The Florida Senate

717.117  Report of abandoned property.--

(1)  Every person holding funds or other property, tangible or intangible, presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the department on such forms as the department may prescribe by rule with respect to the property as provided in this section. In lieu of forms, the holder may submit the required information via electronic medium as the department may prescribe by rule.

(2)  The report shall be verified. Verification of a private corporation or unincorporated association shall be made by an officer; of a partnership, by a partner; and of a public corporation, by its chief fiscal officer. The report must include:

(a)  Except with respect to traveler's checks and money orders, the name and social security number or federal employer identification number, if known, and last known address, if any, of each person appearing from the records of the holder to be the owner of any property of a value of $50 or more presumed abandoned under this chapter.

(b)  In the case of unclaimed funds of $50 or more held or owing under any life or endowment insurance policy or annuity contract, the full name, social security number, or federal employer identification number, if known, and last known address of the insured or annuitant and of the beneficiary according to records of the insurance company holding or owing the funds.

(c)  In the case of the contents of a safe-deposit box or other safekeeping repository or in the case of other tangible property, a description of the property and the place where it is held and may be inspected by the department, and any amounts owing to the holder. Contents of a safe-deposit box or other safekeeping repository which consist of documents or writings of a private nature and which have little or no apparent value shall not be presumed abandoned.

(d)  The nature and identifying number, if any, or description of the property and the amount appearing from the records to be due, but items of value under $50 each may be reported in the aggregate.

(e)  The date the property became payable, demandable, or returnable, and the date of the last transaction with the apparent owner with respect to the property.

(f)  Any person or business entity holding funds presumed abandoned of a total of $10 or less may file a negative or nothing-owed report for that reporting period. The balance brought forward to the new reporting period is zero.

(g)  Other information which the department prescribes by rule as necessary for the administration of this chapter.

(h)  Credit balances, customer overpayments, security deposits, and refunds having a value of less than $10 shall not be presumed abandoned.

(3)  If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or the holder has changed his or her name while holding the property, he or she shall file with his or her report all known names and addresses of each previous holder of the property.

(4)  The report must be filed before May 1 of each year. Such report shall apply to the preceding calendar year. If such report is not filed on or before the applicable filing date, the holder shall pay to the department a penalty of $10 per day for each day the report is delinquent, but such penalty shall not exceed $500. As necessary for proper administration of this chapter, the department may waive any penalty due with appropriate justification. On written request by any person required to file a report, the department may postpone the reporting date.

(5)  Not more than 120 days prior to filing the report required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at his or her last known address informing him or her that the holder is in possession of property subject to this chapter if:

(a)  The holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate.

(b)  The claim of the apparent owner is not barred by the statute of limitations.

(6)  Any holder of intangible property may file with the department a petition for determination that the property is abandoned requesting the department to accept custody of the property. The petition shall state any special circumstances that exist, contain the information required by subsection (2), and show that a diligent search has been made to locate the owner. If the department finds that the proof of diligent search is satisfactory, it shall give notice as provided in s. 717.118 and accept custody of the property.

(7)  On written request by any entity required to file a report, stating their justification for such action, the department may place that entity in an inactive status as an abandoned property "holder."

(8)  This section shall not apply to the unclaimed patronage refunds as provided for by contract or through bylaw provisions of entities organized under chapter 425.

History.--s. 18, ch. 87-105; s. 1, ch. 92-169; s. 30, ch. 92-319; s. 1, ch. 93-280; s. 9, ch. 96-301; s. 1771, ch. 97-102.