The original instrument and the following digest, which constitutes no part of the
legislative instrument, were prepared by Morgan B. Robertson.
DIGEST
SB 116 Original 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))