Florida Senate - 2011                                     SB 866
       
       
       
       By Senator Bogdanoff
       
       
       
       
       25-01031-11                                            2011866__
    1                        A bill to be entitled                      
    2         An act relating to judgment interest; amending s.
    3         55.03, F.S.; requiring quarterly adjustments to the
    4         rate of interest payable on judgments; revising the
    5         calculation of the interest rate; amending s.
    6         717.1341, F.S.; conforming provisions to changes made
    7         by the act; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Subsection (1) of section 55.03, Florida
   12  Statutes, is amended to read:
   13         55.03 Judgments; rate of interest, generally.—
   14         (1) On December 1 of each year, the Chief Financial Officer
   15  shall set the rate of interest that shall be payable on
   16  judgments or decrees for the year beginning January 1 and adjust
   17  the rate quarterly on April 1, July 1, and October 1 by
   18  averaging the discount rate of the Federal Reserve Bank of New
   19  York for the preceding 12 months year, then adding 300 500 basis
   20  points to the averaged federal discount rate. The Chief
   21  Financial Officer shall inform the clerk of the courts and chief
   22  judge for each judicial circuit of the rate that has been
   23  established for the upcoming year. The interest rate established
   24  by the Chief Financial Officer shall take effect on January 1 of
   25  each following year. Judgments obtained on or after January 1,
   26  1995, shall use the previous statutory rate for time periods
   27  before January 1, 1995, for which interest is due and shall
   28  apply the rate set by the Chief Financial Officer for time
   29  periods after January 1, 1995, for which interest is due.
   30  Nothing contained herein shall affect a rate of interest
   31  established by written contract or obligation.
   32         Section 2. Subsection (1) of section 717.1341, Florida
   33  Statutes, is amended to read:
   34         717.1341 Invalid claims, recovery of property, interest and
   35  penalties.—
   36         (1)(a) No person shall receive unclaimed property that the
   37  person is not entitled to receive. Any person who receives, or
   38  assists another person to receive, unclaimed property that the
   39  person is not entitled to receive is strictly, jointly,
   40  personally, and severally liable for the unclaimed property and
   41  shall immediately return the property, or the reasonable value
   42  of the property if the property has been damaged or disposed of,
   43  to the department plus interest at the rate set annually in
   44  accordance with s. 55.03(1). Assisting another person to receive
   45  unclaimed property includes executing a claim form on the
   46  person’s behalf.
   47         (b)1. In the case of stocks or bonds which have been sold,
   48  the proceeds from the sale shall be returned to the department
   49  plus any dividends or interest received thereon plus an amount
   50  equal to the brokerage fee plus interest at a rate set annually
   51  in accordance with s. 55.03(1) on the proceeds from the sale of
   52  the stocks or bonds, the dividends or interest received, and the
   53  brokerage fee.
   54         2. In the case of stocks or bonds which have not been sold,
   55  the stocks or bonds and any dividends or interest received
   56  thereon shall be returned to the department, together with
   57  interest on the dividends or interest received, at a rate set
   58  annually in accordance with s. 55.03(1) of the value of the
   59  property.
   60         Section 3. This act shall take effect July 1, 2011.