Amendment vs bill Senate Committee Amendment, #3089, FNCE, Draft vs SB261 Original

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SLS 26RS-532 ORIGINAL Regular Session SENATE BILL NO.
SCASB261 2282 3089 SENATE COMMITTEE AMENDMENTS Regular Session Substitute for Original Senate Bill No.
261 BY SENATOR MORRIS UNCLAIMED PROPERTY.
261 by Senator Morris as proposed by Senate Committee on Finance.
Requires unclaimed property purchase agreements include certain information.
This document reflects the content of a substitute bill but is not in a bill form;
(1/1/27) AN ACT To enact R.S.
page numbers in this document DO NOT correspond to page numbers in the substitute bill itself.
To enact R.S.
to provide for the purchaseorassignmentofunclaimedproperty;toprovidefordefinitions;toprovide forrequirements,prohibitions,andexclusions;toprovidewithrespecttothepowers and duties of the state treasurer;
to provide for the purchaseorassignmentofunclaimedproperty;
to providefordefinitions;toprovide forrequirements,prohibitions,andexceptions;toprovidewithrespecttothepowers and duties of the state treasurer;
handling claim based upon a purchase agreement A.
exceptions A.
Definitions.
(2)"Purchase agreement" means a written document that transfers ownership of unclaimed property of the seller that has been paid or delivered totheadministratorbyaholder,whetheritbeby purchase,assignment,orany Page 1 of 4 Coding:
(2)"Purchase agreement" means a written document that transfers or purportstotransferownershipofunclaimedpropertyofthesellerthathasbeen paid or delivered to the administrator by a holder, whether it be by purchase, assignment, or any other kind of transfer.
Words which are struck through are deletions from existing law;
A "purchase agreement" shall include any and all amendments, attachments, and exhibits to the document.
words in boldface type and underscored are additions.
(3)"Seller" means a natural or juridical person who sells, assigns, or otherwise transfers unclaimed property that has been paid or delivered to the administrator by a holder.
SLS 26RS-532 ORIGINAL SB NO.
B.
261 other kind of transfer excluding an order by a court of competent jurisdiction.
Purchase Agreement- Property Delivered to Administrator.
(3)"Seller" means a person who sells, assigns, or otherwise transfers unclaimed property that has been paid or delivered to the administrator by a holder.
Any purchase agreement that transfers ownership of unclaimed property shall be limited to unclaimed property that has been paid or delivered to the administrator by a holder as of the date the purchase agreement was executed.
B.(1) Any purchase agreement that transfers ownership of unclaimed propertyshallbelimitedtounclaimedpropertythathasbeenpaidordelivered to the administrator by a holder as of the date the purchase agreement, including any amendments, was executed.
Page 1 of 5 SCASB261 2282 3089 C.(1) Requirements for Purchase Agreements.
(2) Any portion of a purchase agreement that transfers ownership of unclaimed property that is paid or delivered to the administrator by a holder after the date the purchase agreement is executed shall be null and void.
A purchase agreement shallincludethefollowingforeachpieceofunclaimedpropertyincluded inthe purchase agreement:
C.
(a)Number.Theidentifyingandpublicly available numberassigned by the administrator.
Any claim submitted to the administrator pursuant to the provisions of this Section shall include an unredacted, executed copy of the purchase agreement.Such purchase agreementshall include thefollowing foreachpiece of unclaimed property included in the purchase agreement:
(b) Name.
(1) The property identifying number as found in the records of the administrator.
The full legal name of the seller.
(2) A certified search report from the clerk of court showing that no other entity has a priority claim over the unclaimed property stated in the purchase agreement.
(c)Sellerinformation.Thename,lastknownaddress,emailaddress,and phone number of the seller.
(3) The full legal name of the seller.
(d) Seller former name.
(4) The social securitynumberor taxpayer identification number of the seller, if a number has been issued to the seller.
Any name that the seller was formerly known by.
(5)Thenameandlastknownaddress,emailaddress,andphonenumber of the seller.
(e)Sellerfederaltax identification or social security number.The social security number or federal taxpayer identification number of the seller, if a number has been issued to the seller.
(6) Any name that the seller was formerly known by, and proof of the name change.
(f)Subsidiaries and affiliates.
(7) A copy of government-issued identification of the individual who signed the purchase agreement on behalf of the seller.
The name of any subsidiary or affiliateof theseller,iftheapparentownerofthepropertyisasubsidiaryoraffiliateofthe seller.
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(2)Informationtobe submittedwithclaim.Aclaimfiledforrecoveryof unclaimed property that is the subject of a purchase agreement shall be accompanied by the following:
Words which are struck through are deletions from existing law;
(a) Purchase agreement.
words in boldface type and underscored are additions.
A copy of the purchase agreement.
SLS 26RS-532 ORIGINAL SB NO.
The claimantmayredactinformationinthepurchaseagreementpertainingtoprice or pricing terms.
261 (8) Documentation as required by the administrator evidencing the individual who signed the purchase agreement on behalf of the seller had the authority to do so.
(b)Authorizedsignatory.Documentationevidencingthattheindividual whosignedthepurchaseagreementonbehalf ofthesellerwasauthorizedtodo so.
(9)Thenameandlastknownaddress,emailaddress,andphonenumber of the individual who signed the purchase agreement on behalf of the seller.
(c) Proof of name change.
(10) The names and federal identification numbers of any subsidiaries or affiliates of the seller and proof that the seller has the right to sell, assign or otherwise transfer the unclaimed property of these entities, if applicable.
If applicable, proof of any name changes by the seller, if a former name change is indicated in the purchase agreement.
(d)Proofrelatingtosubsidiariesoraffiliates.Ifapplicable,proofthatthe sellerhad theright tosell,assign,orotherwisetransferunclaimed propertyfor which any subsidiary or affiliate of the seller is the apparent owner of record.
Page 2 of 5 SCASB261 2282 3089 (3) Additional information.
In addition to the requirements in Paragraphs (1) and (2) of this Subsection, a claimant asserting ownership by virtue of a purchase agreement shall provide the administrator with any requested documents or information that the administrator determines necessary to fulfill its duty to safe keep unclaimed property pursuant to R.S.
9:162(B).
The administrator shall determine whether sufficient evidence or documentation is provided to meet the requirements of Subsection C of this Section prior to paying a claim.
Payment of Claim.
The administrator shall pay a claim based upon ownership asserted by virtue of a purchase agreement if the administrator determines the requirements of this Section are met.
The administrator shall deny any claim of a person who asserts ownershipofunclaimedpropertythroughapurchaseagreementifthepurchase agreement is not in compliance with the provisions of this Section.
Denial of Claim.
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The administrator shall deny a claim if the administrator determines the requirements of this Section have not been met.
The provisions of this Section shall apply to any purchase agreement executed on or after January 1, 2027.
Exceptions.
This Section shall not apply to the sale or purchase of unclaimed property:
(1) Through a bankruptcy estate representative or other person authorized pursuant to Title 11 of the United States Code.
(2) By order of a court of competent jurisdiction, including but not limited to a bankruptcy court.
G.
Applicability.
This Section shall apply to claims received by the administratorforwhich ownership of unclaimed property is assertedbased on a purchase agreement executed on or after January 1, 2027.
The provisions of this Act shall become effective on January 1, 2027.
This Act shall become effective upon signature bythe governor or, if not signedbythegovernor,uponexpirationofthetimeforbillstobecomelawwithoutsignature by the governor, as provided by Article III, Section 18 of the Constitution of Louisiana.
If vetoed bythe governorand subsequentlyapprovedbythe legislature, this Act shall become effective on the dayfollowing such approval.
1:13(B) and 24:177(E)] DIGEST SB 261 Original 2026 Regular Session Morris Present law establishes the Uniform Unclaimed Property Act of 1997 to provide for collection, administration, and distribution of abandoned propertyin the state and provides for definitions.
1:13(B) and 24:177(E)] DIGEST SB Original 2026 Regular Session Present law establishes the Uniform Unclaimed Property Act of 1997 to provide for collection, administration, and distribution of abandoned propertyin the state and provides for definitions.
Proposedlawretainspresentlawandaddsdefinitionsfor"executed","purchaseagreement", and "seller".
Page 3 of 5 SCASB261 2282 3089 Proposedlawretainspresentlawandaddsdefinitionsfor"executed","purchaseagreement", and "seller".
Proposed law defines "purchase agreement" to mean a written document that transfers ownership of unclaimed property of the seller that has been paid or delivered to the administrator by a holder by various means.
Proposedlawdefines"purchaseagreement"asawrittendocumentthattransfersorpurports to transfer ownership of unclaimed propertyof the seller that has been paid or delivered to the administrator by a holder, whether it be by purchase, assignment, or any other kind of transfer excluding an order by a court of competent jurisdiction.
Proposed law limits valid purchase agreements transferring unclaimed property to only include unclaimed property being delivered to the treasurer by the purchase agreement's execution date.
A "purchase agreement" shall include any and all amendments, attachments, and exhibits to the document.
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Proposedlawlimitsanypurchaseagreementthattransfersownershipofunclaimedproperty to unclaimed propertythat has been paid or delivered to the administrator by a holder as of the date the purchase agreement was executed.
Words which are struck through are deletions from existing law;
Proposedlawrequiressuchpurchaseagreementto includethefollowingdocumentationfor each piece of unclaimed propertyincluded in the purchase agreement:
words in boldface type and underscored are additions.
(1) The identifying and publicly available number assigned by the administrator.
SLS 26RS-532 ORIGINAL SB NO.
(2) The full legal name of the seller.
261 Proposedlawrequiresanyclaimsubmittedtothetreasurerpursuanttoproposedlawinclude an unredacted, executed copy of the purchase agreement.
(3) The name, last known address, email address, and phone number of the seller.
Proposed law further requires such purchase agreement to include the following documentation for each piece of unclaimed propertyincluded in the purchase agreement:
(4) Any name that the seller was formerlyknown by.
(1) The property identifying number as found in the treasurer's records.
(5) The social security number or federal taxpayer identification number of the seller, if a number has been issued to the seller.
(2) A certified search report from the clerk of court showing no other entity has a priority claim over the unclaimed propertystated in the purchase agreement.
(6) The name of any subsidiary or affiliate of the seller, if the apparent owner of the property is a subsidiary or affiliate of the seller.
(3) The full legal name of the seller.
Proposed law requiresa claim filed for recoveryofunclaimed propertythat is the subject of a purchase agreement to be accompanied bythe following:
(4) The social security number or taxpayer identification number of the seller.
(1) Purchase agreement.
(5) The name and last known address, email address, and phone number of the seller.
A copy of the purchase agreement.
(6) Any name that the seller was formerlyknown by, and proof of the name change.
The claimant may redact information in the purchase agreement pertaining to price or pricing terms.
(7) A copy of government-issued identification of the individual who signed the purchase agreement on behalf of the seller.
(2) Authorizedsignatory.Documentationevidencingthattheindividualwhosignedthe purchase agreement on behalf of the seller was authorized to do so.
(8) Documentationasrequiredbythetreasurerevidencingtheindividualwhosignedthe purchase agreement on behalf of the seller had the authorityto do so.
(3) Proof of name change.
(9) The name and last known address, email address, and phone number of the individual who signed the purchase agreement on behalf of the seller.
If applicable, proof of any name changes by the seller, if a former name change is indicated in the purchase agreement.
(10) The names and federalidentification numbers of anysubsidiaries or affiliates of the seller and proof that the seller has the right to sell, assign, or otherwise transfer the unclaimed property of these entities, if applicable.
(4) Proof relating to subsidiaries or affiliates.
Proposed law requires the treasurer to determine whether sufficient evidence has been provided prior to paying a claim pursuant to proposed law.
If applicable, proof that the seller had the right to sell, assign, or otherwise transfer unclaimed property for which any subsidiary or affiliate of the seller, is the apparent owner of record.
Proposed law requiresthetreasurerto denyallclaimsinvolvingapurchaseagreementif the purchase agreement is not in compliance with the provisions of proposed law.
Proposed law requires a claimant asserting ownership byvirtue of a purchase agreement to provide the administrator with any requested documents or information that the administrator determines necessary to fulfill its duty to safe keep unclaimed property pursuant to present law.
Proposed law is applicableto anypurchaseagreement executed on or afterJanuary1, 2027.
Proposed law requires the administrator to pay a claim based upon ownership asserted by virtueofapurchaseagreementiftheadministratordeterminestherequirementsofproposed law are met.
Effective January 1, 2027.
Proposed law requires the administrator to denya claim if the administrator determines the requirements of proposed law have not been met.
Proposed law shall not apply to the sale or purchase of unclaimed property:
(1) Through a bankruptcy estate representative or other person authorized pursuant to federal law.
Page 4 of 5 SCASB261 2282 3089 (2) By order of a court of competent jurisdiction, including but not limited to a bankruptcy court.
Proposed law is applicable to claims received bythe administrator for which ownership of unclaimed propertyis asserted based on a purchase agreement executed on or after January 1, 2027.
Effective upon signature of the governor or lapse of time for gubernatorial action.
9:167.1) Page 4 of 4 Coding:
9:167.1) Page 5 of 5
Words which are struck through are deletions from existing law;
words in boldface type and underscored are additions.