Louisiana Revised Statutes 37:1435 – A. The commission shall have the full power and authority to:
Terms Used In Louisiana Revised Statutes 37:1435
- Commission: means the Louisiana Real Estate Commission. See Louisiana Revised Statutes 37:1431
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Licensee: means any person who has been issued a license by the commission to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Real estate: shall mean and include condominiums and leaseholds, as well as any other interest in land, with the exceptions of oil, gas and other minerals and whether the real estate is situated in this state or elsewhere. See Louisiana Revised Statutes 37:1431
- Real estate salesperson: means a person, other than an associate broker, sponsored by a licensed real estate broker to participate in any activity described in this Section. See Louisiana Revised Statutes 37:1431
- Real estate school: includes any place or institution certified by the commission which is open to the public for the instruction or training of individuals to engage in the selling of real estate. See Louisiana Revised Statutes 37:1431
- Subpoena: A command to a witness to appear and give testimony.
- Subpoena duces tecum: A command to a witness to produce documents.
- Timeshare interest salesperson: means a person who directly sells or offers to sell any timeshare interest. See Louisiana Revised Statutes 37:1431
A. The commission shall have the full power and authority to:
(1) Regulate the issuance of real estate licenses, registrations, and certificates.
(2) Censure licensees, registrants, and certificate holders.
(3) Suspend or revoke licenses, registrations, and certificates.
(4) Impose additional continuing education requirements on licensees, registrants, or certificate holders.
(5) Purchase, acquire, develop, expand, sell, lease, maintain, mortgage, borrow funds, or otherwise contract with respect to immovable property and improvements thereon as it may deem necessary or appropriate to accomplish the provisions of this Chapter. Additionally, the commission shall have the authority to borrow funds with the approval of the State Bond Commission and to expend funds of the commission for the acquisition of immovable property and improvements thereon. In the event that the commission sells immovable property and improvements thereon, the revenue derived from the sale shall be retained by the commission and shall not be subject to reversion to the state general fund.
B. The commission shall adopt a seal by which it shall authenticate its proceedings.
C. The commission may:
(1) Adopt all necessary rules and bylaws for the administration and enforcement of this Chapter.
(2) Require any satisfactory proof it may desire as to the honesty, truthfulness, reputation, and knowledge of any applicant or of any of the officers or members of such applicant, if applicable, to any of the following:
(a) Real estate broker license.
(b) Real estate salesperson license.
(c) Real estate school or vendor certification.
(d) Timeshare interest salesperson registration.
(e) Real estate instructor approval or certification.
(3) Repealed by Acts 2016, No. 533, §2.
D. In addition to its general powers, as provided by way of extension and not of limitation, the commission may require all licensees, registrants, and certificate holders to keep records, as specified in this Chapter. The commission is authorized to inspect such records at the offices of the licensees, registrants, and certificate holders, by its duly authorized representatives between the hours of 9:00 a.m. and 4:00 p.m., with Saturdays, Sundays, and legal holidays excluded, and to subpoena any of the records.
E. The commission shall have the right to subpoena any licensee, registrant, certificate holder, or witness for the purpose of holding any hearing or in furtherance of an authorized investigation. Failure by a licensee or registrant to comply with a subpoena or subpoena duces tecum shall be punishable by the commission as pursuant to La. Rev. Stat. 37:1455.
F. The commission shall have the right to require all real estate licensees and registered timeshare developers to deposit all monies or things of value received on behalf of clients in a separate banking account or accounts in a legally chartered financial institution. The monies so received are not to be commingled with the personal funds of such licensees or registrants.
G. The commission shall appoint an executive director, who shall have such powers, authority, and responsibilities as the commission shall delegate. The commission shall establish the salary of the executive director, and may remove the executive director for cause.
H. The commission may adopt rules, regulations, and procedures in accordance with the Administrative Procedure Act, by which a determination may be made as to whom a disputed escrow deposit shall be released.
Acts 1978, No. 514, §1. Amended by Acts 1980, No. 387, §1; Acts 1983, No. 552, §2; Acts 1984, No. 943, §2, eff. July 20, 1984; Acts 1986, No. 837, §1; Acts 1989, No. 655, §1, eff. Jan. 1, 1990; Acts 1991, No. 642, §1; Acts 1995, No. 1207, §1; Acts 1999, No. 628, §1; Acts 2005, No. 78, §1; Acts 2016, No. 533, §§1, 2.