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 Engrossed 2015 Regular Session Robideaux
Abstract: Provides for electronic communications and transactions as a means of an owner
indicating interest in abandoned property.
Present law provides for the Uniform Unclaimed Property Act 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 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 adds 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 banking or financial organization.
Effective upon signature of governor or lapse of time for gubernatorial action.
(Amends R.S. 9:154(D)(3); Adds R.S. 9:154(D)(5))
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Appropriations to the original
bill:
1. Delete changes to the presumption of abandoned property for demand, savings, or
matured time deposits.
2. Delete the change of the term "banking or financial organization" to "federally insured
financial institution".