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 291 Reengrossed 2019 Regular Session Barras
Abstract: Creates the La. Unclaimed Property Permanent Trust Fund (UCP Permanent Trust Fund)
to fund claims made by owners of unclaimed property, and the La. Unclaimed Property
Support Fund (UCP Support Fund) to fund a revolving loan commission for local
government infrastructure.
Proposed constitutional amendment creates the UCP Permanent Trust Fund and credits all monies
received as a result of the unclaimed property pursuant to present law and the Unclaimed Property
Leverage Fund into the UCP Permanent Trust Fund after making deposits pursuant to present law.
The UCP Permanent Trust Fund is to be used solely for the payment of claims made by owners.
Proposed constitutional amendment prohibits appropriation from the fund.
Proposed constitutional amendment also creates the UCP Support Fund to provide a source of funds
for the unclaimed property revolving loan commission for local government infrastructure. The UCP
Support Fund shall be funded by interest income, realized capital gains, and dividend income from
the UCP Permanent Trust Fund, all monies received as repayment of loans made by the unclaimed
property revolving loan commission, and proceeds from sales of securities.
Proposed constitutional amendment requires monies to be deposited into both funds until the UCP
Permanent Trust Fund balance equals the state's potential liability for all unclaimed property, then
additional monies shall be deposited into the UCP Support Fund.
Proposed constitutional amendment authorizes the state treasurer to invest up to 50% of the monies
in the UCP Permanent Trust Fund as provided by the legislature and authorizes the treasurer to
contract for the management of the funds.
Proposed constitutional amendment requires the state treasurer to submit an annual report including
the balance of the funds and the state's potential liability of unclaimed property to the legislature and
governor.
Provides for submission of the proposed amendment to the voters at the statewide election to be held
October 12, 2019.
Effective July 1, 2020.
(Adds Const. Art. VII, ยง28) Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Appropriations to the original
bill:
1. Change "the state capital outlay revolving loan bank" to "the unclaimed property
revolving loan commission".
The Committee Amendments Proposed by House Committee on Civil Law and Procedure to the
engrossed bill:
1. Make a technical amendment to the ballot language.