Lawmakers go after unclaimed property, use it to patch budgets

News

Each year the state collects millions in unclaimed property from the people of Louisiana.

Of course, you have the right to get that money back, but until you claim it, it just sits there.

It’s a little-known fact at the end of each fiscal year millions in unclaimed money in the state’s coffers remains unclaimed, but it’s not left alone.

That’s according to the man in charge of Louisiana’s unclaimed property fund, Treasurer john Schroder.

When residents lose track of money — in neglected bank accounts, paychecks they forgot to cash and elsewhere until the funds are claimed, they ultimately turns into an IOU from the state for spending.

But Schroder would like to invest the funds in an interest growing account that can be loaned out to parishes for small infrastructure projects.

“We would create a trust fund, we will maintain the principle we’ll invest it so it grows and use that as a revolving loan program, we would have over a billion dollars,” says Schroder.

To see the entire interview with state treasurer John Schroder be sure to watch this week in Louisiana Politics this Sunday at 10:30 am right on NBC Local 33. 

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