The bill amends and reenacts R.S. 51:911.24(J)(2) and introduces new provisions under R.S. 51:911.24(J)(3) and 912.27(A)(4) concerning licensure requirements for retailers, developers, transporters, and installers of manufactured housing in Louisiana. It mandates that all retailers and developers must provide a surety bond of fifty thousand dollars or an irrevocable letter of credit of the same amount when submitting their annual license application. Additionally, individuals applying for a retailer's or developer's license after January 1, 2004, must submit a financial statement demonstrating a minimum net worth of two hundred fifty thousand dollars or provide a surety bond of the same amount until the required net worth is achieved. They are also required to complete a class and pass a test developed by the commission before obtaining their license.

Furthermore, the bill establishes that all installers and transporters must also submit a surety bond of twenty-five thousand dollars or an irrevocable letter of credit of the same amount with their annual license application. The legislation aims to enhance the regulatory framework surrounding manufactured housing by ensuring that those involved in the industry meet specific financial and educational standards, thereby promoting accountability and professionalism within the sector.

Statutes affected:
SB240 Original: 51:24(J)(2)
SB240 Engrossed: 51:24(J)(2)
SB240 Enrolled: 51:24(J)(2)
SB240 Act : 51:24(J)(2)