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The Florida Senate

2024 Florida Statutes

Title XL REAL AND PERSONAL PROPERTY
Chapter 717 DISPOSITION OF UNCLAIMED PROPERTY Entire Chapter
SECTION 101
Definitions.
F.S. 717.101
717.101 Definitions.—As used in this chapter, unless the context otherwise requires:
(1) “Aggregate” means the amounts reported for owners of unclaimed property of less than $10 or where there is no name for the individual or entity listed on the holder’s records, regardless of the amount to be reported.
(2) “Apparent owner” means the person whose name appears on the records of the holder as the person entitled to property held, issued, or owing by the holder.
(3) “Audit” means an action or proceeding to examine and verify a person’s records, books, accounts, and other documents to ascertain and determine compliance with this chapter.
(4) “Audit agent” means a person with whom the department enters into a 1contract to conduct an audit or examination. The term includes an independent contractor of the person and each individual participating in the audit on behalf of the person or contractor.
(5) “Banking organization” means any and all banks, trust companies, private bankers, savings banks, industrial banks, safe-deposit companies, savings and loan associations, credit unions, and investment companies in this state, organized under or subject to the laws of this state or of the United States, including entities organized under 12 U.S.C. s. 611, but does not include federal reserve banks. The term also includes any corporation, business association, or other organization that:
(a) Is a wholly or partially owned subsidiary of any banking, banking corporation, or bank holding company that performs any or all of the functions of a banking organization; or
(b) Performs functions pursuant to the terms of a contract with any banking organization.
(6) “Business association” means any for-profit or nonprofit corporation other than a public corporation; joint stock company; investment company; unincorporated association or association of two or more individuals for business purposes, whether or not for profit; partnership; joint venture; limited liability company; sole proprietorship; business trust; trust company; land bank; safe-deposit company; safekeeping depository; financial organization; insurance company; federally chartered entity; utility company; or other business entity, whether or not for profit.
(7) “Claimant” means the person on whose behalf a claim is filed.
(8) “Claimant’s representative” means an attorney who is a member in good standing of The Florida Bar, a certified public accountant licensed in this state, or a private investigator who is duly licensed to do business in the state, registered with the department, and authorized by the claimant to claim unclaimed property on the claimant’s behalf. The term does not include a person acting in a representative capacity, such as a personal representative, guardian, trustee, or attorney, whose representation is not contingent upon the discovery or location of unclaimed property; provided, however, that any agreement entered into for the purpose of evading s. 717.135 is invalid and unenforceable.
(9) “Credit balance” means an account balance in the customer’s favor.
(10) “Department” means the Department of Financial Services.
(11) “Domicile” means the state of incorporation for a corporation; the state of filing for a business association, other than a corporation, whose formation or organization requires a filing with a state; the state of organization for a business association, other than a corporation, whose formation or organization does not require a filing with a state; 2or the state of home office for a federally charted entity.
(12) “Due diligence” means the use of reasonable and prudent methods under particular circumstances to locate apparent owners of inactive accounts using the taxpayer identification number or social security number, if known, which may include, but are not limited to, using a nationwide database, cross-indexing with other records of the holder, mailing to the last known address unless the last known address is known to be inaccurate, providing written notice as described in this chapter by electronic mail if an apparent owner has elected such delivery, or engaging a licensed agency or company capable of conducting such search and providing updated addresses.
(13) “Electronic” means relating to technology having electrical, digital, magnetic, wireless, optical, electromagnetic, or similar capabilities.
(14) “Financial organization” means a savings association, savings and loan association, savings bank, industrial bank, bank, banking organization, trust company, international bank agency, cooperative bank, building and loan association, or credit union.
(15) “Health care provider” means any state-licensed entity that provides and receives payment for health care services. These entities include, but are not limited to, hospitals, outpatient centers, physician practices, and skilled nursing facilities.
(16) “Holder” means:
(a) A person who is in possession or control or has custody of property or the rights to property belonging to another; is indebted to another on an obligation; or is obligated to hold for the account of, or to deliver or pay to, the owner, property subject to this chapter; or
(b) A trustee in case of a trust.
(17) “Insurance company” means an association, corporation, or fraternal or mutual benefit organization, whether for profit or not for profit, which is engaged in providing insurance coverage.
(18) “Intangible property” includes, by way of illustration and not limitation:
(a) Moneys, checks, virtual currency, drafts, deposits, interest, dividends, and income.
(b) Credit balances, customer overpayments, security deposits and other instruments as defined by chapter 679, refunds, unpaid wages, unused airline tickets, and unidentified remittances.
(c) Stocks, and other intangible ownership interests in business associations.
(d) Moneys deposited to redeem stocks, bonds, bearer bonds, original issue discount bonds, coupons, and other securities, or to make distributions.
(e) Amounts due and payable under the terms of insurance policies.
(f) Amounts distributable from a trust or custodial fund established under a plan to provide any health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefit.
(19) “Last known address” means a description of the location of the apparent owner sufficient for the purpose of the delivery of mail. For the purposes of identifying, reporting, and remitting property to the department which is presumed to be unclaimed, “last known address” includes any partial description of the location of the apparent owner sufficient to establish the apparent owner was a resident of this state at the time of last contact with the apparent owner or at the time the property became due and payable.
(20) “Lawful charges” means charges against dormant accounts that are authorized by statute for the purpose of offsetting the costs of maintaining the dormant account.
(21) “Managed care payor” means a health care plan that has a defined system of selecting and limiting health care providers as evidenced by a managed care contract with the health care providers. These plans include, but are not limited to, managed care health insurance companies and health maintenance organizations.
(22) “Owner” means a person, or the person’s legal representative, entitled to receive or having a legal or equitable interest in or claim against property subject to this chapter; a depositor in the case of a deposit; a beneficiary in the case of a trust or a deposit in trust; or a payee in the case of a negotiable instrument or other intangible property.
(23) “Person” means an individual; estate; business association; corporation; firm; association; joint adventure; partnership; government or governmental subdivision, agency, or instrumentality; or any other legal or commercial entity.
(24) “Public corporation” means a corporation created by the state, founded and owned in the public interest, supported by public funds, and governed by those deriving their power from the state.
(25) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(26) “Reportable period” means the calendar year ending December 31 of each year.
(27) “State,” when applied to a part of the United States, includes any state, district, commonwealth, territory, insular possession, and any other area subject to the legislative authority of the United States.
(28) “Trust instrument” means a trust instrument as defined in s. 736.0103.
(29) “Unclaimed Property Purchase Agreement” means the form adopted by the department pursuant to s. 717.135 which must be used, without modification or amendment, by a claimant’s representative to purchase unclaimed property from an owner.
(30) “Unclaimed Property Recovery Agreement” means the form adopted by the department pursuant to s. 717.135 which must be used, without modification or amendment, by a claimant’s representative to obtain an owner’s consent and authority to recover unclaimed property on the owner’s behalf.
(31) “United States” means any state, district, commonwealth, territory, insular possession, and any other area subject to the legislative authority of the United States of America.
(32) “Utility” means a person who owns or operates, for public use, any plant, equipment, property, franchise, or license for the transmission of communications or the production, storage, transmission, sale, delivery, or furnishing of electricity, water, steam, or gas.
(33)(a) “Virtual currency” means digital units of exchange that:
1. Have a centralized repository or administrator;
2. Are decentralized and have no centralized repository or administrator; or
3. May be created or obtained by computing or manufacturing effort.
(b) The term does not include any of the following:
1. Digital units that:
a. Are used solely within online gaming platforms;
b. Have no market or application outside of the online gaming platforms in sub-subparagraph a.;
c. Cannot be converted into, or redeemed for, fiat currency or virtual currency; and
d. Can or cannot be redeemed for real-world goods, services, discounts, or purchases.
2. Digital units that can be redeemed for:
a. Real-world goods, services, discounts, or purchases as part of a customer affinity or rewards program with the issuer or other designated merchants; or
b. Digital units in another customer affinity or rewards program, but cannot be converted into, or redeemed for, fiat currency or virtual currency.
3. Digital units used as part of prepaid cards.
History.—s. 2, ch. 87-105; s. 23, ch. 91-110; s. 1, ch. 96-301; s. 1770, ch. 97-102; s. 1, ch. 2001-36; s. 1, ch. 2003-21; s. 1887, ch. 2003-261; s. 110, ch. 2004-390; s. 1, ch. 2005-163; s. 2, ch. 2013-172; s. 1, ch. 2016-90; s. 39, ch. 2024-140.
1Note.—The word “with” following the word “contract” was deleted by the editors to improve sentence structure.
2Note.—The word “or” was inserted by the editors to improve clarity.