Louisiana Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| Louisiana | July 1 to June 30 | Before October 31 | $50 minimum, written notice to last known address 60 to 120 days prior to report filing | Not Required | Not Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. Reports can be uploaded onto online portal or sent through CD, DVD or USB drive. | Funds: Check, money order, ACH debit, wire Securities: DTC, DRS or DWAC | Louisiana Unclaimed Property |
The current statutes that govern unclaimed property in Louisiana can be found here. Louisiana has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
Louisiana Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in Louisiana is July 1 to June 30.
Louisiana Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address 60 to 120 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
Louisiana Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before October 31.
Louisiana Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
Louisiana Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal or sent through CD, DVD or USB Drive. Funds can be transferred online, through Check, Money Order, ACH Debit or Wire. Securities can be transferred through Depository Trust Company (DTC), Direct Registration System (DRS) or Deposit / Withdrawal At Custodian (DWAC).
Louisiana Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. Louisiana does not require negative reports.
Louisiana Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. Louisiana does not have a VDA program.
Louisiana Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of Louisiana vary, refer to the state dormancy period in the Holding Periods. Some common property types are as follows: Wages, Payroll, Salary (1 year), Refunds (3 years), Checking Accounts (5 years).
More information from the state of Louisiana on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.