LA SB392

Enacts R.S. 9:167.1 to regulate claims for unclaimed property held by the state treasurer when ownership is obtained through purchase agreements rather than as the original owner

Purchase agreements are limited to property already delivered to the administrator as of the execution date; any portion claiming property delivered after execution is null and void

Requires purchase agreements to include 11 categories of documentation: property ID numbers, certified UCC-1 search reports from the Secretary of State, seller identification (name, SSN/TIN, contact info), government-issued ID, proof of signing authority, and subsidiary/affiliate information

Mandates submission of unredacted purchase agreement copies with claims and grants the administrator authority to evaluate whether documentation requirements are met

Administrator must deny any claim based on a purchase agreement that does not comply with the new requirements; effective January 1, 2027