The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ducharme.
DIGEST
LaFleur (SB 426)
Proposed law defines "purchaser", "residential real estate", "federally related mortgage loan",
"seller", and "settlement services".
Proposed law provides that no contract to sell or purchase residential real estate executed in this
state shall contain any provision requiring the purchaser of such residential property, as a
condition of such sale, to use a specific provider of settlement services.
Proposed law provides that no seller shall deprive, impair, diminish, or otherwise limit the access
of a purchaser of residential real estate to any service, discount, rebate, or other economic
incentive by making such access contingent on that purchaser's use of a specific provider of
settlement services.
Proposed law provides that no seller shall impose upon a purchaser of residential real estate an
economic disincentive or penalty based on the failure or refusal of such purchaser to use a
specific provider of settlement services.
Proposed law provides that any violation of proposed law shall be a deceptive and unfair trade
practice and shall subject the violator to any and all penalties provided for in law.
Proposed law exempts lenders from provisions of proposed law.
Effective August 1, 2014.
(Adds R.S. 51:1428)
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Commerce, Consumer
Protection, and International Affairs to the original bill
1. Exempts certain services from the definition of "settlement services".
2. Defines "seller" as any natural or juridical person who contracts to sell residential
real estate in this state.
3. Exempts lenders from the provisions of proposed law.