HOUSE AMENDMENT

                                                  Bill No. HB 1061

    Amendment No.     (for drafter's use only)

                            CHAMBER ACTION
              Senate                               House
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 5                                           ORIGINAL STAMP BELOW

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10                                                                

11  The Committee on General Government Appropriations offered the

12  following:

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14         Amendment (with title amendment) 

15         On page 30, line 11 of the bill

16

17  insert:

18         Section 15.  Subsection (1) of section 627.481, Florida

19  Statutes, is amended to read:

20         627.481  Requirements for certain annuity agreements.--

21         (1)  Any duly organized domestic or foreign nonstock

22  corporation, or any unincorporated charitable trust, if such

23  corporation or trust

24         (a)  Has been in active operation for at least 5 years

25  prior thereto and has qualified as an exempt organization

26  under the Internal Revenue Code, 26 U.S.C. s. 501(c)(3), or

27         (b)  Has been wholly controlled for at least 10 years

28  by a corporation or trust qualified under paragraph (a), if

29  the subunit has been a corporation or trust for at least 2

30  years, and has engaged in the selling of annuity agreements

31  authorized under this section in at least three other states

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    File original & 9 copies    04/21/99
    hap0019                     08:55 am         01061-gg  -852549




                                                   HOUSE AMENDMENT

                                                  Bill No. HB 1061

    Amendment No.     (for drafter's use only)





 1  without complaint,

 2

 3  may enter into annuity agreements with donors in accordance

 4  with this section. Such corporation or trust may receive gifts

 5  conditioned upon, or in return for, its agreement to pay an

 6  annuity to the donor or other designated beneficiary or

 7  beneficiaries and to make and carry out such annuity

 8  agreement. Annuity benefits under any such annuity agreement

 9  must be calculated to return to such corporation or trust upon

10  the death of the annuitant a residue at least equal to

11  one-half the original gift or other consideration for such

12  annuity.

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14

15  ================ T I T L E   A M E N D M E N T ===============

16  And the title is amended as follows:

17         On page 3, line 14 after the semicolon

18

19  insert:

20         amending s. 627.481, F.S.; prescribing

21         conditions under which a subunit of an

22         organized domestic or foreign nonstock

23         corporation or an unincorporated charitable

24         trust may enter into annuity agreements;

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    File original & 9 copies    04/21/99
    hap0019                     08:55 am         01061-gg  -852549