HLS 13RS-837 ORIGINAL
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Regular Session, 2013
HOUSE BILL NO. 348
BY REPRESENTATIVE ARNOLD
Prefiled pursuant to Article III, Section 2(A)(4)(b)(i) of the Constitution of Louisiana.
PROPERTY/UNCLAIMED: Provides relative to the Uniform Unclaimed Property Act
AN ACT1
To amend and reenact R.S. 9:173(A) and to enact R.S. 9:171(C) and 173(C), relative to the2
Uniform Unclaimed Property Act; to limit the time within which to bring certain3
actions; to limit the time required to retain certain records; and to provide for related4
matters.5
Be it enacted by the Legislature of Louisiana:6
Section 1. R.S. 9:173(A) is hereby amended and reenacted and R.S. 9:171(C) and7
173(C) are hereby enacted to read as follows: 8
§171. Periods of limitation9
* * *10
C. Notwithstanding the provisions of this Section or any other law to the11
contrary, an action or proceeding by the administrator to enforce the provisions of12
this Chapter shall not be maintained against a Federal Deposit Insurance Corporation13
insured institution for any violation that occurred more than three years prior to the14
most recently completed auditable period which ends on June thirtieth of each year15
as provided by R.S. 9:159(D).16
* * *17
§173. Retention of records18
A. A holder required to file a report under R.S. 9:159 shall maintain its19
records containing the information required to be included in the report until the20 HLS 13RS-837 ORIGINAL
HB NO. 348
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holder files the report and for ten years after the date of filing, unless a shorter time1
is provided in Subsection B or C of this Section or by rule of the administrator.2
* * *3
C. (1) A Federal Deposit Insurance Corporation insured institution shall be4
required to maintain unclaimed property reports for three years prior to the end of5
the most recently completed auditable period, which is June thirtieth of each year as6
provided by R.S. 9:159(D).7
(2) For purposes of this Chapter, a Federal Deposit Insurance Corporation8
insured institution shall maintain its supporting records containing the information9
required to be included in the report for three years prior to the end of the most10
recently completed auditable period, which is June thirtieth of each year as provided11
by R.S. 9:159(D).12
DIGEST
The digest printed below was prepared by House Legislative Services. It constitutes no part
of the legislative instrument. The keyword, one-liner, abstract, and digest do not constitute
part of the law or proof or indicia of legislative intent. [R.S. 1:13(B) and 24:177(E)]
Arnold HB No. 348
Abstract: Relative to the Uniform Unclaimed Property Act, limits the time to bring an
action against an FDIC insured holder of unclaimed property and limits the time an
FDIC insured holder is required to maintain the supporting records of the unclaimed
property report.
Present law provides, relative to the Uniform Unclaimed Property Act, that certain
properties held for various amounts of time are presumed abandoned and are required to be
turned over to the state treasurer. The owner of the property can claim ownership of the
property by filing a claim with the state treasurer.
Present law requires the holder of abandoned property to file a report with the state treasurer
of the property being held.
Present law provides that an action or proceeding may not be maintained by the
administrator to enforce present law more than 10 years after the holder specifically
identified the property reported to the administrator or gave express notice to the
administrator of a dispute regarding the property.
Present law requires a holder to maintain its records containing the information required to
be included in the report until the holder files the report and for 10 years after the date of
filing, unless a shorter time is provided.
Present law requires a business association that provides traveler's checks, money orders, or
similar written instruments other than third-party bank checks to maintain a record of the HLS 13RS-837 ORIGINAL
HB NO. 348
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instruments while they remain outstanding, indicating the state and date of issue, for three
years after the date the property becomes reportable.
Proposed law provides that an action or proceeding by the administrator to enforce present
law shall not be maintained against an FDIC insured institution for any violation that
occurred more than three years prior to the most recently completed auditable period which
ends on June thirtieth of each year.
Proposed law provides that an FDIC insured institution shall be required to maintain
unclaimed property reports for three years prior to the end of the most recently completed
auditable period, which is June thirtieth of each year.
Proposed law provides that an FDIC insured institution shall maintain its supporting records
containing the information required to be included in the report for three years prior to the
end of the most recently completed auditable period, which is June thirtieth of each year.
(Amends R.S. 9:173(A); Adds R.S. 9:171(C) and 173(C))