The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Michelle Ridge.
DIGEST
SB 322 Original 2024 Regular Session Edmonds
Present law provides relative to the Louisiana Real Estate License Law and provides for the powers
and duties of the Louisiana Real Estate Commission (commission), including the duty to discipline
a licensee, registrant, or certificate holder or suspend or revoke any license, registration, or certificate
issued by the commission for engaging in certain acts.
Proposed law retains present law and adds to the list of acts for which the commission can take
disciplinary action, the offering to or entering into a real estate service agreement with the owner of
residential real estate.
Proposed law defines certain terms, including "real estate service agreement" and "residential real
estate".
Proposed law provides for the deceptive or unfair trade practice of entering into a real estate service
agreement with an owner of residential real estate and provides that a violation of proposed law will
subject the violator to penalties in accordance with the Unfair Trade Practices and Consumer
Protection Law.
Proposed law provides that a service provider has no right to a refund of consideration paid to an
owner in connection with a real estate service agreement and provides that any actual costs, damages,
or attorney fees that are proved against the service provider will not be offset by the consideration
paid by the service provider to the owner of the residential real estate.
Proposed law provides that no owner, buyer, heir, or assignee shall be required to record any
document voiding the recording of the real estate service agreement or take action to void the
recording.
Proposed law provides that a real estate service agreement does not operate as a lien, encumbrance,
multiple indebtedness mortgage, or security interest if recorded on or after March 1, 2024, or if
recorded, at any time if the recording is adjudged by a court of competent jurisdiction as null, void,
or unenforceable.
Proposed law provides for applicability.
Effective upon signature of the governor or lapse of time for gubernatorial action.
(Adds R.S. 37:1455(A)(37) and R.S. 51:1429)