BATON ROUGE – Louisiana Treasurer John Schroder reports the first deposit of $48.53 million into the state’s Unclaimed Property Permanent Trust Fund. The fund was created to “protect unclaimed property from government expenditure and ensure that the money is available for people and businesses to claim it,” he said in a press release. The fund is designed to generate interest income for the state general fund.
“This trust fund raises money without raising taxes,” Schroder said. “It gives people time to get back their rightful claims to property, and it builds a revenue stream for the state.”
In November 2020, citizens voted in support of a constitutional amendment that created the fund.
By law, money must be transferred into the trust fund account at the end of each fiscal year, with $4 million remaining in the Unclaimed Property escrow account to cover current claims. In previous years the excess funds were deposited into the State General Fund.
Louisiana collects unclaimed dollars from old savings accounts, payroll checks, stocks and dividends, rental deposits, insurance proceeds, unspent gift cards and utility deposits on behalf of residents. The treasurer’s office, designated as custodian of the property, works to connect people with the money they are owed.
“It’s great to know that these funds, which do not belong to the state, are now protected for citizens to claim,” Schroder said. “Plus, the interest earnings on the money in the fund will generate millions of dollars for the state budget. Everyone wins.”
Visit LaCashClaim.org for more information.
