House Bill No. 867, introduced by Representative Riser, amends the existing law regarding the appraisal thresholds for bank-owned property in Louisiana. The bill specifically modifies R.S. 6:243(C)(1) and (2) to increase the threshold for residential real estate appraisals from $250,000 to $400,000. This change allows state banks to perform evaluations instead of full appraisals for residential properties valued at or below the new threshold, as well as maintaining the existing threshold of $500,000 for commercial real estate.

Additionally, the bill stipulates that an appraisal must be obtained within a reasonable time before or after the acquisition of immovable property and requires an additional appraisal every third calendar year thereafter. The proposed 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)
HB300 Engrossed: 6:243(C)(1)