Senate Bill 2326

    Florida Senate - 1999                                  SB 2326

    By Senator Laurent





    17-1486A-99

  1                      A bill to be entitled

  2         An act relating to annuities; amending s.

  3         627.481, F.S.; prescribing conditions under

  4         which a subunit of an organized domestic or

  5         foreign nonstock corporation or an

  6         unincorporated charitable trust may enter into

  7         annuity agreements; providing an effective

  8         date.

  9

10  Be It Enacted by the Legislature of the State of Florida:

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12         Section 1.  Subsection (1) of section 627.481, Florida

13  Statutes, is amended to read:

14         627.481  Requirements for certain annuity agreements.--

15         (1)  Any duly organized domestic or foreign nonstock

16  corporation, or any unincorporated charitable trust, that: if

17  such corporation or trust

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

19  prior thereto and has qualified as an exempt organization

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

21         (b)  Has been a wholly controlled permanent committee,

22  division, or other subunit of a corporation or trust qualified

23  under paragraph (a), if the subunit has been a corporation or

24  trust for at least 2 years and has engaged in the selling of

25  annuity agreements authorized under this section in at least

26  three other states without complaint,

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28  may enter into annuity agreements with donors in accordance

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

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

31  annuity to the donor or other designated beneficiary or

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CODING: Words stricken are deletions; words underlined are additions.






    Florida Senate - 1999                                  SB 2326
    17-1486A-99




  1  beneficiaries and to make and carry out such annuity

  2  agreement. Annuity benefits under any such annuity agreement

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

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

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

  6  annuity.

  7         Section 2.  This act shall take effect July 1, 1999.

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10                          SENATE SUMMARY

11    Prescribes conditions under which a subunit of an
      organized domestic or foreign nonstock corporation or an
12    unincorporated charitable trust may enter into annuity
      agreements.
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