The Florida Senate

717.123  Deposit of funds.--

(1)  All funds received under this chapter, including the proceeds from the sale of abandoned property under s. 717.122, shall forthwith be deposited by the department in the State School Fund, except that the department shall retain in a separate account an amount not exceeding $3 million from which it shall make prompt payment of claims allowed by it. Costs incurred by the department for administration and enforcement of this chapter shall be reimbursed from the State School Fund.

(2)  The department shall record the name and last known address of each person appearing from the holder's reports to be entitled to the abandoned property in the total amounts of $5 or greater; the name and the last known address of each insured person or annuitant; and with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due.

History.--s. 24, ch. 87-105; s. 13, ch. 96-301.