SB525

Louisiana SB525 mandates specific information in purchase agreements for unclaimed property.

Louisiana SB525 requires purchase agreements for unclaimed property to include the seller's full legal name, last known address, email address, phone number, former names, federal tax ID or social security number, and names of any subsidiaries or affiliates. The bill also mandates that the purchaser provide documentation proving the signatory's authority, any name changes, and the right to transfer the property. The administrator must deny a claim if these requirements are not met.