What’s On Your Louisiana Ballot: 2020 Amendment 7

Election day is less than a week away, on Tuesday November 3rd.

Since we're so close, we thought it would be a great chance to further explore some of what you'll see on this year's ballot. We can't break down every ballot for every precinct in the state, but if you're looking for your exact ballot, you can find it here. There are 7 proposed Constitutional Amendments in Louisiana this year. You'll also find a measure on Sports Wagering as well.

The final amendment, which is Amendment 7, is about the state's unclaimed property, and what it can be used for. Here's the text you'll see on your ballot:

Do you support an amendment to create the Louisiana Unclaimed Property Permanent Trust Fund to preserve the money that remains unclaimed by its owner or owners? (July 1, 2021) (Adds Article VII, Sections 10(F)(4)(i) and 28)

So what does that mean? If passed, this is the explanation from the Secretary of State:

Proposed Constitutional Amendment creates the Louisiana Unclaimed Property Permanent Trust Fund, effective July 1, 2021, in the state treasury as a special permanent trust fund referred to as the “UCP Permanent Trust Fund” and provides that no appropriation shall be made from the fund.

Proposed Constitutional Amendment provides that the purpose of the fund is to ensure a source of payment for claims made by owners of unclaimed property. Further provides that the treasurer shall annually deposit in and credit to the UCP Permanent Trust Fund the net amount of all monies received as a result of the Uniform Unclaimed Property Act of 1997 or its successor after allocation of money to the Bond Security and Redemption Fund, after the payment of all administrative fees, costs, and expenses as provided by law, and after the deposit of monies into the Unclaimed Property Leverage Fund.

Proposed Constitutional Amendment provides that realized capital gains, dividend income, and interest income earned on the investments in the UCP Permanent Trust Fund, net of trust fund investment and administrative expenses, shall be deposited into the State General Fund.

Proposed Constitutional Amendment provides that all monies shall be credited to the fund until the balance in the UCP Permanent Trust Fund equals the amount of the state’s potential liability to unclaimed property claimants as reported by the state treasurer in the previous fiscal year and all money received above the state’s potential liability to unclaimed property claimants as reported by the state treasurer shall be deposited into the State General Fund.

Proposed Constitutional Amendment provides that the money credited to the UCP Permanent Trust Fund shall be permanently credited to the fund and shall be invested by the treasurer. Further provides that a portion of the money in the UCP Permanent Trust Fund, not to exceed 50% of the money in the fund may be invested in equities and requires the legislature to establish by law procedures for the investment of such monies. Further provides that the treasurer may contract, with the approval of the State Bond Commission, for the management of such investments and investment earnings shall be available for appropriation to pay expenses incurred in the investment and management of the UCP Permanent Trust Fund.

Proposed Constitutional Amendment requires the state treasurer to submit a report to the legislature and the governor not less than 60 days prior to the beginning of each regular session of the legislature that includes the balance of the UCP Permanent Trust Fund as of the close of the prior fiscal year and the state’s potential liability to unclaimed property claimants as of the close of the prior fiscal year.

Proposed Constitutional Amendment also requires the state treasurer to submit a report to the legislature and the governor not less than 60 days prior to the beginning of the 2022 Regular Session of the legislature that includes the balance of the UCP Permanent Trust Fund as of January 1, 2022 and the state’s potential liability to unclaimed property claimants as of the close of the prior fiscal year.

Proposed Constitutional Amendment provides that if unclaimed property claims exceed receipts, the state treasurer shall certify the amount needed to pay received claims and shall allocate sufficient funds from the UCP Permanent Trust Fund to pay that amount and shall also immediately notify the legislature and the governor of the amount transferred from the UCP Permanent Trust Fund and amount remaining in the UCP Permanent Trust Fund.

Proposed Constitutional Amendment provides that property received in the state pursuant to the Uniform Unclaimed Property Act of 1997 or its successor and deposited into the UCP Permanent Trust Fund is private property that is held in trust until a claim is made for it by the owner.

Proposed Constitutional Amendment provides that the provisions of this amendment shall become effective on July 1, 2021.

So what does all of that mean for you?

A vote YES on this Amendment would be in favor of creating an Unclaimed Property Trust Fund with the state's unclaimed property. This would build upon the Unclaimed Property Act of 1997, and give the state a path to use the fund to supply the state's General Fund.

A vote NO on this Amendment means no change to the current constitution.