LEGISLATIVE FISCAL OFFICE
Fiscal Note
Fiscal Note On: HB 653 HLS 20RS 967
Bill Text Version: ENROLLED
Opp. Chamb. Action:
Proposed Amd.:
Sub. Bill For.:
Date: May 29, 2020 4:06 PM Author: GAROFALO
Dept./Agy.: Treasury
Subject: Provides relative to unclaimed property Analyst: Alan M. Boxberger
PROPERTY/UNCLAIMED EN SEE FISC NOTE GF EX See Note Page 1 of 1
Provides relative to requirements for reporting and advertising unclaimed property
Present law provides a mechanism for businesses to transfer abandoned property to the state treasurer, requires abandoned
property to be reported when it has a value of fifty dollars or more, and requires the treasurer (as administrator of
unclaimed property) to advertise the name and address or location of an owner of unclaimed property having a total value of
greater than fifty dollars. Proposed law increases the threshold requiring the treasurer to advertise unclaimed property from
fifty to one hundred dollars.
EXPENDITURES 2020-21 2021-22 2022-23 2023-24 2024-25 5 -YEAR TOTAL
State Gen. Fd. SEE BELOW SEE BELOW SEE BELOW SEE BELOW SEE BELOW
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total
REVENUES 2020-21 2021-22 2022-23 2023-24 2024-25 5 -YEAR TOTAL
State Gen. Fd. $0 $0 $0 $0 $0 $0
Agy. Self-Gen. $0 $0 $0 $0 $0 $0
Ded./Other $0 $0 $0 $0 $0 $0
Federal Funds $0 $0 $0 $0 $0 $0
Local Funds $0 $0 $0 $0 $0 $0
Annual Total $0 $0 $0 $0 $0 $0
EXPENDITURE EXPLANATION
Proposed law may result in an SGF expenditure decrease for the Treasury of approximately $35,000. Proposed law
increases the threshold for advertising unclaimed property from $50 to $100. The treasury reports that it may spend an
estimated $35,000 less on the statutorily required public notice for unclaimed properties in this value range.
REVENUE EXPLANATION
There is no anticipated direct material effect on governmental revenues as a result of this measure.
Senate Dual Referral Rules House
13.5.1 >= $100,000 Annual Fiscal Cost {S & H} 6.8(F)(1) >= $100,000 SGF Fiscal Cost {H & S}
Evan Brasseaux
13.5.2 >= $500,000 Annual Tax or Fee 6.8(G) >= $500,000 Tax or Fee Increase
Change {S & H} or a Net Fee Decrease {S} Staff Director


Statutes affected:
HB653 Original: 9:159(B)(1), 9:161(B)
HB653 Engrossed: 9:159(B)(1), 9:161(B)
HB653 Enrolled: 9:159(B)(1), 9:161(B)