Requires unclaimed property purchase agreements include certain information. (1/1/27) (OR NO IMPACT See Note)

Senate Bill 261 creates a new statute, Louisiana Revised Statutes 9:167.1, that establishes comprehensive requirements for purchase agreements involving unclaimed property held by the state treasurer. The law defines three key terms: "executed" to mean a purchase agreement signed by all parties, "purchase agreement" to mean a written document transferring ownership of unclaimed property that has been paid or delivered to the state treasurer by a holder through purchase, assignment, or other transfer methods, and "seller" to mean a person transferring such property. The statute limits the scope of valid purchase agreements to only unclaimed property that has already been paid or delivered to the state treasurer as of the agreement's execution date, rendering void any portion of an agreement purporting to transfer property delivered after that date.

The law directly affects entities and individuals who buy, sell, or assign unclaimed property claims. When submitting claims to the state treasurer based on a purchase agreement, sellers and their representatives must provide an unredacted copy of the executed agreement along with ten categories of documentation for each piece of property, including the property identifying number from the treasurer's records, a certified clerk of court search report confirming no competing claims, the seller's full legal name and identification numbers, contact information, proof of any name changes, government-issued identification and authority documentation for the signing representative, the representative's contact information, and information about subsidiaries or affiliates with proof of transfer rights if applicable. The state treasurer gains discretionary authority to determine whether sufficient evidence has been provided and must deny all claims involving non-compliant purchase agreements.

Senate Bill 261 operates within Louisiana's Uniform Unclaimed Property Act of 1997, codified in R.S. 9:153 and related provisions, which establishes the state treasurer as administrator of abandoned property and provides the foundational framework for unclaimed property management. The new statute adds a specialized procedural layer governing the secondary market for unclaimed property claims while preserving the existing statutory regime. The effective date of January 1, 2027 applies only to purchase agreements executed on or after that date, allowing for a transition period and preventing retroactive application to existing agreements. The bill does not implicate significant constitutional concerns as it operates within the state's traditional property administration authority.