The state Unclaimed Property Program has once again run out of money, the second time that’s happened in the last three years.
State Treasurer John Schroder said the Legislature generally draws about 10-15 million dollars a year out of the program to supplement the budget, but that’s growing less feasible.
“We’ve gone from 30,000 claims a year to over 200,000 a year two years now so technology has evolved and we have found better ways to get the money out,” said Schroder.
Unclaimed property can be everything from payroll checks to old bank accounts, royalties, deposits, interest payments, and more that’s owed to residents and businesses.
Schroder said while this is frustrating it should only delay your claim by a few weeks.
“I want people not to worry, we will have the money I just don’t believe that you should have to wait,” said Schroder.
The program is about a million and a half dollars shy right now.
There’s a constitutional amendment on the ballot that would block the Legislature from using unclaimed property dollars by turning the program into a trust fund. Schroder would like you to vote for it in November.
“This trust fund if voted on will create a savings account so this will not happen again, but it will create a residual income for the state of Louisiana use the interest only,” said Schroder.
Since 1973 the trust fund has dispersed over 600 million dollars.
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