Provides relative to "going-out-of-business sale" deposits. (7/1/18) (EN INCREASE GF RV See Note)
Impact
The implications of SB 304 on state laws are significant as it modifies existing regulations surrounding going-out-of-business sales. By refining the definitions and regulations, the bill enhances consumer protections and provides a standardized approach for businesses to follow when conducting such sales. The adjustment of provisions related to deposit handling is intended to provide clearer instructions, which may reduce confusion and potential misuse of funds collected by businesses.
Summary
Senate Bill 304 aims to amend and reenact specific provisions related to 'going-out-of-business' sales in Louisiana. The bill establishes clearer guidelines on what constitutes a going-out-of-business sale and explicitly defines various terms associated with such sales. Additionally, it addresses how deposits made by applicants for going-out-of-business sale licenses are handled, ensuring that these deposits are held by the consumer protection section for a specified duration and establishing processes for unclaimed deposits.
Sentiment
The sentiment around SB 304 appears to be predominantly positive, particularly from consumer advocacy groups who see the bill as a step towards improved consumer protection. They believe that the bill will help safeguard consumers against unregulated and potentially misleading sales tactics that can sometimes accompany going-out-of-business sales. However, businesses may express concern over the additional regulations and guidelines, viewing them as potential burdens on their operations.
Contention
While the discussions around SB 304 have generally favored the bill, there may be points of contention among businesses regarding the constraints on how they manage sales and deposits. Critics may argue that the regulation could hinder their ability to execute effective sales strategies, especially during times of financial distress. The bill's provisions could also generate debate regarding the extent of state regulation in business practices and its impact on entrepreneurial freedom.
Provides for the transfer of certain deposits and safe deposit box contents to the unclaimed property division of the Department of the Treasury. (7/1/19) (EN SEE FISC NOTE SG EX See Note)