House Bill 0615c2
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Florida House of Representatives - 2000 CS/CS/HB 615
By the Committees on Governmental Rules & Regulations,
Financial Services and Representatives Prieguez, Cantens,
Ritchie and Bense
1 A bill to be entitled
2 An act relating to unclaimed property; revising
3 provisions of ch. 717, F.S., to refer to
4 property considered abandoned as unclaimed
5 property; amending s. 717.101, F.S.; revising
6 certain definitions; amending ss. 717.102,
7 717.103, 717.1035, 717.104, 717.105, 717.107,
8 717.108, 717.109, 717.1101, 717.111, 717.113,
9 717.115, 717.116, 717.1201, 717.122, 717.125,
10 and 717.129, F.S.; changing references to
11 property from being abandoned to being
12 unclaimed; amending s. 717.106, F.S., to
13 conform; providing an additional criterion for
14 certain property in financial organizations
15 being presumed unclaimed; amending s. 717.112,
16 F.S., to conform; providing a presumption that
17 certain intangible property is unclaimed under
18 certain circumstances; amending s. 717.117,
19 F.S., to conform; deleting a report
20 verification requirement; revising unclaimed
21 property report requirements; revising search
22 and notification requirements for inactive
23 accounts; amending s. 717.118, F.S., to
24 conform; revising certain notification
25 procedures; amending s. 717.119, F.S., to
26 conform; authorizing payment of unclaimed funds
27 by electronic transfer; deleting an
28 authorization to deduct reasonable fees from
29 certain sale proceeds; providing valuation and
30 remission of contents of safe-deposit boxes;
31 amending s. 717.122, F.S., to conform;
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1 authorizing the department to dispose of
2 certain property under certain circumstances;
3 amending s. 717.123, F.S.; revising the
4 disposition of funds held by the Department of
5 Banking and Finance relating to unclaimed
6 property; amending s. 717.124, F.S.; including
7 state-certified public accountants among
8 persons authorized to file claims as owner's
9 representatives; revising certain procedures
10 for filing claims by owner's representatives
11 and receiving and making payments to an owner
12 or owner's representative; amending s.
13 717.1241; revising resolution of conflicting
14 ownership claims between certain persons;
15 amending s. 717.1243, F.S.; revising provisions
16 for disposition of claims from small estate
17 accounts; amending s. 717.132, F.S.; providing
18 for deposit of administrative fines into the
19 Unclaimed Property Trust Fund; amending s.
20 717.135, F.S.; revising provisions relating to
21 unenforceability of certain agreements to
22 locate reported property; requiring disclosure
23 of certain information; limiting certain
24 recovery fees; specifying agreement
25 requirements; amending s. 732.107, F.S.;
26 deleting an interest rate requirement relating
27 to payments of amounts of escheated property;
28 amending s. 493.6102, F.S.; exempting certain
29 licensed certified public accountants from the
30 provisions of chapter 493; repealing s.
31 717.137, F.S., relating to effect and
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1 application of certain provisions; providing an
2 effective date.
3
4 Be It Enacted by the Legislature of the State of Florida:
5
6 Section 1. Subsections (8)-(18) of section 717.101,
7 Florida Statutes, are renumbered as subsections (9)-(19),
8 respectively, a new subsection (8) is added to said section,
9 and renumbered subsection (13) is amended, to read:
10 717.101 Definitions.--As used in this chapter, unless
11 the context otherwise requires:
12 (8) "Due diligence" means the use of reasonable and
13 prudent methods under particular circumstances to locate
14 apparent owners of inactive accounts using the taxpayer
15 identification number, if known, which may include, but are
16 not limited to, using a nationwide database, cross-indexing
17 with other records of the holder, mailing to the last known
18 address unless the last known address is known to be
19 inaccurate, or engaging a licensed agency or company capable
20 of conducting such search and providing updated addresses.
21 (13) (12) "Last known address" means a description of
22 the location of the apparent owner sufficient for the purpose
23 of the delivery of mail. For the purposes of identifying,
24 reporting, and remitting property to the department which is
25 presumed to be unclaimed, "last known address" includes any
26 partial description of the location of the apparent owner
27 sufficient to establish the apparent owner was a resident of
28 this state at the time of last contact with the apparent owner
29 or at the time the property became due and payable.
30 Section 2. Subsection (1) of section 717.102, Florida
31 Statutes, is amended to read:
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1 717.102 Property presumed unclaimed abandoned; general
2 rule.--
3 (1) All intangible property, including any income or
4 increment thereon less any lawful charges, that is held,
5 issued, or owing in the ordinary course of the holder's
6 business and has remained unclaimed by the owner fails to
7 claim such property for more than 5 years after the property
8 it becomes payable or distributable is presumed unclaimed
9 abandoned, except as otherwise provided by this chapter.
10 Section 3. Section 717.103, Florida Statutes, is
11 amended to read:
12 717.103 General rules for taking custody of intangible
13 unclaimed property.--Unless otherwise provided in this chapter
14 or by other statute of this state, intangible property is
15 subject to the custody of the department as unclaimed property
16 if the conditions leading to a presumption that the property
17 is unclaimed of abandonment as described in ss. 717.102 and
18 717.105-717.116 are satisfied and:
19 (1) The last known address, as shown on the records of
20 the holder, of the apparent owner is in this state;
21 (2) The records of the holder do not reflect the
22 identity of the person entitled to the property, and it is
23 established that the last known address of the person entitled
24 to the property is in this state;
25 (3) The records of the holder do not reflect the last
26 known address of the apparent owner, and it is established
27 that:
28 (a) The last known address of the person entitled to
29 the property is in this state; or
30 (b) The holder is a domiciliary or a government or
31 governmental subdivision or agency of this state and has not
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1 previously paid the property to the state of the last known
2 address of the apparent owner or other person entitled to the
3 property;
4 (4) The last known address, as shown on the records of
5 the holder, of the apparent owner or other person entitled to
6 the property is in a state that does not provide by law for
7 the escheat or custodial taking of the property, or its
8 escheat or unclaimed property law is not applicable to the
9 property, and the holder is a domiciliary or a government or
10 governmental subdivision or agency of this state;
11 (5) The last known address, as shown on the records of
12 the holder, of the apparent owner is in a foreign nation and
13 the holder is a domiciliary or a government or governmental
14 subdivision or agency of this state; or
15 (6) The transaction out of which the property arose
16 occurred in this state, and;
17 (a)1. The last known address of the apparent owner or
18 other person entitled to the property is unknown; or
19 2. The last known address of the apparent owner or
20 other person entitled to the property is in a state that does
21 not provide by law for the escheat or custodial taking of the
22 property, or its escheat or unclaimed property law is not
23 applicable to the property; and
24 (b) The holder is a domiciliary of a state that does
25 not provide by law for the escheat or custodial taking of the
26 property, or its escheat or unclaimed property law is not
27 applicable to the property.
28 Section 4. Section 717.1035, Florida Statutes, is
29 amended to read:
30 717.1035 Property originated or issued by this state,
31 any political subdivision of this state, or any entity
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1 incorporated, organized, created, or otherwise located in the
2 state.--
3 (1) All intangible property, including, but not
4 limited to, any interest, dividend, or other earnings thereon,
5 less any lawful charges, held by a business association,
6 federal, state, or local government or governmental
7 subdivision, agency, or entity, or any other person or entity,
8 regardless of where the holder may be found, if the owner has
9 not claimed or corresponded in writing concerning the property
10 within 3 years after the date prescribed for payment or
11 delivery, is presumed to be unclaimed property abandoned and
12 subject to the custody of this state as such unclaimed
13 property if:
14 (a) The last known address of the owner is unknown;
15 and
16 (b) The person or entity originating or issuing the
17 intangible property is this state or any political subdivision
18 of this state, or the person or entity is incorporated,
19 organized, created, or otherwise located in this state.
20 (2) The provisions of subsection (1) shall not apply
21 to property which is or may be presumed unclaimed abandoned
22 and subject to the custody of this state pursuant to any other
23 provision of law containing a dormancy period different than
24 that prescribed in subsection (1).
25 (3) The provisions of subsection (1) shall apply to
26 all property held at the time of enactment, or at any time
27 thereafter, regardless of when such property became or becomes
28 presumptively unclaimed abandoned.
29 Section 5. Subsections (1), (2), and (5) of section
30 717.104, Florida Statutes, are amended to read:
31 717.104 Traveler's checks and money orders.--
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1 (1) Subject to subsection (4), any sum payable on a
2 traveler's check that has been outstanding for more than 15
3 years after its issuance is presumed unclaimed abandoned
4 unless the owner, within 15 years, has communicated in writing
5 with the issuer concerning it or otherwise indicated an
6 interest as evidenced by a memorandum or other record on file
7 with prepared by an employee of the issuer.
8 (2) Subject to subsection (4), any sum payable on a
9 money order or similar written instrument, other than a third
10 party bank check, that has been outstanding for more than 7
11 years after its issuance is presumed unclaimed abandoned
12 unless the owner, within 7 years, has communicated in writing
13 with the issuer concerning it or otherwise indicated an
14 interest as evidenced by a memorandum or other record on file
15 with prepared by an employee of the issuer.
16 (5) Notwithstanding any other provision of this
17 chapter, subsection (4) applies to sums payable on traveler's
18 checks, money orders, and similar written instruments presumed
19 unclaimed abandoned on or after February 1, 1965, except to
20 the extent that those sums have been paid over to a state
21 prior to January 1, 1974.
22 Section 6. Subsection (1) of section 717.105, Florida
23 Statutes, is amended to read:
24 717.105 Checks, drafts, and similar instruments issued
25 or certified by banking and financial organizations.--
26 (1) Any sum payable on a check, draft, or similar
27 instrument, except those subject to ss. 717.104 and 717.115,
28 on which a banking or financial organization is directly
29 liable, including, but not limited to by way of illustration
30 and not limitation, a cashier's check or and a certified
31 check, which has been outstanding for more than 5 years after
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1 it was payable or after its issuance if payable on demand, is
2 presumed unclaimed abandoned unless the owner, within 5 years,
3 has communicated in writing with the banking or financial
4 organization concerning it or otherwise indicated an interest
5 as evidenced by a memorandum or other record on file with
6 prepared by an employee of the banking or financial
7 organization.
8 Section 7. Subsection (1) of section 717.106, Florida
9 Statutes, is amended to read:
10 717.106 Bank deposits and funds in financial
11 organizations.--
12 (1) Any demand, savings, or matured time deposit with
13 a banking or financial organization, including deposits that
14 are automatically renewable, and any funds paid toward the
15 purchase of shares, a mutual investment certificate, or any
16 other interest in a banking or financial organization is
17 presumed unclaimed abandoned unless the owner has, within 5
18 years:
19 (a) In the case of a deposit, Increased or decreased
20 the amount of the deposit or presented the passbook or other
21 similar evidence of the deposit for the crediting of interest;
22 (b) Communicated in writing with the banking or
23 financial organization concerning the property;
24 (c) Otherwise indicated an interest in the property as
25 evidenced by a memorandum or other record on file with
26 prepared by an employee of the banking or financial
27 organization;
28 (d) Owned other property to which paragraph (a),
29 paragraph (b), or paragraph (c) is applicable and if the
30 banking or financial organization communicates in writing with
31 the owner with regard to the property that would otherwise be
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1 presumed unclaimed abandoned under this subsection at the
2 address to which communications regarding the other property
3 regularly are sent; or
4 (e) Had another relationship with the banking or
5 financial organization concerning which the owner has:
6 1. Communicated in writing with the banking or
7 financial organization; or
8 2. Otherwise indicated an interest as evidenced by a
9 memorandum or other record on file with prepared by an
10 employee of the banking or financial organization and if the
11 banking or financial organization communicates in writing with
12 the owner with regard to the property that would otherwise be
13 unclaimed abandoned under this subsection at the address to
14 which communications regarding the other relationship
15 regularly are sent.
16 (f) Received first class mail, which was not returned
17 as undeliverable, in the normal course of business at the
18 address reflected in the banking or financial organization's
19 records.
20 Section 8. Subsection (1) of section 717.107, Florida
21 Statutes, is amended to read:
22 717.107 Funds owing under life insurance policies.--
23 (1) Funds held or owing under any life or endowment
24 insurance policy or annuity contract which has matured or
25 terminated are presumed unclaimed abandoned if unclaimed for
26 more than 5 years after the funds became due and payable as
27 established from the records of the insurance company holding
28 or owing the funds, but property described in paragraph (3)(b)
29 is presumed unclaimed abandoned if such property is not
30 claimed unclaimed for more than 2 years.
31
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1 Section 9. Section 717.108, Florida Statutes, is
2 amended to read:
3 717.108 Deposits held by utilities.--Any deposit,
4 including any interest thereon, made by a subscriber with a
5 utility to secure payment or any sum paid in advance for
6 utility services to be furnished, less any lawful charges,
7 that remains unclaimed by the owner for more than 1 year after
8 termination of the services for which the deposit or advance
9 payment was made is presumed unclaimed abandoned.
10 Section 10. Section 717.109, Florida Statutes, is
11 amended to read:
12 717.109 Refunds held by business associations.--Except
13 to the extent otherwise ordered by the court or administrative
14 agency, any sum that a business association has been ordered
15 to refund by a court or administrative agency which has not
16 been claimed remained unclaimed by the owner for more than 1
17 year after it became payable in accordance with the final
18 determination or order providing for the refund, regardless of
19 whether the final determination or order requires any person
20 entitled to a refund to make a claim for it, is presumed
21 unclaimed abandoned.
22 Section 11. Subsections (1), (2), (3), and (4) of
23 section 717.1101, Florida Statutes, are amended to read:
24 717.1101 Stock and other intangible interests in
25 business associations.--
26 (1) Except as provided in subsections (2) and (5), any
27 stock or other intangible ownership interest in a business
28 association, the existence of which is evidenced by record
29 available to the association, is presumed unclaimed abandoned
30 and, with respect to the interest, the association is the
31 holder, if a dividend, distribution, or other sum payable as a
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1 result of the interest is not claimed has for 5 years remained
2 unclaimed by the owner and the owner has not within 5 years:
3 (a) Communicated in writing with the association or
4 its agent regarding the interest or a dividend, distribution,
5 or other sum payable as a result of the interest; or
6 (b) Otherwise communicated with the association
7 regarding the interest or a dividend, distribution, or other
8 sum payable as a result of the interest, as evidenced by a
9 memorandum or other record on file with the association or its
10 agent prepared by an employee of the association or its agent.
11 (2) At the expiration of a 5-year period following the
12 failure of the owner to claim a dividend, distribution, or
13 other sum payable to the owner as a result of the interest,
14 the interest shall not be presumed unclaimed abandoned unless
15 there have been at least five dividends, distributions, or
16 other sums paid during the period, none of which has been
17 claimed. If five dividends, distributions, or other sums are
18 paid during the 5-year period, the period leading to a
19 presumption that the interest is unclaimed of abandonment
20 commences on the date payment of the first such unclaimed
21 dividend, distribution, or other sum became due and payable.
22 If five dividends, distributions, or other sums are not paid
23 during the presumptive period, the period continues to run
24 until there have been five consecutive dividends,
25 distributions, or other sums that have not been claimed by the
26 owner.
27 (3) The running of such the 5-year period of
28 abandonment ceases immediately upon the occurrence of one or
29 more of the conditions referred to in subsection (1). If any
30 future dividend, distribution, or other sum payable to the
31 owner as a result of the interest is subsequently not claimed
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1 by the owner, a new period in which the property is presumed
2 unclaimed of abandonment commences and relates back only to
3 the time a subsequent dividend, distribution, or other sum
4 became due and payable.
5 (4) At the same time any interest is presumed
6 unclaimed abandoned under this section, any dividend,
7 distribution, or other sum then held for or owing to the owner
8 as a result of the interest, and not previously presumed
9 abandoned, is presumed unclaimed abandoned.
10 Section 12. Section 717.111, Florida Statutes, is
11 amended to read:
12 717.111 Property of business associations held in
13 course of dissolution.--All intangible property distributable
14 in the course of a voluntary or involuntary dissolution of a
15 business association which is not claimed remains unclaimed by
16 the owner for more than 6 months after the date specified for
17 final distribution is presumed unclaimed abandoned.
18 Section 13. Subsection (1) of section 717.112, Florida
19 Statutes, is amended, and subsection (5) is added to said
20 section, to read:
21 717.112 Property held by agents and fiduciaries.--
22 (1) All intangible property and any income or
23 increment thereon held in a fiduciary capacity for the benefit
24 of another person is presumed unclaimed abandoned unless the
25 owner has within 5 years after it has become payable or
26 distributable increased or decreased the principal, accepted
27 payment of principal or income, communicated concerning the
28 property, or otherwise indicated an interest as evidenced by a
29 memorandum or other record on file with prepared by the
30 fiduciary or an employee of the fiduciary.
31
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1 (5) All intangible property issued by a government or
2 governmental subdivision or agency, public corporation, or
3 public authority, and any income or increment thereon, held in
4 an agency capacity for the governmental subdivision, agency,
5 public corporation, or public authority, for the benefit of
6 the owner of record, is presumed unclaimed unless the owner
7 has, within 1 year after such property has become payable or
8 distributable, increased or decreased the principal, accepted
9 payment of the principal or income, communicated concerning
10 the property, or otherwise indicated an interest in the
11 property as evidenced by a memorandum or other record on file
12 with the fiduciary.
13 Section 14. Section 717.113, Florida Statutes, is
14 amended to read:
15 717.113 Property held by courts and public
16 agencies.--All intangible property held for the owner by any
17 court, government or governmental subdivision or agency,
18 public corporation, or public authority that has not been
19 claimed remained unclaimed by the owner for more than 1 year
20 after it became payable or distributable is presumed unclaimed
21 abandoned. Notwithstanding the provisions of this section,
22 funds deposited in the Minerals Trust Fund pursuant to s.
23 377.247 are presumed unclaimed abandoned only if the funds
24 have not been claimed remained unclaimed by the owner for more
25 than 5 years after from the date of first production from the
26 well.
27 Section 15. Section 717.115, Florida Statutes, is
28 amended to read:
29 717.115 Wages.--Unpaid wages, including wages
30 represented by unpresented payroll checks, owing in the
31 ordinary course of the holder's business that have not been
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1 claimed remained unclaimed by the owner for more than 1 year
2 after becoming payable are presumed unclaimed abandoned.
3 Section 16. Section 717.116, Florida Statutes, is
4 amended to read:
5 717.116 Contents of safe-deposit box or other
6 safekeeping repository.--All tangible and intangible property
7 held in a safe-deposit box or any other safekeeping repository
8 in this state in the ordinary course of the holder's business,
9 and proceeds resulting from the sale of the property permitted
10 by law, that has not been claimed remain unclaimed by the
11 owner for more than 3 years after the lease or rental period
12 on the box or other repository has expired are presumed
13 unclaimed abandoned.
14 Section 17. Section 717.117, Florida Statutes, is
15 amended to read:
16 717.117 Report of unclaimed abandoned property.--
17 (1) Every person holding funds or other property,
18 tangible or intangible, presumed unclaimed abandoned and
19 subject to custody as unclaimed property under this chapter
20 shall report to the department on such forms as the department
21 may prescribe by rule with respect to the property as provided
22 in this section. In lieu of forms, the holder may submit the
23 required information via electronic medium as the department
24 may prescribe by rule.
25 (2) The report shall be verified. Verification of a
26 private corporation or unincorporated association shall be
27 made by an officer; of a partnership, by a partner; and of a
28 public corporation, by its chief fiscal officer. The report
29 must include:
30 (a) Except for with respect to traveler's checks and
31 money orders, the name and taxpayer social security number or
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1 federal employer identification number, if known, and last
2 known address, if any, of each person appearing from the
3 records of the holder to be the owner of any property which is
4 presumed unclaimed and which has of a value of $50 or more
5 presumed abandoned under this chapter.
6 (b) For In the case of unclaimed funds which have a
7 value of $50 or more held or owing under any life or endowment
8 insurance policy or annuity contract, the full name, taxpayer
9 social security number, or federal employer identification
10 number, date of birth, if known, and last known address of the
11 insured or annuitant and of the beneficiary according to
12 records of the insurance company holding or owing the funds.
13 (c) For all tangible property held in the case of the
14 contents of a safe-deposit box or other safekeeping repository
15 or in the case of other tangible property, a description of
16 the property and the place where the property it is held and
17 may be inspected by the department, and any amounts owing to
18 the holder. Contents of a safe-deposit box or other
19 safekeeping repository which consist of documents or writings
20 of a private nature and which have little or no apparent value
21 shall not be presumed unclaimed abandoned.
22 (d) The nature and identifying number, if any, or
23 description of the property and the amount appearing from the
24 records to be due., but Items of value under $50 each may be
25 reported in the aggregate.
26 (e) The date the property became payable, demandable,
27 or returnable, and the date of the last transaction with the
28 apparent owner with respect to the property.
29 (f) Any person or business entity holding funds
30 presumed unclaimed and having abandoned of a total value of
31 $10 or less may file a zero balance negative or nothing-owed
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1 report for that reporting period. The balance brought forward
2 to the new reporting period is zero.
3 (g) Such other information as which the department may
4 prescribe prescribes by rule as necessary for the
5 administration of this chapter.
6 (h) Credit balances, customer overpayments, security
7 deposits, and refunds having a value of less than $10 shall
8 not be presumed unclaimed abandoned.
9 (2)(3) If the holder of person holding property
10 presumed unclaimed abandoned and subject to custody as
11 unclaimed property is a successor holder to other persons who
12 previously held the property for the apparent owner or if the
13 holder has changed the holder's his or her name while in
14 possession of holding the property, the holder he or she shall
15 file with the holder's his or her report all known names and
16 addresses of each prior previous holder of the property.
17 Compliance with this subsection means the holder exercises
18 reasonable and prudent efforts to determine the names of all
19 prior holders.
20 (3)(4) The report must be filed before May 1 of each
21 year. Such report shall apply to the preceding calendar year.
22 If such report is not filed on or before the applicable filing
23 date, the holder shall pay to the department a penalty of $10
24 per day for each day the report is delinquent, but such
25 penalty shall not exceed $500. As necessary for proper
26 administration of this chapter, the department may waive any
27 penalty due with appropriate justification. On written
28 request by any person required to file a report, the
29 department may postpone the reporting date.
30 (4)(5) Holders of inactive accounts shall use due
31 diligence to locate apparent owners. Not more than 120 days
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1 prior to filing the report required by this section, the
2 holder in possession of property presumed abandoned and
3 subject to custody as unclaimed property under this chapter
4 shall send written notice to the apparent owner at his or her
5 last known address informing him or her that the holder is in
6 possession of property subject to this chapter if:
7 (a) When an owner's account becomes inactive, the
8 holder shall conduct at least one search for the apparent
9 owner using due diligence. For purposes of this section, an
10 account is inactive if 2 years have transpired after the last
11 owner-initiated account activity, the expiration date on the
12 instrument or contract, or first-class mail has been returned
13 as undeliverable.
14 1. Within 180 days after an account becomes inactive,
15 the holder shall conduct a search to locate the apparent owner
16 of the property. The holder may satisfy such requirement by
17 conducting one annual search for the owners of all accounts
18 which have become inactive during the prior year.
19 2. Within 30 days after receiving updated address
20 information, the holder shall provide notice by telephone or
21 first-class mail to the current address notifying the apparent
22 owner that the holder is in possession of property which is
23 presumed unclaimed and may be remitted to the department. The
24 notice shall also provide the apparent owner with the address
25 or the telephone number of an office where the apparent owner
26 may claim the property or reestablish the inactive account.
27 The holder has in its records an address for the apparent
28 owner which the holder's records do not disclose to be
29 inaccurate.
30 (b) The claim of the apparent owner is not barred by
31 the statute of limitations.
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1 (5)(6) Any holder of intangible property may file with
2 the department a petition for determination that the property
3 is unclaimed abandoned requesting the department to accept
4 custody of the property. The petition shall state any special
5 circumstances that exist, contain the information required by
6 subsection (2), and show that a diligent search has been made
7 to locate the owner. If the department finds that the proof
8 of diligent search is satisfactory, it shall give notice as
9 provided in s. 717.118 and accept custody of the property.
10 (6)(7) Upon On written request by any entity required
11 to file a report, stating such entity's their justification
12 for such action, the department may place that entity in an
13 inactive status as an unclaimed abandoned property "holder."
14 (7)(8) This section shall not apply to the unclaimed
15 patronage refunds as provided for by contract or through bylaw
16 provisions of entities organized under chapter 425.
17 Section 18. Section 717.118, Florida Statutes, is
18 amended to read:
19 717.118 Notice and publication of lists of unclaimed
20 abandoned property.--
21 (1) It is specifically recognized that the state has
22 an obligation to make an effort to notify owners of unclaimed
23 abandoned property in a cost-effective manner. In order to
24 provide all the citizens of this state an effective and
25 efficient program for the recovery of unclaimed abandoned
26 property, the department shall use cost-effective means to
27 make at least one a single attempt to notify owners of the
28 existence of unclaimed abandoned property held by the
29 department. Such active attempt to locate apparent owners
30 shall include any attempt by the department to directly
31 contact the owner. Other The means of notification, such as
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1 publication of the names of owners in the newspaper, on
2 television, on the Internet, or through other promotional
3 efforts and items in which the department does not directly
4 attempt to contact the owner are expressly declared to be
5 passive attempts. Nothing in this subsection precludes other
6 agencies or entities of state government from notifying owners
7 of the existence of unclaimed property or attempting to locate
8 apparent owners of unclaimed property. may include post,
9 print, visual, telecommunications, or electronic media.
10 Publication of the names of owners on the Internet is not an
11 attempt to notify owners under this subsection. The department
12 shall implement such notification within 13 months following
13 the receipt of the report required by s. 717.117.
14 (2) The following notification requirements shall
15 apply:
16 (a) Notifications that are published or televised may
17 shall consist of the names of apparent owners of unclaimed
18 abandoned property, listed in alphabetical order, and
19 information regarding recovery of unclaimed abandoned property
20 from the department. Such notification may shall be televised
21 or published in the county in which the last known address of
22 the apparent owner is located or, if the address is unknown,
23 in the county in which the holder has its principal place of
24 business. Published notifications may must be in accordance
25 with s. 50.011.
26 (b) Notification provided directly to individual
27 apparent owners shall consist of a description of the property
28 and information regarding recovery of unclaimed abandoned
29 property from the department.
30 (3) The department may shall publish in the notice any
31 items of more than $100.
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1 (4) This section is not applicable to sums payable on
2 traveler's checks, money orders, and other written instruments
3 presumed unclaimed abandoned under s. 717.104.
4 Section 19. Section 717.119, Florida Statutes, is
5 amended to read:
6 717.119 Payment or delivery of unclaimed abandoned
7 property.--
8 (1) Every person who is required to file a report
9 under s. 717.117 shall simultaneously pay or deliver to the
10 department all unclaimed abandoned property required to be
11 reported. Such payment or delivery shall accompany the report
12 as required in this chapter for the preceding calendar year.
13 (2) Payment of unclaimed funds may be made to the
14 department by electronic funds transfer.
15 (3)(2) If the owner establishes the right to receive
16 the unclaimed abandoned property to the satisfaction of the
17 holder before the property has been delivered to the
18 department or it appears that for some other reason the
19 presumption that the property is unclaimed of abandonment is
20 erroneous, the holder need not pay or deliver the property to
21 the department., which will no longer be presumed abandoned,
22 but In lieu of delivery, the holder thereof shall file a
23 verified written explanation of the proof of claim or of the
24 error in the presumption that the property was unclaimed of
25 abandonment.
26 (4)(3) All stock or other intangible ownership
27 interest reported under this chapter on the annual report
28 filing required in s. 717.117 shall be sold and the proceeds
29 remitted to the department with the report. Reasonable fees
30 within the industry's standards may be deducted from the
31 proceeds for the costs of selling the stock or other
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1 intangible ownership interest. Upon delivery of the stock or
2 other intangible ownership interest net proceeds to the
3 department, the holder and any transfer agent, registrar, or
4 other person acting for or on behalf of a holder is relieved
5 of all liability of every kind in accordance with the
6 provisions of s. 717.1201 to every person for any losses or
7 damages resulting to the person by the sale and delivery to
8 the department of the stock or other intangible ownership
9 interest net proceeds.
10 (5)(4) All intangible and tangible property held in a
11 safe-deposit box or any other safekeeping repository reported
12 under s. 717.117 shall not be delivered to the department
13 until 120 days after the report due date. Holders may remit
14 the value of cash and coins found in unclaimed safe-deposit
15 boxes to the department by cashier's check or by electronic
16 funds transfer, unless the cash or coins have a value above
17 face value. The department shall identify by rule those cash
18 and coin items having a numismatic value. Cash and coin items
19 identified as having a numismatic value shall be remitted to
20 the department in their original form.
21 (a) If such property is not paid or delivered to the
22 department filed on or before the applicable payment or
23 delivery filing date, the holder shall pay to the department a
24 penalty of $10 for each safe-deposit box received late, but
25 such penalty shall not exceed $1,000. As necessary for proper
26 administration of this chapter,
27 (b) The department may waive any penalty due with
28 appropriate justification, as provided by rule.
29 (c) Upon On written request by any person required to
30 deliver safe-deposit box contents, the department may postpone
31 the delivery.
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1 (6)(5) Any holder may request an extension in writing
2 of up to 60 days for the delivery of property if extenuating
3 circumstances exist for the late delivery of the property.
4 Any such extension, and the department may grant shall be such
5 an extension in writing.
6 Section 20. Subsection (6) of section 717.1201,
7 Florida Statutes, is amended to read:
8 717.1201 Custody by state; holder relieved from
9 liability; reimbursement of holder paying claim; reclaiming
10 for owner; defense of holder; payment of safe-deposit box or
11 repository charges.--
12 (6) For the purposes of this section, "good faith"
13 means that:
14 (a) Payment or delivery was made in a reasonable
15 attempt to comply with this chapter.
16 (b) The person delivering the property was not a
17 fiduciary then in breach of trust in respect to the property
18 and had a reasonable basis for believing, based on the facts
19 then known to that person, that the property was unclaimed
20 abandoned for the purposes of this chapter.
21 (c) There is no showing that the records pursuant to
22 which the delivery was made did not meet reasonable commercial
23 standards of practice in the industry.
24 Section 21. Subsections (1), (2), and (3) of section
25 717.122, Florida Statutes, are amended to read:
26 717.122 Public sale of unclaimed abandoned property.--
27 (1) Except as provided in subsection (2), the
28 department after the receipt of unclaimed abandoned property
29 shall sell it to the highest bidder at public sale wherever in
30 whatever city in the state affords in the judgment of the
31 department the most favorable market for the property involved
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1 exists. The department may decline the highest bid and
2 reoffer the property for sale if in the judgment of the
3 department the bid is insufficient. The department shall have
4 the discretion to withhold from sale any unclaimed abandoned
5 property that the department deems to be of benefit to the
6 people of the state. If in the judgment of the department the
7 probable cost of sale exceeds the value of the property, it
8 need not be offered for sale and may be disposed of as the
9 department determines appropriate. Any sale held under this
10 section must be preceded by a single publication of notice, at
11 least 3 weeks in advance of sale, in a newspaper of general
12 circulation in the county in which the property is to be sold.
13 (2) Securities listed on an established stock exchange
14 must be sold at prices prevailing at the time of sale on the
15 exchange. Other securities may be sold over the counter at
16 prices prevailing at the time of sale or by any other method
17 the department deems advisable. The department may authorize
18 the agent or broker acting on behalf of the department to
19 deduct fees from the proceeds of these sales at a rate agreed
20 upon in advance by the agent or broker and the department.
21 The department shall reimburse owners accounts for these
22 brokerage fees from the State School Fund unless the
23 securities are sold at the owner's request.
24 (3) Unless the department deems it to be in the public
25 interest to do otherwise, all securities presumed unclaimed
26 abandoned and delivered to the department may be sold upon
27 receipt. Any person making a claim pursuant to this chapter
28 is entitled to receive either the securities delivered to the
29 department by the holder, if they still remain in the hands of
30 the department, or the proceeds received from sale, less any
31 amounts deducted pursuant to subsection (2) s. 717.123, but no
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1 person has any claim under this chapter against the state, the
2 holder, any transfer agent, any registrar, or any other person
3 acting for or on behalf of a holder for any appreciation in
4 the value of the property occurring after delivery by the
5 holder to the state.
6 Section 22. Section 717.123, Florida Statutes, is
7 amended to read:
8 717.123 Deposit of funds.--
9 (1) All funds received under this chapter, including
10 the proceeds from the sale of unclaimed abandoned property
11 under s. 717.122, shall forthwith be deposited by the
12 department in the Unclaimed Property Trust State School Fund.,
13 except that The department shall retain, from funds received
14 under this chapter, in a separate account an amount not
15 exceeding $8 $3 million from which the department it shall
16 make prompt payment of claims allowed by the department and
17 shall pay the it. costs incurred by the department in
18 administering and enforcing this chapter. shall be reimbursed
19 from the All remaining funds received by the department under
20 this chapter shall be deposited by the department into the
21 State School Fund.
22 (2) The department shall record the name and last
23 known address of each person appearing from the holder's
24 reports to be entitled to the unclaimed abandoned property in
25 the total amounts of $5 or greater; the name and the last
26 known address of each insured person or annuitant; and with
27 respect to each policy or contract listed in the report of an
28 insurance corporation, its number, the name of the
29 corporation, and the amount due.
30 Section 23. Subsection (5) of section 717.124, Florida
31 Statutes, is amended to read:
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1 717.124 Filing of claim with department.--
2 (5)(a) If a claimant authorizes a public accountant
3 certified by this state or a assigns his or her rights to
4 receive payment to an attorney or private investigative agency
5 which is duly licensed to do business in this state to claim
6 the unclaimed property on the claimant's behalf pursuant to a
7 written agreement with such claimant, the department is
8 authorized to make distribution of the property or money in
9 accordance with such power of attorney assignment.
10 (b)1. Payments of approved claims for unclaimed cash
11 accounts may be made to the owner after deducting any fees
12 authorized pursuant to a written power of attorney.
13 2. Payments of fees authorized pursuant to a written
14 power of attorney for approved cash claims shall be forwarded
15 to the designated attorney, public accountant certified by
16 this state, or private investigative agency. Such payments to
17 private investigative agencies or public accountants certified
18 by this state may be made by electronic funds transfer and may
19 be made on such periodic schedule as the department may define
20 by rule, provided the payment intervals do not exceed 31 days.
21 3. Payments of approved claims for unclaimed
22 securities and other intangible ownership interests made to an
23 attorney, public accountant certified by this state, or
24 private investigative agency shall be promptly deposited into
25 a trust or escrow account which is regularly maintained by the
26 attorney, certified public accountant, or the private
27 investigative agency in a financial institution authorized to
28 accept such deposits and located in this state.
29 (c) Distribution of unclaimed property by the
30 attorney, public accountant certified by this state, or
31 private investigative agency to the claimant shall be made
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1 within 10 days following final credit of the deposit into the
2 trust or escrow account at the financial institution, unless a
3 party to the agreement protests in writing such distribution
4 before it is made.
5 (d) The department shall not be civilly or criminally
6 liable for any property or funds distributed pursuant to this
7 subsection, provided such distribution is made in good faith.
8 Section 24. Subsection (1) of section 717.1241,
9 Florida Statutes, is amended to read:
10 717.1241 Conflicting claims.--
11 (1) When ownership has been established but
12 conflicting claims have been received by the department filed,
13 the following criteria apply in determining to whom the
14 property is remitted department shall remit the property as
15 follows:
16 (a) The first claim received by the department. If
17 both the owner and the owner's representative file claims for
18 the same property:
19 1. To the owner, if the owner has appointed the
20 owner's representative as the owner's attorney in fact but has
21 not irrevocably assigned the unclaimed property in whole or in
22 part to the owner's representative; or
23 2. To the owner's representative pursuant to s.
24 717.124 if the owner has irrevocably assigned the unclaimed
25 property in whole or in part to the owner's representative.
26 (b) If an owner's claim and an owner's
27 representative's claim are received by the department on the
28 same day, the property shall be remitted to the owner. To the
29 owner's representative who first executed a contract with the
30 owner more than 12 months after the property has been reported
31 to the department, unless paragraph (a) applies;
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1 (c) If two or more owner's representative's claims are
2 received by the department on the same day, the property shall
3 be remitted to the owner's representative who has the earliest
4 dated contract with the owner To the owner's representative
5 who first executed a contract with the owner within 12 months
6 after the property has been reported to the department, unless
7 paragraph (a) or paragraph (b) applies.
8 Section 25. Section 717.1243, Florida Statutes, is
9 amended to read:
10 717.1243 Small estate accounts Transfer of unclaimed
11 property by operation of law.--
12 (1) When A claim for unclaimed property is made by a
13 beneficiary, as defined in s. 731.201, an heir of a deceased
14 an owner need who died intestate, it shall not be accompanied
15 by necessary to accompany the claim with an order of a probate
16 court if the claimant files with the department an affidavit,
17 signed by all beneficiaries, stating that all the
18 beneficiaries heirs have amicably agreed among themselves upon
19 a division of the estate, that the assets of the estate of the
20 owner, excluding the unclaimed property, are sufficient to pay
21 all just claims, and that all funeral expenses, expenses of
22 the last illness, and any other just claims have been paid no
23 probate proceedings have been instituted upon the estate. If
24 the owner died dies testate but the will is not probated, the
25 claim shall be accompanied by a certified copy of the will and
26 an affidavit stating that the assets of the estate of the
27 owner, excluding the unclaimed property, are sufficient to pay
28 all just claims and that no probate proceedings have been
29 instituted upon the estate.
30 (2) The persons receiving property under this section
31 shall be personally liable for all lawful claims against the
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1 estate of the owner, but only to the extent of the value of
2 the property received by each person under this section,
3 exclusive of the property exempt from claims of creditors
4 under the State Constitution and Florida Statutes.
5 (3) Any heir or devisee of the owner who was lawfully
6 entitled to share in the property but who did not receive his
7 or her share of the property, may enforce his or her rights in
8 appropriate proceedings against those who received the
9 property, and shall be awarded reasonable attorney's fees as
10 an element of costs.
11 (4) This section only applies if all of the unclaimed
12 property held by the department on behalf of the owner has an
13 aggregate value of $5,000 $1,000 or less and no probate
14 proceeding is pending.
15 Section 26. Subsections (1) and (2) of section
16 717.125, Florida Statutes, are amended to read:
17 717.125 Claim of another state to recover property;
18 procedure.--
19 (1) At any time after property has been paid or
20 delivered to the department under this chapter, another state
21 may recover the property if:
22 (a) The property was subjected to custody by this
23 state because the records of the holder did not reflect the
24 last known address of the apparent owner when the property was
25 presumed unclaimed abandoned under this chapter, and the other
26 state establishes that the last known address of the apparent
27 owner or other person entitled to the property was in that
28 state and under the laws of that state the property escheated
29 to or was subject to a claim of abandonment or being unclaimed
30 by that state;
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1 (b) The last known address of the apparent owner or
2 other person entitled to the property, as reflected by the
3 records of the holder, is in the other state and under the
4 laws of that state the property has escheated to or become
5 subject to a claim of abandonment by that state;
6 (c) The records of the holder were erroneous in that
7 they did not accurately reflect the actual owner of the
8 property and the last known address of the actual owner is in
9 the other state and under laws of that state the property
10 escheated to or was subject to a claim of abandonment by that
11 state;
12 (d) The property was subject to custody by this state
13 under s. 717.103(6) and under the laws of the state of
14 domicile of the holder the property has escheated to or become
15 subject to a claim of abandonment by that state; or
16 (e) The property is the sum payable on a traveler's
17 check, money order, or other similar instrument that was
18 subjected to custody by this state under s. 717.104, and the
19 instrument was purchased in the other state, and under the
20 laws of that state the property escheated to or became subject
21 to a claim of abandonment by that state.
22 (2) The claim of another state to recover escheated or
23 unclaimed abandoned property under this section must be
24 presented in a form prescribed by the department, and the
25 department shall determine the claim within 90 days after it
26 is presented. Such determination shall contain a notice of
27 rights provided by ss. 120.569 and 120.57.
28 Section 27. Subsection (1) of section 717.129, Florida
29 Statutes, is amended to read:
30 717.129 Periods of limitation.--
31
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1 (1) The expiration before or after July 1, 1987, of
2 any period of time specified by contract, statute, or court
3 order, during which a claim for money or property may be made
4 or during which an action or proceeding may be commenced or
5 enforced to obtain payment of a claim for money or to recover
6 property, does not prevent the money or property from being
7 presumed unclaimed abandoned or affect any duty to file a
8 report or to pay or deliver unclaimed abandoned property to
9 the department as required by this chapter.
10 Section 28. Subsection (3) of section 717.132, Florida
11 Statutes, is amended to read:
12 717.132 Enforcement; cease and desist orders;
13 administrative fines.--
14 (3) In addition to any other powers conferred upon it
15 to enforce and administer the provisions of this chapter, the
16 department may impose and collect an administrative fine
17 against any person found to have violated any provision of
18 this chapter, any rule or order promulgated under this
19 chapter, or any written agreement entered into with the
20 department in an amount not to exceed $2,000 for each
21 violation. All fines collected under this subsection shall be
22 deposited as received in the Unclaimed Property Trust Fund.
23 Section 29. Section 717.135, Florida Statutes, is
24 amended to read:
25 717.135 Agreement to locate reported property.--
26 (1) All agreements between an owner's representative
27 and an owner for to pay compensation to recover or assist in
28 the recovery of property reported to the department under s.
29 717.117 shall:
30 (a) Disclose that the property is held by a
31 governmental agency, pursuant to chapter 717, and the type of
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1 the entity that held the property prior to the property
2 becoming unclaimed, the date of the holder's last contact with
3 the owner, if known, the approximate value of the property,
4 and shall identify which of the following categories of
5 unclaimed property the owner's representative is seeking to
6 recover:
7 1. Cash accounts;
8 2. Stale dated checks;
9 3. Life insurance or annuity contract assets;
10 4. Utility deposits;
11 5. Securities or other interests in business
12 associations;
13 6. Wages;
14 7. Accounts receivable; and
15 8. Contents of safe-deposit boxes; or
16 (b) Limit the fees for recovery services to the
17 following maximum percentages for each value range, for all
18 contracts with dollar values of:
19
20 Claim Range Percentage Fee
21
22 $100,000 and above 7%
23 $50,000 to $99,999 10%
24 $5,000 to $49,999 12%
25 $500 to $4,999 20%
26
27 A dollar amount includes any portion of a dollar above such
28 amount. Fees for account claims under $500 are not subject to
29 such percentage limitations. Fees for cash accounts shall be
30 based on the value of the property at the time the agreement
31 for recovery is signed by the apparent owner and shall be
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1 subject to the above percentage limitations. Fees for
2 accounts containing securities or other intangible ownership
3 interests, which are not converted to cash, shall be limited
4 to the above percentage categories based on the purchase price
5 of the security as quoted on a national exchange or other
6 market on which the ownership interest is regularly traded at
7 the time the securities or other ownership interest is
8 remitted to the owner or the owner's representative. Fees for
9 tangible property or safe-deposit box accounts shall be
10 limited to the above percentage categories and shall be based
11 on the value of the tangible property or contents of the
12 safe-deposit box at the time the ownership interest is
13 transferred or remitted to the owner or the owner's
14 representative. be unenforceable if made within 90 days after
15 attempted notification by the department or within 12 months
16 after such property is reported, whichever occurs first.
17 However, this section shall not apply to contracts made in
18 connection with guardianship proceedings, or the probate of an
19 estate, or corporations.
20 (2)(a) Agreements for recovery of cash accounts shall
21 state the dollar value of the unclaimed property account to be
22 paid to the owner and shall also state the dollar value of
23 compensation to be paid to the owner's representative.
24 (b) Agreements for recovery of accounts containing
25 securities, safe-deposit box accounts, other intangible or
26 tangible ownership interest, or other types of accounts except
27 cash accounts, shall state the approximate value of the
28 unclaimed property to be paid to the owner and the percentage
29 value of compensation to be paid to the owner's
30 representative.
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1 (c) All agreements shall include the name, the
2 address, the license number of the owner's representative, and
3 if available, taxpayer identification or social security
4 number and telephone number of the owner. All such agreements
5 to pay compensation shall be signed by the owner of the
6 property and shall be filed by the owner's representative with
7 the claim form. All agreements and/or powers of attorney
8 entered into pursuant to subsection (1) shall contain the
9 following statement directly above the signature in no less
10 than 6-point bold type: "THIS AGREEMENT TO PAY COMPENSATION
11 TO RECOVER ABANDONED PROPERTY REPORTED TO THE STATE OF FLORIDA
12 IS UNENFORCEABLE IF MADE WITHIN 90 DAYS AFTER THE ATTEMPTED
13 NOTIFICATION OR WITHIN 12 MONTHS AFTER SUCH PROPERTY IS
14 REPORTED, WHICHEVER OCCURS FIRST." Any agreement which does
15 not contain this statement shall be unenforceable.
16 Section 30. Subsection (4) of section 732.107, Florida
17 Statutes, is amended to read:
18 732.107 Escheat.--
19 (4) At any time within 10 years after receipt of the
20 property by the state the granting of letters, a person
21 claiming to be entitled to the estate of the decedent may
22 petition to reopen the administration and assert his or her
23 rights to escheated property. If the claimant is entitled to
24 any of the estate of the decedent, the court shall fix the
25 amount to which he or she is entitled, and it shall be repaid
26 to him or her with interest at the legal rate by the officials
27 charged with the disbursement of state school funds. If no
28 claim is asserted within the time fixed, the title of the
29 state to the property and the proceeds shall become absolute.
30 Section 31. Subsection (15) is added to section
31 493.6102, Florida Statutes, to read:
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1 493.6102 Inapplicability of parts I through IV of this
2 chapter.--This chapter shall not apply to:
3 (15) Any person licensed as a certified public
4 accountant pursuant to chapter 473 engaged in the recovery of
5 unclaimed property and the location of apparent owners of such
6 property pursuant to the provisions of chapter 717.
7 Section 32. Section 717.137, Florida Statutes, is
8 repealed.
9 Section 33. This act shall take effect October 1,
10 2000.
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