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LouisianaHB 12562026 Regular SessionHouseWALLET

PROPERTY/UNCLAIMED: Provides with respect to abandoned digital assets

Sponsored By: Shaun Raphael Mena (Democratic)

Signed by Governor

Commerce, Consumer Protection and International Affairs

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Bill Overview

Analyzed Economic Effects

5 provisions identified: 0 benefits, 1 costs, 4 mixed.

Digital owners face limits on recovery

Beginning January 1, 2027, issuers, holders, transfer agents, and their representatives receive legal protection and indemnification when following the specified abandoned-property rules. Louisiana's administrator, its designated custodian, and digital asset holders are not liable for specified gains or losses tied to holding, transferring, or selling assets. These protections limit owners' ability to recover related losses.

Digital owners get sale safeguards

Beginning January 1, 2027, Louisiana generally cannot sell a digital asset until three years after receiving it. After claim approval, a claimant can request a sale and receive net proceeds. For assets kept in their original digital form, liquidation also addresses technological, security, or regulatory barriers that prevent reasonable custody, together with costs exceeding asset value. Exchange-listed assets cannot sell below the exchange price at the time of sale. Unlisted assets must use a commercially reasonable sale method; the price received counts as the prevailing price. Louisiana may skip sales whose likely costs exceed proceeds, and digital assets follow separate rules rather than general public-sale rules. Delivery of assets or sale proceeds to the designated custodian counts as legal delivery, and the administrator must complete ownership transfers. Buyers receive the asset free of claims by former owners, previous holders, and people claiming through them.

Inactive digital accounts face state custody

Beginning January 1, 2027, Louisiana's unclaimed-property law covers cryptocurrency, stablecoins, non-fungible tokens, and other qualifying digital-only assets. Securities, game-related digital content, gift cards, and loyalty cards are excluded from this definition. Digital accounts are presumed abandoned after three years without owner activity or interest, versus five years for most other property. If first-class mail is returned as undeliverable, the three years run from the return date. Transactions, electronic access, and activity involving other property with the same holder can show continued interest. Other actions reasonably showing awareness also count; failing to answer a holder's message does not show continued interest.

Owner warnings and digital asset transfers

Beginning January 1, 2027, qualifying owners receive written notice 60 to 120 days before the required abandonment report. The asset must be worth at least $50, the claim must not be time-barred, and records must not show the address is inaccurate. Notices must warn that digital assets may be sold if the owner does not respond in time. Holders must transfer reported assets, or the control needed to move them, to Louisiana within 30 days after reporting. They must provide a matching record within 30 days after delivery. Without a private key or other transfer authority, holders must report and keep the asset, checking transfer ability at least yearly. After gaining that ability, they must deliver it in the next reporting cycle. The treasurer may hire a custodian, must notify lawmakers within 30 days of signing that contract, and reports annually on implementation, with authority to end reporting as appropriate.

State-directed digital sales face new limits

Beginning January 1, 2027, Louisiana's administrator can order a holder to sell a digital asset before its report is due. It can also direct sale of a reported asset it cannot accept in its original digital form, with net proceeds remitted. Each order must explain an allowed reason, such as unavailable systems or custody and administration costs exceeding asset value. The lack of a ready designated custodian alone cannot justify requiring sale proceeds instead of the asset. A holder that reasonably believes it cannot arrange liquidation must promptly explain why in writing; the administrator then directs another way to handle it.

Sponsors & Cosponsors

Sponsor

  • Shaun Raphael Mena

    Democratic • House

Cosponsors

There are no cosponsors for this bill.

Roll Call Votes

All Roll Calls

Yes: 237 • No: 2

House vote • 5/29/2026

Read by title, roll called, yeas 97, nays 0, Senate amendments concurred in.

Yes: 97 • No: 0

Senate vote • 5/28/2026

Senate floor amendments read and adopted. Read by title, passed by a vote of 35 yeas and 0 nays, and ordered returned to the House. Motion to reconsider tabled.

Yes: 35 • No: 0

House vote • 5/11/2026

Read third time by title, roll called on final passage, yeas 95, nays 2. Finally passed, title adopted, ordered to the Senate.

Yes: 95 • No: 2

House vote • 5/6/2026

Read by title, substitute title adopted, lies over in the same order of business, substitute for HB No. 947 reported by the Committee on Commerce

Yes: 10 • No: 0

Actions Timeline

  1. Signed by the Governor. Becomes Act No. 891.

    6/9/2026House

  2. Effective date: 01/01/2027.

    6/9/2026House

  3. Signed by the President of the Senate.

    6/1/2026Senate

  4. Sent to the Governor for executive approval.

    6/1/2026House

  5. Enrolled and signed by the Speaker of the House.

    5/31/2026House

  6. Read by title, roll called, yeas 97, nays 0, Senate amendments concurred in.

    5/29/2026House

  7. Called from the Calendar.

    5/28/2026Senate

  8. Senate floor amendments read and adopted. Read by title, passed by a vote of 35 yeas and 0 nays, and ordered returned to the House. Motion to reconsider tabled.

    5/28/2026Senate

  9. Received from the Senate with amendments.

    5/28/2026House

  10. Scheduled for concurrence on 05/29/2026.

    5/28/2026House

  11. Rules suspended.

    5/26/2026Senate

  12. Read by title and returned to the Calendar, subject to call.

    5/26/2026Senate

  13. Reported with Legislative Bureau amendments which were read and adopted. Read by title and passed to third reading and final passage.

    5/25/2026Senate

  14. Read by title and referred to the Legislative Bureau.

    5/21/2026Senate

  15. Reported favorably.

    5/20/2026Senate

  16. Read second time by title and referred to the Committee on Commerce, Consumer Protection and International Affairs.

    5/12/2026Senate

  17. Read third time by title, roll called on final passage, yeas 95, nays 2. Finally passed, title adopted, ordered to the Senate.

    5/11/2026House

  18. Received in the Senate. Rules suspended. Read first time by title and placed on the Calendar for a second reading.

    5/11/2026Senate

  19. Read by title, ordered engrossed, passed to 3rd reading.

    5/7/2026House

  20. Scheduled for floor debate on 05/11/2026.

    5/7/2026House

  21. Read by title, substitute title adopted, lies over in the same order of business, substitute for HB No. 947 reported by the Committee on Commerce (10-0).

    5/6/2026House

  22. Read by title.

    4/29/2026House

Bill Text

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