Senate Bill No. by Senator Morris aims to establish new regulations for the administration of unclaimed property claims based on purchase agreements. The bill introduces a new section, R.S. 9:167.1, which outlines definitions and requirements for purchase agreements related to unclaimed property. Key definitions include "Executed," which refers to a purchase agreement signed by all parties, and "Purchase agreement," which is a written document that facilitates the transfer of ownership of property that has been delivered to the state administrator. The bill specifies that purchase agreements are limited to property that has been paid or delivered to the administrator as of the execution date, and any claims for property delivered after this date will be considered null and void.

Additionally, the bill mandates that purchase agreements must include detailed information about the property and the seller, such as property identifying numbers, legal names, contact information, and proof of authority for individuals signing on behalf of the seller. The state treasurer, acting as the administrator, is tasked with determining whether the submitted documentation meets the necessary requirements to justify payment of claims. Furthermore, the bill stipulates that any claims not compliant with these new regulations will be denied. The provisions of this act are set to take effect on January 1, 2027.