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 653 Engrossed 2020 Regular Session Garofalo
Abstract: Lowers the value threshold for reporting abandoned property to the state treasurer from
$50 to $10 and for advertising unclaimed property from $50 to $100.
Present law provides a mechanism for businesses to transfer abandoned property to the state
treasurer. Proposed law retains present law.
Present law (R.S. 9:159) requires abandoned property to be reported when it has a value of $50 or
more. Proposed law lowers this to a value of $10 or more.
Present law (R.S. 9:161) requires the treasurer, as administrator of unclaimed property, to advertise
the name and address or location of an owner of unclaimed property having a total value greater than
$50. Proposed law raises the threshold from $50 to $100.
(Amends R.S. 9:159(B)(1)-(3) and 161(B))
Summary of Amendments Adopted by House
The Committee Amendments Proposed by House Committee on Appropriations to the original
bill:
1. Remove provision in proposed law that would have required holders of presumed
abandoned property with a value of $10 or more to attempt to notify the owner.