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.
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.