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SB 261

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

2026 Regular Session Introduced by Jay Morris

SB 261 tightens unclaimed property purchase rules by requiring detailed, verifiable documentation and prior ownership transfer before claims can be paid.

Title of substitute read and adopted; becomes Senate Bill No. 525.
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Bill Summary · SB 261

Summary: SB 261 (2026) – Unclaimed Property: Purchase Agreements

Purpose and intent

SB 261 would add new requirements for unclaimed property purchase agreements in Louisiana. The bill creates a new statutory framework (R.S. 9:167.1) governing how unclaimed property can be purchased or assigned, with an emphasis on documentation, verification, and protection against improper transfers. It aims to ensure transparency and demonstrates that property purchases are properly documented and legally authorized before any claim is paid.

Key provisions and changes

  • New definitions (for Section 167.1):

    • Executed: a purchase agreement signed by all parties or any signed amendments.
    • Purchase agreement: a written document transferring ownership of unclaimed property that has been paid or delivered to the administrator by a holder (excluding court orders).
    • Seller: a person who sells, assigns, or otherwise transfers unclaimed property that has been paid or delivered to the administrator by a holder.

  • Scope of valid purchase agreements:

    • Only unclaimed property that has been paid or delivered to the treasurer by the date of execution of the purchase agreement (including amendments) can be transferred by a purchase agreement.
    • Any portion of a purchase agreement transferring ownership after the execution date is null and void.

  • Claim submission requirements:

    • Any claim submitted to the treasurer under this section must include an unredacted, executed copy of the purchase agreement.

  • Per-property documentation (for each item in the purchase agreement):

    1. Property identifying number from the treasurer’s records.
    2. A certified search report from the clerk of court showing no other priority claim.
    3. Full legal name of the seller.
    4. Seller’s Social Security number or Taxpayer Identification Number (if issued).
    5. Seller’s last known name, address, email, and phone number.
    6. Any former names and proof of name changes.
    7. Government-issued ID of the individual signing on behalf of the seller.
    8. Documentation showing the signer’s authority to sign for the seller.
    9. Contact details of the signer on behalf of the seller.
    10. Names and federal IDs of any seller affiliates or subsidiaries, with proof of authority to transfer their unclaimed property, if applicable.

  • Treasurer’s role and determinations:

    • The treasurer must assess whether sufficient documentation has been provided before paying a claim.
    • Claims involving a purchase agreement can be denied if noncompliant with the new provisions.

  • Applicability and effective date:

    • The new requirements apply to purchase agreements executed on or after January 1, 2027.
    • The act becomes effective January 1, 2027.

Who and what is affected

  • Affected parties: Holders who transfer unclaimed property via purchase agreements, sellers of unclaimed property, and entities involved in the administration and processing of unclaimed property claims.
  • State treasurer’s office: Responsible for verifying documentation, approving or denying claims, and ensuring compliance with the new requirements.

Procedural and timeline notes

  • Effective date: January 1, 2027.
  • Applies to purchase agreements executed on or after the effective date, with documentation and claim processes aligned accordingly.
  • Enhanced due diligence and potential denial of noncompliant claims are direct procedural changes.

Overall, SB 261 tightens the documentation and verification standards for unclaimed property purchases, aiming to prevent improper transfers and ensure proper authority and priority are demonstrated before claims are paid.

Compiled from official sources — confirm details with the bill’s official record.

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