Louisiana Revised Statutes 32:412.3 – A. There are hereby created, as special statutorily dedicated fund accounts in the state treasury, the Office of Motor Vehicles Driver’s License Escrow Dedicated Fund Account, hereaf
Terms Used In Louisiana Revised Statutes 32:412.3
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
A. There are hereby created, as special statutorily dedicated fund accounts in the state treasury, the Office of Motor Vehicles Driver’s License Escrow Dedicated Fund Account, hereafter referred to as the “License Fund Account” and the Office of Motor Vehicles Handling Fee Escrow Dedicated Fund Account, hereafter referred to as the “Handling Fee Account”.
B.(1) After compliance with the requirements of La. Const. Art. VII, § 9(B) relative to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all of the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall pay an amount equal to one-third of the monies received by the state treasury pursuant to the provisions of La. Rev. Stat. 32:412 into the License Fund Account. The monies in this account shall be used solely as provided in Subsection D of this Section. All unexpended and unencumbered monies in this account at the end of the fiscal year shall remain in the account to cover under collections in any subsequent fiscal year. The monies in the account shall be invested by the state treasurer in the same manner as monies in the state general fund and shall be deposited into the state general fund. Monies deposited into the License Fund Account shall be categorized as fees and self-generated revenue for the sole purpose of reporting related to the executive budget, supporting documents, and general appropriation bills and shall be available for annual appropriation by the legislature.
(2) The calculation required under the provisions of Subsection D of this Section shall be made prior to the distribution to the board of trustees of the police pension funds of the city of New Orleans, the Louisiana State Police Retirement System Fund, and the Conservation Fund under the provisions of La. Rev. Stat. 56:10(B)(15).
C. After compliance with the requirements of La. Const. Art. VII, § 9(B) relative to the Bond Security and Redemption Fund, and after a sufficient amount is allocated from that fund to pay all of the obligations secured by the full faith and credit of the state which become due and payable within any fiscal year, the treasurer shall pay an amount equal to one third of the monies received by the state treasury pursuant to the provisions of La. Rev. Stat. 32:412.1 into the Handling Fee Account. The monies in this account shall be used solely as provided in Subsection E of this Section. All unexpended and unencumbered monies in this account at the end of the fiscal year shall remain in the account to cover under collections in any subsequent fiscal year. The monies in the account shall be invested by the state treasurer in the same manner as monies in the state general fund and shall be deposited into the state general fund. Monies deposited into the Handling Fee Account shall be categorized as fees and self-generated revenue for the sole purpose of reporting related to the executive budget, supporting documents, and general appropriation bills and shall be available for annual appropriation by the legislature.
D. Of the monies placed in escrow in the License Fund Account, one-half shall be appropriated in Fiscal Years 2020, 2026, and 2032 and one-half shall be appropriated in Fiscal Years 2021, 2027, and 2033.
E. Monies deposited into the Handling Fee Account shall be available for appropriation in Fiscal Years 2026, 2027, 2032, 2033, 2038, and 2039.
Acts 2014, No. 765, §1, eff. July 1, 2015; Acts 2014, No. 807, §1, eff. July 1, 2015; Acts 2021, No. 114, §7, eff. July 1, 2022; Acts 2021, No. 348, §1.