Bill > SB12

This bill proposes a constitutional amendment to create the Louisiana Unclaimed Property Permanent Trust Fund (UCP Permanent Trust Fund). The key provisions are: 1. Effective July 1, 2021, the UCP Permanent Trust Fund will be established in the state treasury as a special permanent trust fund. No appropriations can be made from this fund. 2. After allocating money to the Bond Security and Redemption Fund, paying administrative fees and expenses, and depositing into the Unclaimed Property Leverage Fund, the state treasurer shall annually deposit the net amount of all unclaimed property funds into the UCP Permanent Trust Fund. 3. The money in the UCP Permanent Trust Fund will be invested by the state treasurer, with up to 50% allowed to be invested in equities. Investment earnings will be available to pay fund management expenses. 4. The state treasurer will report annually on the fund's balance and the state's potential liability to unclaimed property claimants. If claims exceed receipts, the treasurer will allocate sufficient funds from the UCP Permanent Trust Fund to pay the claims. 5. The amendment specifies that unclaimed property held in the fund is private property held in trust until a claim is made by the owner. The bill proposes to submit this constitutional amendment to the voters at the November 3, 2020 statewide election.

Budget and Finance

http://www.legis.la.gov/legis/BillInfo.aspx?s=201ES&b=SB12&sbi=y