying costs, redevelopment incentives and how tax burdens are shared across residential and commercial property. Homestead related legislation, including parish level authority to increase the exemption amount, is also in the queue, signaling that the broader structure of Louisiana’s homestead system is officially on the table, not just the dollar figure. For homeowners and buyers, this debate goes directly to affordability. For local governments, it raises revenue stability and service delivery questions. There also has been movement on several identical pieces of legislation that would instruct parish assessors to develop a process for homeowners to permanently register for the homestead exemption for the duration that they own and live on the property. We are actively tracking legislation that will directly shape how investor activity and non-traditional transactions are recognized and regulated in Louisiana’s real estate market. This includes HB 468 by Troy Hebert , a key component of the Louisiana REALTORS® legislative package that targets the wholesale of residential real estate, which was heard in the House Commerce Committee on Monday. The bill is currently positioned for a floor vote early next week. As drafted, HB 468 represents a major step in the right direction for consumer protection in Louisiana, advancing needed guardrails through potential disclosure, registration, and practice standards that could redefine how assignment contracts and “off-market” transactions intersect with licensed brokerage activity. In parallel, HB 292 by Delisha Boyd passed the House on final reading, 86-3, and is on its way to the Senate. Together, these measures represent a coordinated policy effort to bring greater structure and transparency to emerging transaction models, while preserving the integrity of the traditional brokerage framework. Finally, the broader policy backdrop remains important: the Governor continues to push income tax changes and cost of living relief, while business and industry groups are prioritizing insurance, workforce and energy — each a key driver of long run housing demand and investment. As these debates evolve, we’ll keep you updated on what moves, what stalls and what it all means for your clients, your pipeline and private property rights across Louisiana. Please view the weekly bill tracking report provided by our lobbying team over at Harris, DeVille and Associates.
