House Bill No. by Representative Riser amends R.S. 6:243(C)(1) and (2) to adjust the appraisal thresholds for bank-owned property. The bill increases the threshold for residential real estate appraisals from $250,000 to $400,000, allowing state banks to perform evaluations instead of full appraisals for properties valued at or below this new limit. Additionally, the threshold for commercial real estate remains at $500,000, with similar provisions for evaluations in lieu of appraisals.

The bill mandates that state banks obtain a current appraisal of the fair market value of immovable property they acquire within a reasonable time and every third calendar year thereafter. The changes aim to streamline the appraisal process for banks while ensuring compliance with generally accepted accounting principles (GAAP).

Statutes affected:
HB300 Original: 6:243(C)(1)