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)
Impact
This legislative change modifies the existing statutes regarding the handling of deposits collected for going-out-of-business sales. Under current Louisiana law, a deposit of either $500 or a sum equivalent to one percent of the inventory's wholesale cost is required for licensing these sales. The provisions of SB116 reinforce this requirement while also adding clarity regarding the handling of deposits that elapse the specified time frame, effectively returning them to state oversight.
Summary
Senate Bill 116 aims to streamline the management of deposits associated with going-out-of-business sale licenses in Louisiana. It establishes that any deposits remaining in the consumer protection section that were received more than 365 days prior to July 1, 2018, will revert to the unclaimed property division of the Department of the Treasury. This regulation directly pertains to licenses associated with businesses that are closing down, ensuring that unclaimed funds are directed toward state treasury rather than remaining unaccounted for in consumer protection accounts.
Sentiment
The sentiment surrounding SB 116 appears to be largely supportive, particularly among lawmakers advocating for more prudent fiscal management of unclaimed property. With a unanimous voting outcome of 99-0 in the House, it reflects a consensus view that returning unclaimed deposits to the treasury could enhance financial oversight and potentially provide resources for state needs. However, some concern might linger regarding how these changes could affect businesses undergoing legitimate liquidation processes.
Contention
While there seems to be general agreement on the surface, the details of implementation could spark discussion, particularly regarding the notification processes for businesses and the handling of deposits. There may also be apprehension about the time limit for returning deposits, as narrative details around individual business cases were not extensively discussed in the available texts. The main point of contention, if any, may arise from ensuring that businesses are fairly treated during liquidation while also addressing state financial interests.
Provides for the creation, transfer, dedication, deposit, and use of certain funds in the state treasury. (Item #11) (gov sig) (EG SEE FISC NOTE SD RV See Note)
Transfers the Louisiana Seafood Promotion and Marketing Board to the Department of Culture, Recreation and Tourism. (7/1/13) (EN SEE FISC NOTE EX See Note)