Legislative Session Update
LOUISIANA REALTORS • April 24, 2017
Legislative session is well underway in the state's capitall! Last Tuesday, Louisiana REALTORS® was prepared to testify against House Bill 562, which proposes a professional services tax on immovable property, but that legislation was not heard in committee.
LR was successful in moving its sponsored legislation out of the Senate Commerce Committee on Wednesday. Senate Bill 108 by Senator Bodi White will be voted on this week by the full Senate. A full recap of Senate Bill 108 is noted below:
This legislation will require out-of-state licensees doing business in Louisiana to either become licensed in the state or co-broke with a Louisiana licensee when conducting business. The legislation provides for a misdemeanor penalty for those who violate this section of the law.
LR will continue working with many other business groups and lobbying against the Commercial Business Activities Tax (House Bill 628) which is scheduled for the House Ways & Means Committee on Monday, April 24th.
For information or clarification on any issues during the legislative session please contact Norman Morris.
From the Louisiana Department of Insurance: Insurance Commissioner Tim Temple joined Governor Jeff Landry and Senate Insurance Committee Chairman Kirk Talbot today to announce that Louisiana is investing an additional $20 million in Fortified homes, bringing the total amount invested in state Fortified projects this year to $100 million. Governor Landry announced that $20 million from the U.S. Department of Housing and Urban Development will be transferred to the Louisiana Office of Community Development Restore Resilient Opportunities for Overhead Fortification (Restore ROOF) program to strengthen residential structures and reduce long-term disaster risk. Earlier this year, the Legislature passed a bill that allows $50 million in additional Katrina and Rita bond money from Louisiana Citizens Property Insurance Corporation to be added to the Department of Insurance’s Louisiana Fortify Homes Program (LFHP). Also beginning this year, LFHP is projected to receive approximately $30 million annually from taxes and fees the Louisiana Department of Insurance collects from the insurance industry. “Building stronger homes is a vital part of making homeowners insurance affordable in Louisiana,” said Commissioner Temple. “I appreciate Governor Landry’s leadership and support as we work with legislators like Chairman Talbot to make Louisiana a national leader in the adoption of Fortified roofs.” The Louisiana Department of Insurance (LDI) has finalized its promulgation of Regulation 136—Fortify Homes Premium Discounts. The purpose of Regulation 136 is to implement the statutory provisions set forth in La. R.S. 22:1483, et seq. , which require that all Louisiana property and casualty insurers provide premium discounts or insurance rate reductions for homes constructed or upgraded in accordance with the fortified standards created by the Insurance Institute for Business and Home Safety. View Regulation 136 here .
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