Page 1 of 1
Prepared by Jerry G. Jones.
Stokes HB No. 539
(KEYWORD, SUMMARY, AND DIGEST as amended by Senate committee
amendments)
SEIZURES/SALES. Provides relative to time delays and methods of timely submission
of notices of repossession.
DIGEST
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 three days
of taking possession of collateral.
Proposed law deletes the three-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 three 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 or private delivery 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 three 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 or
private delivery 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 three 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 or private delivery service.
(Amends R.S. 6:966.1(A)(intro. para.), (B), and (C))
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Judiciary to the original
bill.
1. Added the requirement that the "Notice of Repossession" shall contain proof
of receipt by the recipient if sent by mail.
House Floor Amendments to the engrossed bill.
1. Changed the requirement from retaining proof of receipt of the "Notice of
Repossession" that is sent by mail to obtaining signature confirmation from
the recipient to prove delivery of the "Notice of Repossession" or payment.
Summary of Amendments Adopted by Senate
Committee Amendments Proposed by Senate Committee on Judiciary A to the
reengrossed bill
1. Deleted proposed new R.S. 6:966.1(E) providing requirement for signature
confirmation from recipient if notice of repossession or payment is sent by
mail.
2. Added private delivery service.