This bill amends and reenacts several definitions within Louisiana's real estate license law, specifically R.S. 37:1431, and introduces new provisions regarding buyer agreements under R.S. 37:1448.4. Key changes include the clarification of terms such as "agent," which is now defined as "real estate agent," and the specification that an "individual real estate broker" refers to a natural person rather than a corporate entity. Additionally, the definition of "listing agent" has been updated to align with the new definition of "agent." The bill also introduces a new definition for "buyer agreement," which is a written document detailing the services provided by a broker to a buyer.

Furthermore, the bill outlines the requirements for buyer agreements, including the necessity for these agreements to specify the compensation payable to the broker and the potential sources of that compensation. It also establishes exceptions where the buyer agreement provisions do not apply, such as in cases involving leasing or purchasing properties other than homes. The changes are set to take effect on August 19, 2024, with provisions for immediate effect upon the governor's signature or legislative approval following a veto.

Statutes affected:
HB366 Original: 37:1431(2)
HB366 Engrossed: 37:1431(2)
HB366 Enrolled: 37:1431(2)
HB366 Act 690: 37:1431(2)