Florida Senate - 2015                                    SB 1026
       
       
        
       By Senator Sachs
       
       
       
       
       
       34-01387-15                                           20151026__
    1                        A bill to be entitled                      
    2         An act relating to unclaimed property; amending s.
    3         717.1243, F.S.; revising the aggregate value that
    4         constitutes a small estate account; amending s.
    5         717.135, F.S.; revising requirements for a power of
    6         attorney used in the recovery of unclaimed property;
    7         eliminating a maximum fee provision for such recovery;
    8         repealing s. 717.1381, F.S., relating to unclaimed
    9         property powers of attorney and purchase agreements
   10         deemed void; providing an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (4) of section 717.1243, Florida
   15  Statutes, is amended to read:
   16         717.1243 Small estate accounts.—
   17         (4) This section only applies if all of the unclaimed
   18  property held by the department on behalf of the owner has an
   19  aggregate value of $10,000 $5,000 or less and no probate
   20  proceeding is pending.
   21         Section 2. Subsection (2) and paragraph (c) of subsection
   22  (4) of section 717.135, Florida Statutes, are amended to read:
   23         717.135 Power of attorney to recover reported property in
   24  the custody of the department.—
   25         (2) A power of attorney described in subsection (1) that
   26  does not contain the disclosures in paragraph (b) must:
   27         (a) Limit the fees and costs for services to 20 percent per
   28  unclaimed property account held by the department. Fees and
   29  costs for cash accounts shall be based on the value of the
   30  property at the time the power of attorney is signed by the
   31  claimant. Fees and costs for accounts containing securities or
   32  other intangible ownership interests, which securities or
   33  interests are not converted to cash, shall be based on the
   34  purchase price of the security as quoted on a national exchange
   35  or other market on which the property is regularly traded at the
   36  time the securities or other ownership interest is remitted to
   37  the claimant or the claimant’s representative. Fees and costs
   38  for tangible property or safe-deposit box accounts shall be
   39  based on the value of the tangible property or contents of the
   40  safe-deposit box at the time the ownership interest is
   41  transferred or remitted to the claimant. Total fees and costs on
   42  any single account owned by a natural person residing in this
   43  country must not exceed $1,000; or
   44         (b) Fully disclose that the property is held by the Bureau
   45  of Unclaimed Property of the Department of Financial Services
   46  pursuant to this chapter, the mailing address of the bureau, the
   47  Internet address of the bureau, the person or name of the entity
   48  that held the property prior to the property becoming unclaimed,
   49  the date of the holder’s last contact with the owner, if known,
   50  and the approximate value of the property, and identify which of
   51  the following categories of unclaimed property the claimant’s
   52  representative is seeking to recover, as reported by the holder:
   53         1. Cash accounts.
   54         2. Stale dated checks.
   55         3. Life insurance or annuity contract assets.
   56         4. Utility deposits.
   57         5. Securities or other interests in business associations.
   58         6. Wages.
   59         7. Accounts receivable.
   60         8. Contents of safe-deposit boxes.
   61  
   62  This subsection does shall not apply if probate proceedings must
   63  be initiated on behalf of the claimant for an estate that has
   64  never been probated or if the unclaimed property is being
   65  claimed by a person outside of the United States.
   66         (4)
   67         (c) All powers of attorney shall include:
   68         1. The name and professional license number of the
   69  claimant’s representative.
   70         2. The name, address, and telephone number of the
   71  claimant’s representative’s firm or employer.
   72         3. The name, address, and telephone number of the claimant.
   73         4. If applicable, the taxpayer identification number or
   74  social security number, address, and telephone number of the
   75  claimant.
   76         4.5. The name and address to whom the warrant is to be
   77  issued, if different than the claimant’s name and address.
   78         Section 3. Section 717.1381, Florida Statutes, is repealed.
   79         Section 4. This act shall take effect July 1, 2015.