FAQS:
Reporting Property
What are my legal obligations to report unclaimed property?
Under the provisions of Louisiana Revised Statutes 9:151 through 182, any business holding intangible personal property owed to a person or another business must report and transfer that property to the state if it has not been claimed by the rightful owner for a certain period of time (holding period).
Where do I obtain forms for reporting unclaimed property to Louisiana?
Unclaimed Property Holder Information and Forms UP-1 (verification and checklist), UP-2 (detail of owner records) and Reporting Instructions are available on this website. Be sure that your printer is set to print on legal size paper. Please contact our office if you would like hard copy report forms mailed to you.
Does Louisiana accept electronic reports in standard National Association of Unclaimed Property Administrators (NAUPA) format?
Yes.
Is an electronic file required?
Yes, an electronic file is required if you have more than twenty-five (25) names to report. We require electronic reporting for security reasons and because it substantially reduces the time delay in getting your data loaded on our system. This means that your owners can collect their funds from us sooner.
How long do I hold property before reporting it to Louisiana?
The Reporting Guidelines page contains a link to a document detailing the holding periods for the most common property types. You can also download a copy of the Louisiana Unclaimed Property Law by clicking on that link. Any type of property that is not specifically mentioned in the law falls under the category of “all other property,” which has a five (5) year holding period. Please contact our office if you have any questions concerning holding periods.
What if I have securities to report?
Deposit Trust Corporation (DTC) eligible securities should be transferred to our account via DTC. Call our office for instructions. Securities that are not DTC eligible, mutual funds or shares in a dividend reinvestment account should be registered according to the instructions for security remittance on our Reporting Instructions. All reports containing securities should include one of the following: a. Notice pertaining to DTC transfer of securities to Louisiana, b. Stock certificate registered to the State of Louisiana, c. Statement from mutual fund or Dividend Reinvestment Plan (DRP) account registered to the State of Louisiana
Will I be able to recover funds from Louisiana if I discover that an item was remitted in error or was paid to the owner after being paid to Louisiana?
Yes, providing that we have not refunded the item to the owner in the interim. If an item was paid to the owner, submit a request for reimbursement along with a copy of the cancelled check. If an item was remitted in error, submit a request for reimbursement to our office with an explanation of the error.