HLS 20RS-591 ORIGINAL
2020 Regular Session
HOUSE BILL NO. 190
BY REPRESENTATIVE HILFERTY
REAL ESTATE/APPRAISERS: Provides relative to real estate appraisal standards
1 AN ACT
2To amend and reenact R.S. 37:3410 and to enact R.S. 37:3392(15), relative to real estate
3 standards; to provide for definitions; to provide for uniform standards applicable to
4 appraisals; to provide for an effective date; and to provide for related matters.
5Be it enacted by the Legislature of Louisiana:
6 Section 1. R.S. 37:3410 is hereby amended and reenacted and R.S. 37:3392(15) is
7hereby enacted to read as follows:
8 §3392. Definitions
9 As used in this Chapter, the following words have the meaning ascribed to
10 them in this Section unless the context clearly indicates otherwise:
11 * * *
12 (15) "USPAP" means the Uniform Standards of Professional Appraisal
13 Practice, or its successor, as approved by the Appraisal Standards Board of the
14 Appraisal Foundation, or its successor.
15 * * *
16 §3410. Standards for the development and communication of real estate appraisals
17 A.(1) A licensed real estate appraiser licensee shall comply with generally
18 accepted standards of professional practice in the development and communication
19 of appraisals of real estate located in this state and with generally accepted ethical
20 rules of conduct as contained in the "Uniform Standards of Professional Appraisal
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 20RS-591 ORIGINAL
HB NO. 190
1 Practice", or its successor, as approved by the Appraisal Standards Board of the
2 Appraisal Foundation or its successor USPAP in the performance, development,
3 preparation, and communication of an appraisal.
4 (2) Nothing in this Chapter shall prohibit a licensed real estate appraiser
5 licensee from performing an evaluation of real property for a federally insured
6 depository institution if the evaluation is permitted by either federal law, regulation,
7 or the guidelines for evaluations established by the federal financial institutions
8 regulatory agency of the depository institution, or a mortgage servicer approved to
9 service any federally related mortgage loans.
10 B. The licensed real estate appraiser licensee shall include within the body
11 of the appraisal report the amount of the appraiser's fee for appraisal services.
12 Section 2. This Act shall become effective upon signature by the governor or, if not
13signed by the governor, upon expiration of the time for bills to become law without signature
14by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana. If
15vetoed by the governor and subsequently approved by the legislature, this Act shall become
16effective on the day following such approval.
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
HB 190 Original 2020 Regular Session Hilferty
Abstract: Provides relative to the Uniform Standards of Professional Appraisal Practice
(USPAP).
Present law provides definitions relative to the Louisiana Real Estate Appraisers Law.
Proposed law retains present law and adds a definition of "USPAP" to mean the Uniform
Standards of Professional Appraisal Practice, or its successor, as approved by the Appraisal
Standards Board of the Appraisal Foundation, or its successor.
Present law requires a licensed real estate appraiser to comply with generally accepted
professional standards of practice in the development and communication of an appraisal and
with generally accepted ethical rules of conduct.
Proposed law clarifies that licensees are required to comply with the provisions of USPAP
in the performance, development, preparation, and communication of an appraisal.
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 20RS-591 ORIGINAL
HB NO. 190
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 37:3410; Adds R.S. 37:3392(15))
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.