House Bill No. by Representative Carver amends and reenacts several sections of Louisiana's real estate laws, specifically R.S. 9:3196, 3197, 3198, 3198.1, and 3199, as well as R.S. 37:1432 and 1455. The bill introduces new definitions, including "vacant residential property," and expands the applicability of existing regulations to include both residential and vacant residential properties. It mandates that sellers complete a property disclosure document that outlines known defects and informs buyers about homeowners' association obligations and any restrictive covenants. Additionally, the bill clarifies the duties of real estate licensees in informing both sellers and buyers of their rights and responsibilities under the law.

The bill also modifies the composition of the Louisiana Real Estate Commission, changing the appointment process to ensure one member is appointed from each congressional district, with the remaining members appointed at large. It establishes penalties for licensees who fail to comply with disclosure requirements and sets an effective date for the new regulations of January 1, 2027. Overall, the bill aims to enhance transparency in real estate transactions and ensure that buyers are adequately informed about the properties they are considering.

Statutes affected:
HB1166 Original: 9:3196, 9:3197(A), 9:1(A), 9:3199(A), 37:1455(A)
HB1166 Engrossed: 9:3196, 9:3197(A), 9:1(A), 9:3199(A), 37:1455(A)
HB1166 Reengrossed: 9:3196, 9:3197(A), 9:1(A), 9:3199(A), 37:1432(A), 37:1455(A)
HB1166 Enrolled: 9:3196, 9:3197(A), 9:1(A), 9:3199(A), 37:1432(A), 37:1455(A)