CA NO. 7 – Creates Louisiana Unclaimed Property Permanent Trust Fund
Unclaimed property is money from a variety of sources that has not been able to be returned to the correct Louisiana resident. This money is eventually turned over to the State Treasurer for holding. The incoming Unclaimed Property for a given year has historically been more than the amount paid out by the state to individuals who file claims, and this excess money for each year is currently directed to the State General Fund. This amendment would instead create a special trust fund to permanently hold the unclaimed money, and only interest from the Trust Fund would be moved into the General Fund. Louisiana does not have a deadline to claim unclaimed property back from the state, so this would protect a large amount of unclaimed money in case there were a large number of claims in an upcoming year.
Unclaimed Property would go into a new Permanent Trust Fund to gather interest rather than being sent to the State’s General Fund.
A new Trust Fund would not be established for Unclaimed Property.