HLS 22RS-1110 ORIGINAL
2022 Regular Session
HOUSE BILL NO. 834
BY REPRESENTATIVE ILLG
PROPERTY/ABANDONED: Provides relative to a sports wagering account and
presumptions of abandonment
1 AN ACT
2To amend and reenact R.S. 9:154(A)(16) and (17) and to enact R.S. 9:153(12)(i),
3 154(A)(18), and 157.1, relative to unclaimed property; to provide relative to
4 definitions; to provide relative to the definition of "property" for a sports wagering
5 account; to provide relative to abandoned property; to provide relative to abandoned
6 funds in a sports wagering account; to prohibit charges by a licensee or sports
7 wagering account operator on abandoned sports wagering accounts; and to provide
8 for related matters.
9Be it enacted by the Legislature of Louisiana:
10 Section 1. R.S. 9:154(A)(16) and (17) are hereby amended and reenacted and R.S.
119:153(12)(i), 154(A)(18), and 157.1 are hereby enacted to read as follows:
12 §153. Definitions
13 As used in this Chapter:
14 * * *
15 (12) "Property" means a fixed and certain interest in intangible property that
16 is held, issued, or owed in the course of a holder's business, or by a government or
17 governmental entity, and all income or increments therefrom. The term includes
18 property that is referred to as or evidenced by the following:
19 * * *
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 22RS-1110 ORIGINAL
HB NO. 834
1 (i) A sports wagering account, as defined in R.S. 27:602.
2 * * *
3 §154. Presumptions of abandonment
4 A. Property is presumed abandoned if it is unclaimed by the apparent owner
5 during the time set forth below for the particular property for the following:
6 * * *
7 (16) Funds in a sports wagering account if no activity by the apparent owner
8 has occurred for three years from the last date of an account deposit or withdrawal
9 or fund transfer from a sports wagering account, withdrawal of funds for sports
10 wagering, credit of winnings or other amount due to the apparent owner or
11 authorized by the apparent owner.
12 (16) (17) Property distributable in the course of a demutualization,
13 rehabilitation, or related reorganization of an insurance company, two years after the
14 date of the demutualization or other event covered herein if, at the time of the
15 demutualization or other event covered herein, the last known address of the owner
16 on the book and records of the holder is known to be incorrect, or distributions or
17 statements are returned by the post office as undeliverable, and the owner has not
18 communicated in writing with the holder or its agent regarding the interest, or
19 otherwise communicated with the holder regarding the interest as evidenced by a
20 memorandum or other record on file with the holder or its agent.
21 (17) (18) All other property, five years after the obligation to pay or
22 distribute the property arises.
23 * * *
24 §157.1. Prohibited charges by licensee operator or sports wagering account operator
25 No licensee, operator, or sports wagering account operator holding a sports
26 wagering account which has been abandoned pursuant to R.S. 9:154 shall charge an
27 administration fee or maintenance fee for any abandoned sports wagering account
28 derived from Louisiana residents at any time or for any reason.
29 * * *
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions. HLS 22RS-1110 ORIGINAL
HB NO. 834
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 834 Original 2022 Regular Session Illg
Abstract: Provides relative to unclaimed property for sports wagering accounts.
Present law (R.S. 9:153(12)), relative to the Uniform Unclaimed Property Act, provides for
a definition of "property".
Proposed law adds a sports wagering account as defined in present law (R.S. 27:602) to the
present law definition of property.
Present law (R.S. 9:154) 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.
Proposed law retains present law and adds that funds in a sports wagering account are
presumed abandoned if no activity by the apparent owner has occurred for three years from
the last date of an account deposit or withdrawal or fund transfer from a sports wagering
account, withdrawal of funds for sports wagering, credit of winnings or other amount due
to the apparent owner or authorized by the apparent owner.
Proposed law prohibits a licensee, operator, or sports wagering account operator holding a
sports wagering account which has been abandoned pursuant to proposed law from charging
an administration fee or maintenance fee for any abandoned sports wagering account derived
from La. residents at any time or for any reason.
(Amends R.S. 9:154(A)(16) and (17); Adds R.S. 9:153(12)(i), 154(A)(18), and 157.1)
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CODING: Words in struck through type are deletions from existing law; words underscored
are additions.