The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michael Bell.
DIGEST
Broome (SB 530)
Proposed law requires parishes to establish and maintain a registry of foreclosed properties.
Proposed law provides definitions.
Proposed law provides that any seizing creditor who has had immovable property seized, shall
register the property in foreclosure with the governing authority of the parish within 30 days of
the seizure. Proposed law further requires the registration is satisfied by providing the governing
authority of the parish with a description of the property in accordance with present law.
Proposed law provides for an annual registration fee to be set by the governing authority not to
exceed $250 to be paid to the governing authority of the parish at the time of registration, which
shall be valid for the calendar year. Further, proposed law provides that properties subject to
registration shall remain under the annual registration requirement as such property remains
vacant.
Proposed law requires that registration contain the name of the seizing creditor, the direct street
and/or office mailing address of the seizing creditor, a direct contact name and phone number of
the seizing creditor and in the case of a corporation or a foreign seizing creditor, the local
property management company responsible for the security, maintenance and marketing of the
property. Provides registration fees will not be prorated.
Proposed law mandates a seizing creditor that has registered a property in the foreclosure registry
to report any change of information contained in the registration with the governing authority of
the parish within 10 days of the change.
Proposed law provides for a cancellation of the registered property when there has been a
recordation of a notice of cancellation of judgment and the property is occupied.
Proposed law provides for violations to be treated as a misdemeanor regardless of intent and
administrative penalties shall not exceed $500.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 33:5011-5016)