This page addresses key areas of interest regarding Louisiana unclaimed property and escheatment laws and regulations.
Key Louisiana Unclaimed Property Reporting Deadlines
Holders of unclaimed property in Louisiana must report and remit by October 31st. Early reporting is permitted with prior written approval from the Administrator and if due diligence has been completed. Negative reports are not required in Louisiana.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Louisiana’s unclaimed property laws and regulations. Holders reporting to Louisiana are required to submit their reports electronically if the report contains 25 or more records.
Louisiana Due Diligence Requirements
Louisiana requires holders to send due diligence notifications for any property with a value of $50 or more.
Due diligence notices must be sent each reporting cycle to the apparent owner at the last known address no more than 120 days and no less than 60 days prior to the reporting deadline. This notice should inform the owner that the holder is in possession of unclaimed property that will be turned over to the state unless the owner claims it from the holder before the report is filed.
Louisiana Dormancy Periods
Dormancy periods in Louisiana vary by property type. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property type.
Dormancy periods in Louisiana for common property types include:
- Wages, Payroll or Salary: 1 year
- Refunds Due: 3 years
- Checking Accounts: 5 years
Louisiana Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The Louisiana unclaimed property reporting process can be challenging for holders. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in Louisiana and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.