Louisiana Revised Statutes 22:1275 – A. For the purposes of this Section, “assignment agreement” means any instrument by which post-loss benefits under a residential or commercial property insurance policy, including bu
Terms Used In Louisiana Revised Statutes 22:1275
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Policy: means an automobile liability, automobile physical damage, or automobile collision policy, or any combination thereof, delivered or issued for delivery in this state, or any binder based on such a policy, insuring a single individual or husband and wife resident of the same household, as named insured, and under which the insured vehicles therein designated are of the following types only:
(a) A private passenger vehicle that is not used as a public or livery conveyance for passengers, nor rented to others. See Louisiana Revised Statutes 22:1266
A. For the purposes of this Section, “assignment agreement” means any instrument by which post-loss benefits under a residential or commercial property insurance policy, including but not limited to any right of action against the insurer or any proceeds acquired from the insurer, are assigned, transferred, or acquired in any other manner, in whole or in part, to or from a person providing services, including but not limited to inspecting, protecting, repairing, restoring, or replacing the property or mitigating against further damage to the property.
B.(1) A person shall not solicit or accept an assignment, in whole or in part, of any post-loss insurance benefit under a residential or commercial property insurance policy. An assignment agreement is against public policy and is null and void.
(2) The provisions of Paragraph (1) of this Subsection do not apply to any of the following:
(a) An assignment, transfer, pledge, or conveyance granted to a federally insured financial institution, mortgagee, or subsequent purchaser of the property.
(b) Liability coverage under a residential or commercial property insurance policy.
C. Violation of Subsection B of this Section is considered an unfair or deceptive trade practice. Any person found to have violated the provisions of Subsection B of this Section shall be subject to the penalties imposed by La. Rev. Stat. 22:1969.
D. The provisions of Civil Code Article 2653 shall not apply to this Section.
E. Nothing in this Section shall be interpreted to prohibit an attorney from collecting a contingency fee, as permitted by La. Rev. Stat. 37:218 and by the Louisiana Rules of Professional Conduct of the Louisiana State Bar Association, for an action related to a property insurance claim.
Acts 2023, No. 364, §1.