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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 federally insured financial institution13
for any violation that occurred more than six years prior to the most recently14
completed auditable period which ends on June thirtieth of each year as provided by15
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 ENGROSSED
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 federally insured financial institution shall maintain its report filed4
pursuant to R.S. 9:159 for six years after the date the report is filed.5
(2) For purposes of this Chapter, a federally insured financial institution shall6
maintain its records containing the information required to be included in the report7
until the holder files the report and for six years after the date of filing.8
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 a federally insured financial institution insured holder of unclaimed
property and limits the time a federally insured financial institution 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
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 a federally insured financial institution for any violation
that occurred more than six years prior to the most recently completed auditable period
which ends on June 30th of each year. HLS 13RS-837 ENGROSSED
HB NO. 348
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Proposed law provides that a federally insured financial institution shall maintain its report
filed pursuant to present law for six years after the date the report is filed, and that a
federally insured financial institution shall maintain its records containing the information
required to be included in the report until the holder files the report and for six years after
the date of filing.
(Amends R.S. 9:173(A); Adds R.S. 9:171(C) and 173(C))
Summary of Amendments Adopted by House
Committee Amendments Proposed by House Committee on Civil Law and Procedure
to the original bill.
1. Changed reference from "Federal Deposit Insurance Corporation insured
institution" to "federally insured financial institution".
2. Changed the periods of time to bring an action and to maintain certain records
from three years to six years.