Affirms actions taken by certain legislative committees as the sovereign action of Louisiana and the Louisiana Legislature.
Impact
The resolution has significant implications for state regulations, particularly in how appraisal management companies operate under Louisiana law. By affirming the promulgation of Rule 31101, the resolution establishes that appraisal management companies must compensate appraisers at rates deemed customary and reasonable, which is a requirement tied to federal standards. This affirmation helps prevent challenges that could arise regarding antitrust implications and ensures that local regulations align with federal mandates, thus enhancing the reliability and integrity of real estate appraisals conducted within the state.
Summary
SCR 117 is a Senate Concurrent Resolution aimed at affirming the actions taken by specific legislative committees regarding the promulgation of Louisiana Administrative Code 46:31101, which concerns the regulation of appraisal management companies in Louisiana. The resolution serves as a declaration that these actions are recognized as sovereign acts of the state and its legislature, thereby solidifying regulatory oversight in a field that ensures appraisal management companies adhere to the necessary standards as mandated by both state and federal laws, including the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Sentiment
The sentiment surrounding SCR 117 appears generally supportive among legislative members who recognize the necessity for maintaining compliance with both the Dodd-Frank regulations and local economic interests. The unanimous vote in favor of the resolution (29-0) in the Senate indicates strong bipartisan support for the measure and highlights the recognition of the legislative committees' work as essential to protecting the interests of both consumers and the real estate market in Louisiana.
Contention
Despite the resolution's unanimous support, the discussions leading up to its passage reflected underlying concerns regarding the regulatory environment's impact on competition and market dynamics. Some stakeholders expressed apprehension that stringent regulations could impose additional burdens on appraisal management companies, potentially stifling competition. Nevertheless, the resolution is a significant step in clarifying the state's regulatory framework, aiming to enhance transparency and compliance in the appraisal process, which can influence public perception and trust in the real estate market.
Requires certain state entities to report corrective actions taken to mitigate state risk exposure upon request of the litigation subcommittee of the Joint Legislative Committee on the Budget. (8/1/23)
Directs the Louisiana Department of Health to protect the people of Louisiana from the dangers of imported seafood by immediately taking any and all action necessary to enforce the many provisions of Louisiana law relative to seafood safety.
Requests the House Committee on Administration of Criminal Justice, or a subcommittee thereof, to conduct an oversight meeting relative to charitable gaming