DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part of
the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute part of
the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Stokes HB No. 539
Abstract: Amends the time delay and methods of timely submission relative to a "Notice of
Repossession" and payments of certain fees.
Present law requires a secured party utilizing additional default remedies in obtaining possession
of collateral to file a "Notice of Repossession" with the recorder of mortgages in the parish where
the collateral was located and with the appropriate official within 3 days of taking possession of
collateral.
Proposed law deletes the 3-day filing period of present law. Proposed law requires a secured
party's "Notice of Repossession" to be delivered in person or sent by mail to the recorder of
mortgages and to the appropriate official within 3 business days of taking possession of the
collateral. The timeliness of a notice sent by mail is shown only by official U.S. postmark,
receipt, or certificate of the U.S. Postal Service.
Present law requires a secured party to pay $75 to the recorder of mortgages and $250 to the
appropriate official for each "Notice of Repossession" filed. Proposed law adds to present law
and requires the payments to be delivered in person or sent by mail within 3 business days of
taking possession of the collateral. The timeliness of a payment sent by mail is shown only by
official U.S. postmark, receipt, or certificate of the U.S. Postal Service.
Present law provides that if the sheriff is the appropriate official in Orleans Parish, no fee shall be
paid to the sheriff; however, the "Notice of Repossession" shall still be filed with the sheriff.
Proposed law adds to present law and provides for the notice to be delivered in person or sent by
mail to the sheriff within 3 business days of taking possession of the collateral. The timeliness of
a notice sent by mail is shown only by official U.S. postmark, receipt, or certificate of the U.S.
Postal Service.
(Amends R.S. 6:966.1(A)(intro. para.), (B), and (C))