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