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Louisiana seeks expansion of required use provision
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Legislative Developments
Monday, April 21, 2014
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The Louisiana State Legislature is considering a bill that would prohibit the required use of settlement service providers in residential real estate transactions. This would expand RESPA’s required use prohibition in the state. The bill, SB 426, was introduced by Sen. Eric LaFleaur, D-Ville Platte.
The proposed law would provide that no contract to sell or purchase residential real estate executed in Louisiana could contain any provision requiring the purchaser, as a condition of sale, to use a specific provider of settlement services.
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