La. Stat. tit. 9 § 1141.43

Current with changes from the 2024 legislative session effective on or before 7/1/2024, from Acts 1-3, 6-671

Section 9:1141.43 - [Effective 1/1/2025] Public offering statement; requirements

A. A public offering statement shall contain and fully and accurately disclose all of the following:

(1) The name and principal address of the declarant and of the planned community, and a statement that the planned community is a planned community.

(2) A general description of the planned community, including, to the extent possible, the declarant's schedule of commencement and completion of construction of common areas and limited common areas disclosed in promotional or marketing materials as "SHALL BE BUILT". Any promotional or marketing materials that show the intended location and dimensions of any contemplated improvement to be constructed anywhere within the planned community or on any immovable property to be added to the planned community shall be labeled either "SHALL BE BUILT" or "NEED NOT BE BUILT".

(3) A copy of the declaration meeting the requirements of R.S. 9:1141.5.

(4) Copies of any other recorded covenants, conditions, restrictions, and reservations affecting the planned community; the bylaws and any rules of the association; and a brief description of any contracts or occupancy agreements that may be subject to termination pursuant to R.S. 9:1141.24.

(5) The financial information required by Subsection B of this Section.

(6) Any services not reflected in the budget that the declarant provides or expenses that the declarant pays that may become a common expense liability of the association, and the projected common expense assessment attributable to each of those services or expenses for the association and for each type of lot.

(7) Any initial or special fee due from the purchaser or seller at the time of sale, together with a description of the purpose and method of calculating the fee.

(8) A narrative description of any liens, defects, or encumbrances that are revealed in a title policy or title opinion affecting the ownership of the immovable and movable property forming the planned community as of the date of the declaration or that are otherwise known by the declarant.

(9) The terms and significant limitations of any warranties provided by the declarant, including statutory warranties and limitations on the enforcement thereof or on damages.

(10) A statement that within fifteen days after receipt of a public offering statement, a purchaser, before transfer, may cancel any contract to sell.

(11) A statement of any unsatisfied judgment or pending action against the association, and the status of any pending action material to the planned community of which a declarant has actual knowledge.

(12) Any restrictions on use, occupancy, and alienation of the lots and any restrictions on the amount for which a lot may be sold.

(13) A description of and the amount of the premiums for the insurance coverage provided for the benefit of the association and lot owners.

(14) Any current or expected fees or charges to be paid by lot owners for the use of the common areas, limited common areas, and other facilities related to the planned community.

(15) The extent to which financial arrangements have been provided for completion of all common areas and limited common areas that the declarant is obligated to build pursuant to R.S. 9:1141.46.

(16) The zoning classification and any other land use designation affecting the planned community.

(17) Any other material circumstances, features, and characteristics of the planned community and the lots.

(18) A description of any financial arrangement that is not otherwise disclosed and contained in the budget and that is binding on the association.

(19) A narrative description of all special declarant rights retained by the declarant.

B. The public offering statement shall contain a current balance sheet and a projected budget for the association for one year after the date of the first transfer of a lot to an unrelated purchaser, and thereafter the current budget of the association, a statement of who prepared the budget, and a statement of the assumptions concerning occupancy and inflation factors. The budget shall include the following:

(1) A statement of the amount included as a reserve for repairs and replacements.

(2) A statement of any other reserves.

(3) The projected common expense assessment by category of expenditures.

(4) The projected monthly common expense assessment for each lot.

C. The declarant shall be required to provide a supplement to the public offering statement containing the information required in Subsection B of this Section on an annual basis until all of the lots are owned by unrelated purchasers.

D. The declarant shall promptly amend the public offering statement to report any material change in the information required by this Section.

E.

(1) A public offering statement is not required in any of the following circumstances:

(a) A gratuitous disposition of a lot.

(b) A disposition of a lot pursuant to court order.

(c) A disposition of a lot by a governmental agency.

(d) A disposition of a lot by foreclosure or giving in payment.

(e) A disposition of a lot restricted to nonresidential uses in a wholly nonresidential community.

(2) A public offering statement is not required when a planned community contains fewer than seventy-five lots based on the total number of anticipated lots after all development rights to add additional immovable property have been exercised in accordance with R.S. 9:1141.7.

(3) When a lot is subject to a contract to sell and is owned by a person other than the declarant, the association shall be required to provide to the purchaser all information required in this Section within ten days of a request for the information.

La. R.S. § 9:1141.43

Added by Acts 2024, No. 158,s. 2, eff. 1/1/2025, except "For planned communities established by a declaration or similar document filed for registry on or before December 31, 2024, this Act shall become effective on January 1, 2026.".