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July 9, 2007Ray Fonseca
July 11, 2007Business owner: Do you know your legal responsibilities when it comes to reporting unclaimed money to the state?
State Treasurer John Kennedy is hosting a series of seminars aimed and businesses and organization leaders to clarify the issue.
The state Department of Treasury will be conducting area seminars:
• July 11, from 8:30 to 11:30 a.m., at the Clifton Chenier Center Town Hall Auditorium, 220 W. Willow St., Lafayette;
• July 17, from 8:30 to 11:30 a.m., at the Galvez Building Conference Center, Oliver Pollock Room C 111, 602 N. Fifth St., Baton Rouge.
“We’re sponsoring these seminars statewide because we want business owners to become acquainted with the unclaimed property program and learn about their legal responsibility to report unclaimed money to the state,” Kennedy said. “I hope unclaimed property holders statewide will take advantage of this opportunity to become educated about their role in this important program.”
Agenda topics include what is unclaimed property; the legal obligation of reporting unclaimed property; holding periods for different types of property; due diligence; electronic reporting software; the state’s authority to audit; and penalties and interest for not reporting unclaimed money. The seminar will also discuss recent changes to Louisiana law requiring companies holding unclaimed securities to report them to the state after three years instead of five years.
Kennedy said unclaimed property holders can include – but are not limited to – business associations, corporations, banks, sole proprietors, public agencies, profit and non-profit organizations and insurance companies with money belonging to someone else that is subject to the state’s unclaimed property law.
A holder must file unpaid debts or undelivered securities with the state after a certain length of time, depending on the type of property, Kennedy said.
For more information or sign up for a seminar, contact the state’s Unclaimed Property Division at (225) 219-9377 or e-mail seminars@treasury.state.la.us.
