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 292 Original 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 bank for local government
infrastructure.
Present law credits all unexpended and unencumbered monies for I-49 and the interest earned on the
investment of the monies to the Unclaimed Property Leverage Fund.
Proposed law changes present law by crediting all unexpended and unencumbered monies for I-49
into the Unclaimed Property Leverage Fund and at the end of the fiscal year credits all remaining
monies into the La. Unclaimed Property Permanent Trust Fund.
Present law requires the treasurer to deposit all unclaimed property funds received into the Bond
Security and Redemption Fund, minus $500,000 in a separate trust fund to pay claims, and record
the identification information for persons entitled to the property. Further, the treasurer may deduct
monies for the cost for auditing and administration of the fund. The treasurer shall deposit $15
million each fiscal year into the Unclaimed Property Leverage Fund for I-49 for usage of the funds.
Proposed law 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 law prohibits
appropriations to be used from the fund.
Proposed law also creates the UCP Support Fund to provide a source of funds for a state capital
outlay revolving loan bank. 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 state capital outlay revolving loan bank, and proceeds from sales
of securities.
Proposed law requires the 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 law authorizes the state treasurer to invest up to 50% of the monies in the UCP Permanent Trust Fund into the same investment funds permitted by the La. Education Quality Trust Fund and
authorizes the treasurer to contract with and pay for cost of investment managers.
Proposed law 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.
Effective if and when the proposed amendment of Article VII, Section 28 of the Constitution of La.
contained in the Act which originated as House Bill No. ____ of this 2019 R.S. of the Legislature
is adopted at a statewide election and becomes effective.
(Amends R.S. 9:165(C)(3); Adds R.S. 39:100.147)