Louisiana § RS 39:88.3 - Collection by sale or securitization; direction to the commissioner

§ RS 39:88.3. Collection by sale or securitization; direction to the commissioner

            A. The term "collection" as used in this Subpart shall include the sale or securitization of long-term delinquent accounts receivable and all other obligations subject to the provisions of this Subpart.

            B. The collection policy and procedure required by R.S. 39:88.2 shall include a policy and procedure for the sale or securitization, in pools, after appraisal or evaluation of the value of each pool, of long-term delinquent accounts receivable and all other obligations subject to this Subpart.

            C. Pools of these accounts and obligations, including those made up of the accounts and obligations of various state agencies, shall be approved for sale or securitization by the Cash Management Review Board upon recommendation of the commissioner of administration, the attorney general, or its own decision, and, after such approval, carried out and implemented by the commissioner.

            D.(1) During each of calendar years 2013 and 2014, the commissioner of administration is directed to recommend and present to the Cash Management Review Board, for sale or securitization approval, and thereafter implementation, pools of such long-term accounts and obligations of not more than twenty-five percent of the aggregate face dollar amount of such accounts and obligations existing as of the first day of each such year, and shall report the results of such sale or securitization to the Joint Legislative Committee on the Budget prior to the end of each year. However, notwithstanding provisions to the contrary, this Subsection shall no longer be of any effect on December 31, 2014, unless reestablished or replaced by appropriate legislative enactment.

            (2) The commissioner of administration is authorized to exclude, at his discretion, any debt that he deems to be uncollectible.

            (3) The provisions of this Section shall not apply to any debt owed to the state due to medical treatment rendered at a state-owned hospital.

            E. The attorney general is authorized to exclude, at his discretion, any debt that he deems uncollectible pursuant to debt collection activities undertaken by the attorney general.

            Acts 2012, No. 500, §1.