Session Scoop: May 24, 2024

Louisiana REALTORS® • May 24, 2024

Bill Tracking Report as of 5/24/2024

Week 11 Report


The 2024 Regular Legislative Session is in the final stretch before adjourning sine die and things are looking good for real estate practitioners and property owners, buyers, and sellers. 

 

A few highlights from Week 11 include:   

  • Senate Bill No. 506 to reign in the practice of using liens or mortgages to secure rights under real estate service agreements is on the way to Governor Landry’s desk for signature.
  • House Bill No. 366 clarifying definitions in the Louisiana Real Estate Law and establishing a definition and requirements for buyer agreements was unanimously passed by the Senate and is on the way to the House for concurrence.
  • Senate Bill No. 113 was amended to eliminate the requirement that Louisiana Citizens' rates be at least 10% higher than private insurance companies in certain parishes and reduce the requirement to 5% in other parishes. If enacted as amended, these changes would be in place until December 31, 2027.


  • Property Insurance

    SB No.  113 by Senator Kirk Talbot

    Status: Pending House final passage

    Position: Support


    Among other things, this bill would adjust the requirement that Louisiana Citizens' rates must be at least 10% higher than private insurance companies.


    As amended, it would do the following: 

    1. Eliminate this requirement for properties within the parishes of Calcasieu, Cameron, Iberia, Jefferson, Lafourche, Orleans, Plaquemines, St. Bernard, St. Mary, St. Tammany, Terrebonne, and Vermilion until December 31, 2027.
    2. Reduce this requirement to 5% for all other parishes until December 31, 2027.

    HB No. 428 by Representative Delisha Boyd

    Status: Sent to the Governor

    Position: Support


    This bill would allow a Louisiana Citizens’ policyholder, through written request, to exclude coverage of personal or corporeal movable property.  If granted, Citizens would calculate an appropriate reduction in the premium.

  • Homeowner Associations

    HB No. 440 by Representative Stephanie Berault

    Status: Pending Senate final passage

    Position: Monitor


    House Bill No. 440 as it stands now would require the residential property disclosure statement to inform a purchaser that all association documents shall be provided to the purchaser no later than at the time of closing.


    Upon request of Louisiana REALTORS® and the Louisiana Land Title Association, the Senate Judiciary Committee A amended the bill to instead permit the purchaser to request certain documents from an association governing the property and recorded documents governing the property from the person providing title closing or title settlement services upon the seller’s acceptance of an offer and at the expense of the purchaser.


    However, upon further discussions with Representative Berault, she has decided to not proceed with the bill at this time and to work with the industry in the interim to improve disclosures about homeowner associations and building restrictions for buyers of both new and existing residential properties.


    SB No. 23 by Senator Greg Miller

    Status: Sent to Governor

    Position: Monitor


    Senate Bill No. 23 is a comprehensive rewrite of Louisiana laws governing homeowner associations, which the bill renames “planned communities”.  


    Generally, the new law would be effective as of January 1, 2025, for any new planned communities filed for registry on or after that date, and on January 1, 2026, for planned communities filed for registry on or before December 31, 2024.


    Louisiana REALTORS® will provide in-depth information about this bill in the coming months should it become law.

  • Agricultural Land

    HB No. 238 by Representative Michael Echols

    Status: Signed by the President

    Position: Monitor


    House Bill No. 238 would restrict any foreign adversary or prohibited foreign actor from directly or indirectly, owning, acquiring, leasing, or otherwise obtaining any interest, in agricultural land should it become law.


    The bill defines “agricultural land”, “foreign adversary”, and “prohibited foreign actor” and provides an exception from the definition of “foreign adversary” for a person who is a legal permanent resident with lawful presence in the United States.


    The bill specifies that the failure to identify a buyer, etc. as a foreign adversary or prohibited foreign actor does not create liability for real estate brokers or agents, or any other person involved in the consummation of a real estate transaction.

  • Buyer Agreements

    HB No. 366 by Representative Paula Davis

    Status: Passed the Senate; amendments waiting to be concurred in or rejected by the House 

    Position: Support

    Effective Date for Buyer Agreements:  Monday, August 19, 2024

    Note: There has been no change in the substance of the bill or amendments since the May 17, 2024, Session Scoop.


    House Bill No. 366 was amended to require all real estate licensees to execute buyer agreements.  


    If enacted, the buyer agreement would be required:

    1. To include the services the broker would provide the buyer.
    2. To include the amount of compensation due to the broker or how the amount would be calculated.
    3. To be executed when a buyer purchases or seeks to purchase a home.

    The requirement for a buyer agreement would NOT apply when a buyer purchases or seeks to purchase commercial property, vacant property, industrial property, retail property, etc.


    Should the proposal become law, it is important to note two things:

    1. Buyer agreements in compliance with NAR buyer agreement requirements would always comply with the proposed state law requirements for a buyer agreement.
    2. Buyer agreements only in compliance with the proposed state law would NEVER meet all the NAR buyer agreement requirements.  

  • Real Estate Service Agreements Secured by Liens or Mortgages Prohibition

    SB No. 506 by Senator Rick Edmonds 

    Status: Signed by the Speaker

    Position: Support

    Note: There has been no change in the substance of the bill or amendments since the May 17, 2024, Session Scoop.


    Louisiana REALTORS® requested this legislation be filed to curb the predatory practice of what is commonly called the “40-year listing agreement”.  


    The bill would do this by making it an unfair trade practice to secure a right in a “real estate service agreement” with a mortgage or other encumbrance on a home. Additionally, the bill would provide a simple mechanism for individuals to petition courts to remove these encumbrances from a property title.

  • Public Records Bills

    SB No. 502 by Senator Blake Miquez

    Status: Pending House and Governmental Affairs Committee

    Position: Monitor


    This bill was heavily amended on the Senate floor to provide that any record of the office of the governor about the schedule of the governor, his spouse, or his child that contains security details that if made public may impair the safety of the governor or the governor's spouse or child may be held confidential.


    Therefore, as amended, the bill would not impact any records pertaining to real estate transactions.

  • Property Management

    HB No. 407 by Representative Stagni

    Status: Passed the Senate; amendments waiting to be concurred in or rejected by the House

    Position: Support

    Note: There has been no change in the substance of the bill or amendments since the May 17, 2024, Session Scoop.


    The bill would create “The Louisiana Support and Service Animal Integrity Act”.

      

    If enacted, it would prohibit healthcare providers from producing documentation relating to an individual's need for a support animal unless they satisfy certain requirements.


     It would also prohibit the misrepresentations of service dogs and require written notices for individuals and businesses that sell support animals. 


    The part of the bill that would have limited liability for owners and lessors for damages caused by a service dog or support animal was removed, however.


    HB No. 913 by Representative Larry Selders

    Status: Passed the Senate; amendments waiting to be concurred in or rejected by the House

    Position: Monitor

    Note: There has been no change in the substance of the bill or amendments since the May 17, 2024, Session Scoop.


    House Bill No. 913 would require housing providers to provide copies of tenant’s original utility bills within thirty days of receipt of request only if the housing provider utilizes third-party billing services to manage utility billing for a residential unit with an individual meter.  The request and response may be made by electronic means.


    If a housing provider does not comply, the tenant or the Louisiana Attorney General may bring suit for penalties and/or seek an injunction.


    *Information current as of Friday, May 24, 2024.

Bill Tracking Report by Numerical Order (as of 5/24/24) Bill Tracking Report by Position (as of 5/24/24)

New Wholesaling Law - Effective August 1

By Louisiana REALTORS® • August 3, 2026
As previously noted in our 2026 legislative session update, HB 468 by Rep. Troy Hebert was adopted with no opposition and was effective August 1, 2026, as Act 807. The Act amends portions of the Louisiana Real Estate License Law (La. R.S. 37:1430, et seq.) to regulate the practice of wholesaling with respect to residential property. Specifically, the Act establishes newly defined terms of “residential real property”, “wholesaler” and “wholesaling” (La. R.S. 37:1431(35) through (37)) and enacts La. R.S. 37:1448.5 to specifically address wholesaling of residential real properties, including required disclosures, written agreements, notices and deposits and also provides for enforcement of the new law. The Act does not prohibit real estate wholesaling. Rather, there are certain requirements for “wholesalers” solely with respect to “wholesaling” of “residential real property.” Each of those terms are defined below. The intent is to make sure that sellers (homeowners) understand the true nature of the wholesaling transaction. To accomplish that, the law requires wholesalers to clearly disclose whether they intend to assign, transfer, or market any rights they have under a purchase agreement for financial gain. The wholesaler must prominently disclose that intent along with advising the seller to seek legal advice before signing each contract and that the seller has the right to cancel the wholesaling contract for any reason and without penalty for at least five calendar days after the execution of the contract. The law expressly requires that each wholesaling contract include the following: "NOTICE REQUIRED BY LOUISIANA LAW: You may cancel this contract at any time before 11:59 PM of [Insert Date]. [Insert Name of Wholesaler] CANNOT ask you to sign or have you sign any cash sale, conveyance or deed, or any other document until your right to cancel this contract has ended. See the attached notice of cancellation form for an explanation of this right. It is advisable that you find your own attorney before signing the contract. The law requires this contract to contain the entire agreement. You should not rely upon any other written or oral agreement or promise." The “notice of cancellation form” referenced above has been published by the Louisiana Real Estate Commission as the “Wholesaling Residential Real Property Mandatory Cancellation Notice” and can be found here . Failure to include that notice renders the contract void and terminable by the seller and in the event of such a termination due to failure to include the notice or other non-compliance by the wholesaler, the seller will receive the deposit. However, if the contract is terminated within the 5-day rescission period, the wholesaler receives the deposit in full. Notably, the Act requires a minimum deposit equal to at least 1% of the purchase price, with funds properly held in escrow, in all wholesaling transactions. In addition, wholesalers are also prohibited from: (a) acting or purporting to act on behalf of the seller whether pursuant to a mandate, power of attorney, or otherwise; (b) representing himself as holding any license or certification or being a member of a licensed profession without the license or certification; (c) placing any lien or other encumbrance on the property; and (d) engaging in any deceptive or unfair trade. Louisiana REALTORS ® is proud to have supported this Act to promote transparency and consumer protection in the real estate industry while allowing for continued investment in our communities through real estate transactions. Definitions: "Residential real property" means real property consisting of one or not more than four residential dwelling units, which are buildings or structures each of which is occupied or intended for occupancy as single family residences. "Wholesaler" means any person or entity that is either engaged in or intends to engage in the wholesaling of residential real property. "Wholesaling" means securing, negotiating, or facilitating the purchase or sale of residential real property with the purpose of transferring, assigning, or selling a contractual right to purchase or any other equitable interest in the residential real property, whether directly or indirectly, for financial gain. The marketing for sale of the contractual rights or other equitable interests constitutes a presumption that the person or entity marketing or selling the rights or interests is engaged in wholesaling. "Wholesaling" includes but is not limited to the following: (a) Entering into a contract to purchase residential real property with the intent of assigning or selling the contractual rights to another party before taking possession or legal ownership of such residential real property. (b) Simultaneously consummating or closing two separate transactions relative to the same residential real property, including one transaction with the original owner and seller of the residential real property and another transaction with the end buyer, without the purchaser providing all funds needed to close the sale transaction with the original owner and seller and without the intent to reside in, occupy, or otherwise materially improve the residential real property.

Consumer Guide Update: Seller Handoff Checklist

By Louisiana REALTORS® • July 16, 2026
NAR is sharing its latest consumer guide, Seller Handoff Checklist . Sellers can create a smooth transition for the new owners using the new one-page guide. It offers a handy checklist of information and resources that sellers can pass along—from appliance manuals to paint colors to garbage pickup schedules—as well as suggestions for goodwill gestures that will help buyers feel they made a great purchasing decision. As a reminder, all guides in this series are available for download—in both English and Spanish—on facts.realtor . Please allow up to two weeks 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: Seller Handoff Checklist Defining Home Buying Needs vs. Wants  10 Tips For Unpacking Smartly After A Move UPDATED: Multiple Listing Services Overcoming Roadblocks to a Sale or Purchase 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 home buying or selling journey. Remember that these guides are for informational purposes only and are not meant to enact or change any existing NAR policy. Check out the next consumer guide on condominium insurance.

National Association of REALTORS® Survey Finds Americans Value Neighborhood Walkability

By Louisiana REALTORS® • July 14, 2026
NAR Community and Transportation Preference Survey reinforces need for housing choices and shows support for community design to easily access daily destinations.
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