RÉSUMÉ DIGEST
ACT 439 (SB 116) 2019 Regular Session Hensgens
Prior law required 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.
New law retains prior law.
Prior law provided 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.
New law retains prior 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.
Prior law provided 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.
New law retains prior law.
New 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 new 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))