SLS 10RS-655 ORIGINAL
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Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
Regular Session, 2010
SENATE BILL NO. 98
BY SENATOR MARTINY
PAWNBROKER S. Provides relative to change in ownership of certain pawnshops.
(8/15/10)
AN ACT1
To amend and reenact R.S. 37:1788(B)(2) and to enact R.S. 37:1788(B)(3), relative to2
pawnbrokers; to provide for change in ownership of pawnshops under certain3
circumstances; and to provide for related matters.4
Be it enacted by the Legislature of Louisiana:5
Section 1. R.S. 37:1788(B)(2) is hereby amended and reenacted, and R.S.6
37:1788(B)(3) is hereby enacted to read as follows: 7
ยง1788. Change in ownership; change in name; change in location; ceasing to do8
business9
* * *10
B.(1) * * *11
(2)(a) Where a change in ownership occurs due to the death of an owner12
of twenty-five percent or more of a licensed pawnshop, a new license shall not13
be necessary under either of the following circumstances:14
(i) The deceased held ownership as part of a community of acquets and15
gains and the surviving spouse obtains ownership of the deceased's share of the16
community, either in full or via usufruct.17 SB NO. 98
SLS 10RS-655 ORIGINAL
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.
(ii) The ownership of the deceased transfers via succession to an1
ascendant, descendant, or collateral heir of the deceased.2
(b) When a licensee seeks to change ownership pursuant to this3
Subsection, upon renewal of the license, the licensee shall notify the4
commissioner in writing of the change of ownership and provide such proof as5
the commissioner deems appropriate to support such change in ownership.6
(3) In the event that a licensee wishes to change its name, trade name, or7
assumed name, and such change is not due to a change in ownership or legal entity,8
the licensee shall notify the commissioner in writing within thirty days of such9
change and submit a fee of fifty dollars. If the licensee fails to notify the10
commissioner or remit the required fee within the required thirty days, the11
commissioner may assess the licensee an amount not to exceed one hundred dollars12
as a penalty.13
* * *14
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Alan Miller.
DIGEST
Present law requires application of a new license from OFI, upon a 25% or more change in
ownership of any licensed pawnshop.
Proposed law provides an exception to present law when the ownership change is due to the
death of an owner and the new ownership results from either of the following circumstances:
1. The deceased held ownership as part of a community of acquets and gains and the
surviving spouse obtains ownership of the deceased's share of the community, either
in full or via usufruct.
2. The ownership of the deceased transfers via succession to an ascendant, descendant,
or collateral heir of the deceased.
Proposed law provides that when a licensee seeks to change ownership pursuant to proposed
law, upon renewal of the license, the licensee must notify the commissioner of financial
institutions in writing of the change of ownership and provide proof as the commissioner
deems appropriate to support such change in ownership.
Effective August 15, 2010.
(Amends R.S. 37:1788(B)(2); adds R.S. 37:1788(B)(3))