RÉSUMÉ DIGEST
ACT 193 (HB 973) 2022 Regular Session Davis
Existing law (R.S. 9:2713 et seq.) provides for the Louisiana Structured Settlement
Protection Act. Requires a person or entity to submit an application to the secretary of state
relative to its business as a structured settlement purchase company in this state. Further
requires the person or entity to register with the secretary of state to do business in this state.
New law retains existing law.
Existing law provides that an applicant's initial registration application shall be submitted on
a form prescribed by the secretary of state. New law retains existing law.
Prior law provided that if the applicant is an entity, the applicant shall have also submitted
a sworn certification by the applicant's owner, officer, director, or manager. New law deletes
prior law and requires the individuals submitting a sworn certification on behalf of an entity
applicant to be an authorized representative of the applicant.
Existing law provides that if the applicant is an individual, the applicant can submit a sworn
certification on his own behalf. New law retains existing law.
Existing law provides that after a plan of merger or share exchange has been adopted and
approved, the articles of merger or share exchange shall be signed by any officer or other
duly authorized representative on behalf of each party to the merger or share exchange.
Further provides that the articles of merger do not need to be signed on behalf of any
subsidiary that is a party to a merger authorized without the approval of the subsidiary's
board of directors or shareholders.
New law retains existing law.
Existing law provides that the articles shall set forth all of the following:
(1) The names of the parties to the merger or share exchange.
(2) If the articles of incorporation of the survivor of a merger are amended, or if a new
corporation is created as a result of a merger, the amendments to the survivor's
articles of incorporation or the articles of incorporation of the new corporation.
(3) If the plan of merger or share exchange required approval by the shareholders of a
domestic corporation that was a party to the merger or share exchange, a statement
that the plan was duly approved by the shareholders and, if voting by any separate
voting group was required, by each such separate voting group.
(4) A statement providing if the plan of merger or share exchange did not require
approval by the shareholders of a domestic corporation that was a party to the merger
or share exchange.
(5) As to each eligible entity or foreign corporation that was a party to the merger or
share exchange, a statement that the participation of the eligible entity or foreign
corporation was duly authorized as required by the organic law of the eligible entity
or corporation.
New law retains existing law and provides that the articles, in the case of a merger, shall also
set forth the name of the surviving entity and, in the case of a share exchange, the name of
the corporation whose shares will be acquired and the name of the acquiring corporation.
Existing law provides that the corporation's name may be in any language, but expressed in
English letters or characters. Existing law further provides that the corporation's name shall
not imply that the corporation is an administrative agency or a political subdivision of this
state or of the U.S. New law retains existing law.
Existing law provides that the corporation's name shall not contain words or phrases that
consist of or comprise immoral, deceptive, or scandalous matter. Further provides a list of
words that shall not be included in the corporation's name. New law extends existing law
by adding that "doing business as" or any abbreviation of the phrase, such as "d/b/a", shall
not be included in the corporation's name. Otherwise retains existing law.
Existing law allows an individual to reserve a specified name for a nonprofit corporation or
a domestic or foreign limited liability company by filing a signed application with the
secretary of state. If the name is determined by the secretary of state as being available for
use, existing law allows the secretary of state to reserve the name to be exclusively used by
the applicant for a nonrenewable period of 120 days.
New law retains existing law and allows the owner of the reserved name to terminate the
reservation by delivering a signed notice of termination to the secretary of state.
Existing law authorizes the secretary of state to collect certain fees relative to various filings,
recordings, registrations, renewals, and terminations. New law retains existing law and
authorizes the secretary of state to collect 2 new fees as follows:
(1) Filing applications for motor vehicle service contract providers - $600.
(2) Filing renewals for motor vehicle service contract providers - $250.
Existing law provides that subject to the limitations set forth in existing law, any person who
adopts and uses a mark or name in this state may file in the secretary of state's office, on a
form furnished by the secretary of state, an application for registration of that mark or name.
New law retains existing law and further provides that the information contained on the form
must be written in the English language.
Existing law provides that each provider of a home service contract sold in this state shall
file an application for an initial registration with the secretary of state. Provides that the
application for an initial registration shall contain the provider's name, address, and contact
person. Further provides that the application shall also designate a person in this state for
service of process and a listing of all officers and directors, and all owners with 10% or more
ownership in the business. New law retains existing law.
Existing law provides that the home service contract provider shall file a copy of its basic
organizational documents, including articles of incorporation, articles of organization,
articles of association, or a partnership agreement. New law retains existing law.
Prior law required a $600 registration fee to be paid to the secretary of state with each
application. New law repeals prior law.
Existing law provides that a home service contract provider's registration shall be effective
for 2 years unless the registration is denied or revoked. New law retains existing law.
Existing law provides that 90 days prior to the expiration of a registration, a home service
contract provider is required to submit a renewal application to the secretary of state. New
law retains existing law.
Prior law required a home service contract provider to submit a renewal fee of $250 with the
renewal application to the secretary of state.
New law deletes prior law.
Effective August 1, 2022.
(Amends R.S. 9:2713.2(B)(intro. para.), R.S. 12:1-1106(A)(1), 204(A), and 1307(D), R.S.
22:243(D)(3) and (E)(1) and (3), and R.S. 51:214(A)(intro. para.) and 3143(B) and (C); Adds
R.S. 12:1-402(D), 204(G)(4), and 1307(E), R.S. 49:222(B)(15), and R.S. 51:212(8))


Statutes affected:
HB973 Original: 9:2(B), 22:243(D)(3), 51:214(A), 51:3143(B)
HB973 Engrossed: 9:2(B), 22:243(D)(3), 51:214(A), 51:3143(B)
HB973 Enrolled: 9:2(B), 22:243(D)(3), 51:214(A), 51:3143(B)
HB973 Act : 9:2(B), 22:243(D)(3), 51:214(A), 51:3143(B)