Proposed Amendment No. 7 - Creates Louisiana Unclaimed Property Permanent Trust Fund

Summary

This measure would amend the State Constitution to create the Louisiana Unclaimed Property Permanent Trust Fund as a special permanent trust fund and provides that the purpose of the fund is to ensure a source of payment for claims made by owners of unclaimed property. This measure would also; allocate funds above administrative costs received to the UCP Permanent Trust Fund until equal to the state's estimated unclaimed property potential liability; allocate any additional unclaimed property receipts and any investment revenue from the Fund to the state's general fund; and authorize the State Treasurer to invest up to 50% of the Fund in equities.

A "YES" vote on this measure is a vote in support of amending the state constitution to create the Louisiana Unclaimed Property Permanent Trust Fund as a special permanent trust fund, provides that the purpose of the fund is to ensure a source of payment for claims made by owners of unclaimed property; allocate funds above administrative costs received to the Fund until equal to the state's estimated unclaimed property potential liability; allocate any additional unclaimed property receipts and any investment revenue from the Fund to the state's general fund; and authorize the State Treasurer to invest up to 50% of the Fund in equities.

A "NO" vote on this measure is a vote opposing amending the state constitution to create the Unclaimed Property Permanent Trust Fund, which would ensure a source of payment for claims made by owners of unclaimed property and allocate allocate any additional unclaimed property receipts and any investment revenue above the state's estimate unclaimed property liability to the state's general fund.

Arguments

"This money is put to good use by funding important programs such as K-12 education, healthcare and state colleges. While the investment earnings of the proposed fund would eventually put money into the state general fund, it could take years before that new revenue source would approach anything close to $12 million in a year.", in opposition to Proposed Amendment No. 7 (Learn more)

"While there is a small cost to the state general fund, ultimately Schroder's department will be better able to manage the distribution of unclaimed money with a new trust fund established by the amendment.", in support of Proposed Amendment No. 7 (Learn more)

Measure Details