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)]
HB 692 Original 2015 Regular Session Robideaux
Abstract: Provides for the criteria for the presumption of abandonment of property held by a
federally insured financial institution, and extends the application to electronic
communications and transactions.
Present law provides for the Uniform Unclaimed Property Act of 1997 which requires a holder of
abandoned property to deliver the abandoned property to the state treasurer under certain
circumstances.
Present law provides that property is presumed abandoned if it is unclaimed by the apparent owner
for a certain period of time which depends on the type of the particular property.
Present law provides, in part, that a demand, savings, or matured time deposit, including a deposit
that is automatically renewable, is deemed abandoned five years after the earlier of its maturity or
the date of the last indication by the owner of interest in the property, and further provides that no
such property shall be presumed abandoned if a banking or financial organization has forwarded a
statement or other written communication to the owner within the preceding 90 days with regard to
the property at the owner's last known address, and the statement or communication has not been
returned to the banking or financial organization as undeliverable or unclaimed by the forwarding
agent.
Proposed law retains present law but changes the term "banking or financial organization" to
"federally insured financial institution", and extends application of present law to electronic
communications which may be forwarded by a federally insured financial institution to the owner
by U.S. mail, commercial courier, email or other electronic means, or any other method selected by
the owner.
Present law provides a listing of criteria indicating an owner's interest in property, including the
presentment of a check or other instrument of payment of a dividend, an owner-directed activity in
the account in which the property is held, and the making of a deposit to or withdrawal from a bank
account.
Proposed law retains present law and includes any one-time or recurring clearing house transaction,
any owner-directed electronic transaction, and the accessing of a deposit account by the owner
through the website or other restricted electronic access point of the federally insured financial
institution. Effective upon signature of governor or laspe of time for gubernatorial action.
(Amends R.S. 9:154(A)(4) and (D)(3); Adds R.S. 9:154(D)(5))