The original instrument was prepared by Morgan B. Robertson. The following digest,
which does not constitute a part of the legislative instrument, was prepared by LG
Sullivan.
DIGEST
SB 116 Reengrossed 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 Dept. of the Treasury in the name of the licensee and the
consumer protection section of the Dept. 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 Dept. of the Treasury in the name of the licensee and the
consumer protection section.
Present law provides that intangible property held in a safe deposit box or other safekeeping
depository in the ordinary course of the holder's business, and proceeds resulting from the sale of the
property, is presumed abandoned if it remains unclaimed for more than five years after expiration
of the rental period on the depository.
Proposed law retains present law.
Proposed law provides that military medals and associated documents held in a safekeeping
depository are presumed abandoned if they remain unclaimed for more than five years after
expiration of the rental period on the depository. Requires medals and documents presumed
abandoned pursuant to proposed law to be forwarded to the La. Dept. of Treasury, unclaimed
property division. Specifies that the unclaimed property division may enter into an agreement with
the La. Dept. of Veterans Affairs allowing the Dept. of Veterans Affairs to store and locate the
owners for the return of the abandoned military medals and associated documents.
Effective July 1, 2019.
(Amends R.S. 9:155; adds R.S. 51:51(G))
Summary of Amendments Adopted by Senate Senate Floor Amendments to engrossed bill
1. Add military medals and associated documents held in safe deposit boxes to the
unclaimed property that the La. Dept. of the Treasury oversees.