SLS 19RS-321 ENGROSSED
2019 Regular Session
SENATE BILL NO. 116
BY SENATOR HENSGENS
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
COMMERCIAL REGULATIONS. Provides for the transfer of certain going-out-of-
business sale license deposits to the unclaimed property division of the Department of the
Treasury. (7/1/19)
1 AN ACT
2 To enact R.S. 51:51(G), relative to going-out-of-business sale licenses; to provide for the
3 transfer of certain going-out-of-business sale license deposits to the unclaimed
4 property division of the Department of the Treasury; to provide for an effective date;
5 and to provide for related matters.
6 Be it enacted by the Legislature of Louisiana:
7 Section 1. R.S. 51:51(G) is hereby enacted to read as follows:
8 ยง 51. Holding of deposit
9 * * *
10 G. Any deposit remaining in the consumer protection section which was
11 received more than three hundred sixty-five calendar days prior to July 1, 2018,
12 shall revert to the unclaimed property division of the Department of the
13 Treasury in the name of the licensee and the consumer protection section. The
14 provisions of Subsections E and F of this Section shall apply to such deposit.
15 Section 2. This Act shall become effective July 1, 2019.
Page 1 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions. SB NO. 116
SLS 19RS-321 ENGROSSED
The original instrument and the following digest, which constitutes no part
of the legislative instrument, were prepared by Morgan B. Robertson.
DIGEST
SB 116 Engrossed 2019 Regular Session Hensgens
Present law requires a deposit for each application for a going-out-of-business sale license
of either $500 or a dollar amount equal to one percent of the wholesale cost of the inventory,
whichever amount is greater.
Proposed law retains present law.
Present law provides that upon failure of the licensee to return the going-out-of-business sale
license or an affidavit in lieu of the return within 365 days from expiration of the license, the
deposit reverts to the unclaimed property division of the Department of the Treasury in the
name of the licensee and the consumer protection section of the Department of Justice.
Proposed law retains present law and provides that any deposits remaining in the consumer
protection section which were received more than 365 calendar days prior to July 1, 2018,
revert to the unclaimed property division of the Department of the Treasury in the name of
the licensee and the consumer protection section.
Effective July 1, 2019.
(Adds R.S. 51:51(G))
Page 2 of 2
Coding: Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.