Senate Bill 0832

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    Florida Senate - 2000                                   SB 832

    By Senator Horne





    6-692-00                                                See HB

  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         717.129, F.S.; changing references to property

11         from being abandoned to being unclaimed;

12         amending s. 717.106, F.S., to conform;

13         providing an additional criterion for certain

14         property in financial organizations being

15         presumed unclaimed; amending s. 717.112, F.S.,

16         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 safety-deposit boxes;

31         amending s. 717.122, F.S., to conform;

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  1         authorizing the department to dispose of

  2         certain property under certain circumstances;

  3         amending s. 717.123, F.S.; revising provisions

  4         relating to the disposition of funds held by

  5         the Department of Banking and Finance with

  6         respect to unclaimed property; amending s.

  7         717.124, F.S.; revising certain procedures for

  8         filing claims by owner's representatives and

  9         receiving and making payments to an owner or

10         owner's representative; amending s. 717.1241;

11         revising provisions governing the resolution of

12         conflicting ownership claims between certain

13         persons; amending s. 717.1243, F.S.; revising

14         provisions for disposition of claims from small

15         estate accounts; amending s. 717.132, F.S.;

16         providing for deposit of administrative fines

17         into the Unclaimed Property Trust Fund;

18         amending s. 717.135, F.S.; revising provisions

19         relating to unenforceability of certain

20         agreements to locate reported property;

21         requiring disclosure of certain information;

22         limiting certain recovery fees; specifying

23         agreement requirements; amending s. 717.138,

24         F.S.; revising the rulemaking authority of the

25         Department of Banking and Finance; amending s.

26         732.107, F.S.; repealing an interest rate

27         requirement relating to payments of amounts of

28         escheated property; repealing s. 717.137, F.S.,

29         relating to effect and application of certain

30         provisions; providing an effective date.

31

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




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

  2

  3         Section 1.  Present subsections (8) through (18) of

  4  section 717.101, Florida Statutes, are renumbered as

  5  subsections (9) through (19), respectively, a new subsection

  6  (8) is added to that section, and present subsection (12),

  7  which is renumbered as subsection (13), is amended, to read:

  8         717.101  Definitions.--As used in this chapter, unless

  9  the context otherwise requires:

10         (8)  "Due diligence" means the use of reasonable and

11  prudent methods under particular circumstances to locate

12  apparent owners of inactive accounts using the taxpayer

13  identification number, if known, which may include, but are

14  not limited to, using a nationwide database, cross-indexing

15  with other records of the holder, mailing to the last known

16  address unless the last known address is known to be

17  inaccurate, or engaging a licensed agency or company capable

18  of conducting such search and providing updated addresses.

19         (13)(12)  "Last known address" means a description of

20  the location of the apparent owner sufficient for the purpose

21  of the delivery of mail. For the purposes of identifying,

22  reporting, and remitting to the department property that is

23  presumed to be unclaimed, the term "last known address"

24  includes any partial description of the location of the

25  apparent owner sufficient to establish that the apparent owner

26  was a resident of this state at the time of last contact with

27  the apparent owner or at the time the property became due and

28  payable.

29         Section 2.  Subsection (1) of section 717.102, Florida

30  Statutes, is amended to read:

31

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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 that

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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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

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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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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    6-692-00                                                See HB




  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 that is

  4  presumed unclaimed and that has of a value of $50 or more

  5  presumed abandoned under this chapter.

  6         (b)  For In the case of unclaimed funds that 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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    6-692-00                                                See HB




  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 that the holder

18  exercises reasonable and prudent efforts to determine the

19  names of all 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

                                  16

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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 1 year has 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.

                                  17

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    6-692-00                                                See HB




  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 a single active attempt to notify owners of the existence

28  of unclaimed abandoned property held by the department. Such

29  active attempt to locate apparent owners shall include any

30  attempt by the department to directly contact the owner.

31  Other The means of notification, such as publication of the

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  1  names of owners in the newspaper, on television, on the

  2  Internet, or through other promotional efforts in which the

  3  department does not directly attempt to contact the owner are

  4  expressly declared to be passive attempts. Nothing in this

  5  subsection precludes other agencies or entities of state

  6  government from notifying owners of the existence of unclaimed

  7  property or attempting to locate apparent owners of unclaimed

  8  property. may include post, print, visual, telecommunications,

  9  or electronic media. Publication of the names of owners on the

10  Internet is not an attempt to notify owners under this

11  subsection. The department shall implement such notification

12  within 13 months following the receipt of the report required

13  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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    6-692-00                                                See HB




  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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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 safety-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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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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, the term "good

13  faith" 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 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

                                  22

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    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  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) or s. 717.119 s.

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    Florida Senate - 2000                                   SB 832
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  1  717.123, but no person has any claim under this chapter

  2  against the state, the holder, any transfer agent, any

  3  registrar, or any other person acting for or on behalf of a

  4  holder for any appreciation in the value of the property

  5  occurring after delivery by the 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:

                                  24

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  1         717.124  Filing of claim with department.--

  2         (5)(a)  If a claimant authorizes a assigns his or her

  3  rights to receive payment to an attorney or private

  4  investigative agency which is duly licensed to do business in

  5  this state to claim the unclaimed property on the claimant's

  6  behalf pursuant to a written agreement with such claimant, the

  7  department is authorized to make distribution of the property

  8  or money in accordance with such power of attorney assignment.

  9         (b)1.  Payments of approved claims for unclaimed cash

10  accounts may be made to the owner after deducting any fees

11  authorized pursuant to a written power of attorney.

12         2.  Payments of fees authorized pursuant to a written

13  power of attorney for approved cash claims shall be forwarded

14  to the designated attorney or private investigative agency.

15  Such payments to private investigative agencies may be made by

16  electronic funds transfer and may be made on such periodic

17  schedule as the department may define by rule, provided the

18  payment intervals do not exceed 31 days.

19         3.  Payments of approved claims for unclaimed

20  securities and other intangible ownership interests made to an

21  attorney or private investigative agency shall be promptly

22  deposited into a trust or escrow account which is regularly

23  maintained by the attorney or the private investigative agency

24  in a financial institution authorized to accept such deposits

25  and located in this state.

26         (c)  Distribution of unclaimed property by the attorney

27  or private investigative agency to the claimant shall be made

28  within 10 days following final credit of the deposit into the

29  trust or escrow account at the financial institution, unless a

30  party to the agreement protests in writing such distribution

31  before it is made.

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  1         (d)  The department shall not be civilly or criminally

  2  liable for any property or funds distributed pursuant to this

  3  subsection, provided such distribution is made in good faith.

  4         Section 24.  Subsection (1) of section 717.1241,

  5  Florida Statutes, is amended to read:

  6         717.1241  Conflicting claims.--

  7         (1)  When ownership has been established but

  8  conflicting claims between an owner and an owner's

  9  representative, or between two or more owner's

10  representatives, have been filed, the department shall remit

11  the property to the owner's representative or claimant who

12  first filed a claim with the department if the conflict is

13  between an owner and owner's representative, otherwise to the

14  owner's representative who first signed a contract with the

15  owner of the property. as follows:

16         (a)  If both the owner and the owner's representative

17  file claims for the same property:

18         1.  To the owner, if the owner has appointed the

19  owner's representative as the owner's attorney in fact but has

20  not irrevocably assigned the unclaimed property in whole or in

21  part to the owner's representative; or

22         2.  To the owner's representative pursuant to s.

23  717.124 if the owner has irrevocably assigned the unclaimed

24  property in whole or in part to the owner's representative.

25         (b)  To the owner's representative who first executed a

26  contract with the owner more than 12 months after the property

27  has been reported to the department, unless paragraph (a)

28  applies;

29         (c)  To the owner's representative who first executed a

30  contract with the owner within 12 months after the property

31

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  1  has been reported to the department, unless paragraph (a) or

  2  paragraph (b) applies.

  3         Section 25.  Section 717.1243, Florida Statutes, is

  4  amended to read:

  5         717.1243  Small estate accounts Transfer of unclaimed

  6  property by operation of law.--When A claim for unclaimed

  7  property is made by an heir of an owner who died intestate

  8  need, it shall not be accompanied by necessary to accompany

  9  the claim with an order of a probate court if the claimant

10  files with the department an affidavit stating that all the

11  heirs have amicably agreed among themselves upon a division of

12  the estate, that the assets of the estate of the owner,

13  excluding the unclaimed property, are sufficient to pay all

14  just claims, and that all funeral expenses, expenses of the

15  last illness, and any other just claims have been paid no

16  probate proceedings have been instituted upon the estate. If

17  the owner died dies testate but the will is not probated, the

18  claim shall be accompanied by a certified copy of the will and

19  an affidavit stating that all funeral expenses, expenses of

20  the last illness, and any other just debts of the estate have

21  been paid the assets of the estate of the owner, excluding the

22  unclaimed property, are sufficient to pay all just claims and

23  that no probate proceedings have been instituted upon the

24  estate.  This section only applies if all of the unclaimed

25  property held by the department on behalf of the owner has an

26  aggregate value of $5,000 $1,000 or less.

27         Section 26.  Subsections (1) and (2) of section

28  717.125, Florida Statutes, are amended to read:

29         717.125  Claim of another state to recover property;

30  procedure.--

31

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    6-692-00                                                See HB




  1         (1)  At any time after property has been paid or

  2  delivered to the department under this chapter, another state

  3  may recover the property if:

  4         (a)  The property was subjected to custody by this

  5  state because the records of the holder did not reflect the

  6  last known address of the apparent owner when the property was

  7  presumed unclaimed abandoned under this chapter, and the other

  8  state establishes that the last known address of the apparent

  9  owner or other person entitled to the property was in that

10  state and under the laws of that state the property escheated

11  to or was subject to a claim of abandonment or being unclaimed

12  by that state;

13         (b)  The last known address of the apparent owner or

14  other person entitled to the property, as reflected by the

15  records of the holder, is in the other state and under the

16  laws of that state the property has escheated to or become

17  subject to a claim of abandonment by that state;

18         (c)  The records of the holder were erroneous in that

19  they did not accurately reflect the actual owner of the

20  property and the last known address of the actual owner is in

21  the other state and under laws of that state the property

22  escheated to or was subject to a claim of abandonment by that

23  state;

24         (d)  The property was subject to custody by this state

25  under s. 717.103(6) and under the laws of the state of

26  domicile of the holder the property has escheated to or become

27  subject to a claim of abandonment by that state; or

28         (e)  The property is the sum payable on a traveler's

29  check, money order, or other similar instrument that was

30  subjected to custody by this state under s. 717.104, and the

31  instrument was purchased in the other state, and under the

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  1  laws of that state the property escheated to or became subject

  2  to a claim of abandonment by that state.

  3         (2)  The claim of another state to recover escheated or

  4  unclaimed abandoned property under this section must be

  5  presented in a form prescribed by the department, and the

  6  department shall determine the claim within 90 days after it

  7  is presented.  Such determination shall contain a notice of

  8  rights provided by ss. 120.569 and 120.57.

  9         Section 27.  Subsection (1) of section 717.129, Florida

10  Statutes, is amended to read:

11         717.129  Periods of limitation.--

12         (1)  The expiration before or after July 1, 1987, of

13  any period of time specified by contract, statute, or court

14  order, during which a claim for money or property may be made

15  or during which an action or proceeding may be commenced or

16  enforced to obtain payment of a claim for money or to recover

17  property, does not prevent the money or property from being

18  presumed unclaimed abandoned or affect any duty to file a

19  report or to pay or deliver unclaimed abandoned property to

20  the department as required by this chapter.

21         Section 28.  Subsection (3) of section 717.132, Florida

22  Statutes, is amended to read:

23         717.132  Enforcement; cease and desist orders;

24  administrative fines.--

25         (3)  In addition to any other powers conferred upon it

26  to enforce and administer the provisions of this chapter, the

27  department may impose and collect an administrative fine

28  against any person found to have violated any provision of

29  this chapter, any rule or order promulgated under this

30  chapter, or any written agreement entered into with the

31  department in an amount not to exceed $2,000 for each

                                  29

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  1  violation. All fines collected under this subsection shall be

  2  deposited as received in the Unclaimed Property Trust Fund.

  3         Section 29.  Section 717.135, Florida Statutes, is

  4  amended to read:

  5         717.135  Agreement to locate reported property.--

  6         (1)  All agreements between an owner's representative

  7  and an owner for to pay compensation to recover or assist in

  8  the recovery of property reported under s. 717.117 shall:

  9         (a)  Disclose that the property is held by the

10  Department of Banking and Finance pursuant to chapter 717,

11  disclose the name of the entity that held the property prior

12  to the property becoming unclaimed, the date of the holder's

13  last contact with the owner according to the department's

14  records, and the approximate value of the property and

15  identify which of the following categories of unclaimed

16  property the owner's representative is seeking to recover:

17         1.  Cash accounts.

18         2.  Stale dated checks.

19         3.  Life insurance or annuity contract assets.

20         4.  Utility deposits.

21         5.  Securities or other interests in business

22  associations.

23         6.  Wages.

24         7.  Accounts receivable.

25         8.  Contents of safety-deposit boxes.

26         (b)  Limit the fees for recovery services to the

27  following percentages for each value range:

28                                    Claim Range    Percentage Fee

29    For all dollar values of     100,000 and above      5%

30    For all dollar values from   50,000 to 99,999       8%

31    For all dollar values from    5,000 to 49,999       12%

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  1    For all dollar values from     500 to 4,999         20%

  2

  3  A dollar amount includes any portion of a dollar above such

  4  amount.  Fees for account claims under $500 are not subject to

  5  such percentage limitations.  Fees for tangible property

  6  accounts shall be limited to such percentages based on the

  7  value of the property at the time the agreement for recovery

  8  is signed by the apparent owner.  Fees for accounts containing

  9  securities or other intangible ownership interests which are

10  not converted to cash shall be limited to such percentages

11  based on the purchase price of the security as quoted on a

12  national exchange or other market on which the ownership

13  interest is regularly traded at the time the securities or

14  other ownership interest is remitted to the owner's

15  representative. be unenforceable if made within 90 days after

16  attempted notification by the department or within 12 months

17  after such property is reported, whichever occurs first.

18  However, this section shall not apply to contracts made in

19  connection with guardianship proceedings, or the probate of an

20  estate, or corporations.

21         (2)  Agreements for recovery of cash accounts shall

22  state the dollar value of the unclaimed property account to be

23  paid to the owner and shall also state the dollar value of

24  compensation to be paid to the owner's representative.  All

25  other agreements shall state the approximate value of the

26  security, other intangible ownership interest, or tangible

27  property to be recovered and the percentage fee to be paid to

28  the owner's representative.  All agreements shall include the

29  name, social security number, address, and telephone number of

30  the owner and the license number of the owner's

31  representative.  All such agreements to pay compensation shall

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  1  be signed by the owner of the property and shall be filed by

  2  the owner's representative with the claim form. All agreements

  3  and/or powers of attorney entered into pursuant to subsection

  4  (1) shall contain the following statement directly above the

  5  signature in no less than 6-point bold type:  "THIS AGREEMENT

  6  TO PAY COMPENSATION TO RECOVER ABANDONED PROPERTY REPORTED TO

  7  THE STATE OF FLORIDA IS UNENFORCEABLE IF MADE WITHIN 90 DAYS

  8  AFTER THE ATTEMPTED NOTIFICATION OR WITHIN 12 MONTHS AFTER

  9  SUCH PROPERTY IS REPORTED, WHICHEVER OCCURS FIRST." Any

10  agreement which does not contain this statement shall be

11  unenforceable.

12         Section 30.  Section 717.138, Florida Statutes, is

13  amended to read:

14         717.138  Rulemaking authority.--

15         (1)  The Department of Banking and Finance shall

16  administer and provide for the enforcement of this chapter.

17  The department may adopt, amend, or repeal any rules necessary

18  or convenient to carry out the duties, obligations, and powers

19  conferred on the department and perform any other acts

20  necessary or convenient to properly administer, enforce, or

21  interpret this chapter, including, without limitation,

22  adopting rules and forms governing reports and claims.  The

23  department also has the exclusive power to define by rule any

24  term, whether or not used in this chapter, insofar as the

25  definition is not inconsistent with the provisions of this

26  chapter.

27         (2)  No provision of this chapter imposing liability

28  shall apply to an act or omission in conformity with a rule of

29  the department in existence at the time of the act or

30  omission, even though such rule may thereafter be amended,

31  repealed, or determined by judicial or other authority to be

                                  32

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






    Florida Senate - 2000                                   SB 832
    6-692-00                                                See HB




  1  invalid for any reason. The department has authority to adopt

  2  rules pursuant to ss. 120.536(1) and 120.54 to implement the

  3  provisions of this chapter.

  4         Section 31.  Subsection (4) of section 732.107, Florida

  5  Statutes, is amended to read:

  6         732.107  Escheat.--

  7         (4)  At any time within 10 years after receipt of the

  8  property by the state the granting of letters, a person

  9  claiming to be entitled to the estate of the decedent may

10  petition to reopen the administration and assert his or her

11  rights to escheated property. If the claimant is entitled to

12  any of the estate of the decedent, the court shall fix the

13  amount to which he or she is entitled, and it shall be repaid

14  to him or her with interest at the legal rate by the officials

15  charged with the disbursement of state school funds.  If no

16  claim is asserted within the time fixed, the title of the

17  state to the property and the proceeds shall become absolute.

18         Section 32.  Section 717.137, Florida Statutes, is

19  repealed.

20         Section 33.  This act shall take effect October 1,

21  2000.

22

23            *****************************************

24                       LEGISLATIVE SUMMARY

25
      Revises and clarifies provisions of ch. 717, F.S.,
26    relating to disposition of unclaimed property, to comport
      with other states and model codes. Deletes references to
27    unclaimed property as being abandoned. (See bill for
      details.)
28

29

30

31

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