Florida Senate - 2015 COMMITTEE AMENDMENT
Bill No. CS for SB 318
Ì574158AÎ574158
LEGISLATIVE ACTION
Senate . House
Comm: WD .
04/21/2015 .
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The Committee on Appropriations (Lee) recommended the following:
1 Senate Amendment (with title amendment)
2
3 Before line 103
4 insert:
5 Section 1. Section 709.2105, Florida Statutes, is amended
6 to read:
7 709.2105 Qualifications of agent; execution of power of
8 attorney.—
9 (1) The agent must be one of the following:
10 (a) A natural person who is 18 years of age or older. or
11 (b) A financial institution that has trust powers and, has
12 a place of business in this state, and is authorized to conduct
13 trust business in this state.
14 (c) A not-for-profit corporation that:
15 1. Is organized for charitable or religious purposes in
16 this state;
17 2. Was qualified as a court-appointed guardian before
18 January 1, 1996; and
19 3. Is a tax-exempt organization under s. 501(c)(3) of the
20 Internal Revenue Code. However, this subparagraph applies only
21 to a corporation that acts through an individual listed in the
22 records of the Division of Corporations of the Department of
23 State as a current officer of the corporation and only upon the
24 occurrence of any of the following events:
25 a. Posting and maintenance by the corporation of a blanket
26 fiduciary bond of at least $250,000 with the clerk of the
27 circuit court in the county in which the corporation’s primary
28 place of business is located. The corporation shall provide
29 proof of the fiduciary bond to the clerk of each additional
30 circuit court in which the corporation is serving as agent for a
31 resident of that circuit. The bond must cover all principals for
32 whom the corporation has been appointed as an agent at any given
33 time. The liability of the provider of the bond is limited to
34 the face value of the bond, regardless of the number of
35 principals for whom the corporation is acting as an agent. The
36 terms of the bond must cover the acts or omissions of each agent
37 or employee of the corporation who has direct contact with the
38 principal or access to the principal’s assets. The bond must be
39 payable to the Governor and his or her successors in office and
40 be conditioned on the faithful performance of all duties of an
41 agent under this chapter.
42 b. Maintenance by the corporation of a liability insurance
43 policy that covers any losses sustained by the principal caused
44 by errors, omissions, or any intentional misconduct committed by
45 the corporation’s officers or agents. The policy must cover all
46 principals for whom the corporation is acting as an agent for
47 losses up to $250,000. The terms of the policy must cover acts
48 or omissions of each agent or employee of the corporation who
49 has direct contact with the principal or access to the
50 principal’s assets.
51 c. Signing by the principal of a separate written
52 instrument containing the following language in 14-point
53 uppercase type:
54
55 I HAVE BEEN ADVISED THAT OFFICERS OF THE NOT-FOR-PROFIT
56 CORPORATION HAVE DECLINED TO AGREE TO BE JOINTLY AND SEVERALLY
57 LIABLE WITH THE NOT-FOR-PROFIT CORPORATION FOR ACTS OR OMISSIONS
58 OCCURRING IN THE EXERCISE OF THE POWER OF ATTORNEY EXECUTED
59 UNDER CHAPTER 709, FLORIDA STATUTES.
60
61 I HAVE ALSO BEEN ADVISED THAT THE NOT-FOR-PROFIT CORPORATION
62 THAT I HAVE NAMED AS MY AGENT UNDER MY POWER OF ATTORNEY HAS
63 ELECTED NOT TO POST AND MAINTAIN A FIDUCIARY BOND OR MAINTAIN
64 INSURANCE IN ACCORDANCE WITH SECTION 709.2105(1)(c), FLORIDA
65 STATUTES.
66
67 I UNDERSTAND THAT THE ASSETS OF THE NOT-FOR-PROFIT CORPORATION
68 MAY NOT BE SUFFICIENT TO COVER LIABILITY ARISING FROM AN ERROR,
69 AN OMISSION, OR ANY INTENTIONAL MISCONDUCT COMMITTED BY AN
70 EMPLOYEE OR AGENT OF THE CORPORATION.
71
72 d. Designation of the corporation by a principal as an
73 agent under a power of attorney and the corporation acts as an
74 agent for the principal. However, each officer of the
75 corporation is jointly and severally liable with the corporation
76 for acts and omissions under the power of attorney and this
77 chapter which occur when there is no fiduciary bond as provided
78 in sub-subparagraph a., liability insurance as provided in sub
79 subparagraph b., or signed acknowledgement as provided in sub
80 subparagraph c.
81 (2) A power of attorney must be signed by the principal and
82 by two subscribing witnesses and be acknowledged by the
83 principal before a notary public or as otherwise provided in s.
84 695.03.
85 (3) If the principal is physically unable to sign the power
86 of attorney, the notary public before whom the principal’s oath
87 or acknowledgment is made may sign the principal’s name on the
88 power of attorney pursuant to s. 117.05(14).
89
90 ================= T I T L E A M E N D M E N T ================
91 And the title is amended as follows:
92 Between lines 2 and 3
93 insert:
94 s. 709.2105, F.S.; revising the qualifications of an
95 agent in the execution of power of attorney to include
96 certain not-for-profit corporations; providing
97 criteria for such corporations; amending