Treasurer Kennedy Encourages Business Owners to Learn Legal Responsibilities

BATON ROUGE, LA – The Louisiana Department of the Treasury will host an unclaimed property holder seminar on Monday, December 8, in Shreveport, according to State Treasurer John Kennedy. The seminar will focus on holders responsibilities under the law and the state’s unclaimed property amnesty program.

Were sponsoring these seminars, because we want business owners to get acquainted with the unclaimed property program and learn the legal responsibilities of reporting unclaimed money, said Treasurer Kennedy. Were traveling statewide to bring this information to businesses directly, and the best part about our holder seminars is they’re absolutely free.

One highlight of the Shreveport holder seminar will be Treasurer Kennedy’s presentation on the state’s unclaimed property amnesty program that is running until December 31, 2003. Holders who turn unclaimed money over to the state during this time avoid the interest (currently 4.5 percent) to be charged on property not timely reported. Additionally, possible penalties of $200.00 a day (up to a maximum of $5,000 or $25,000 if found to be willful) will be waived through December 31.

I hope holders will take advantage of this opportunity to become educated about their role in this important program, said Treasurer Kennedy. These seminars are about education period. Increasing holder knowledge about unclaimed property is our number one goal.

Examples of unclaimed property holders* include but are not limited to business associations, corporations, banks, sole proprietors, public agencies, organizations (both profit and non-profit), and insurance companies that have money belonging to someone else that is subject to 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 unclaimed property.

The Shreveport holder seminar will be held from 8:30 a.m. to 11:30 a.m. in the State Office Building located at 1525 Fairfield Avenue. Presenters in addition to Treasurer Kennedy include Benjamin Spann, Louisiana’s Unclaimed Property Director and Barbara Baier, Staff Attorney for the Louisiana Department of the Treasury. For more information, contact the Treasury at (225) 219-9377 or emailseminars@treasury.state.la.us.

Contact:
Sarah Mulhearn
(225) 342-0012