Senate Bill 0832c3
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By the Committees on Fiscal Resource; Judiciary; Banking and
Insurance; and Senator Horne
314-1989-00
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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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.; including state-certified public
8 accountants among persons authorized to file
9 claims as owner's representatives; revising
10 certain procedures for filing claims by owner's
11 representatives and receiving and making
12 payments to an owner or owner's representative;
13 amending s. 717.1241; revising provisions
14 governing the resolution of conflicting
15 ownership claims between certain persons;
16 amending s. 717.1243, F.S.; revising provisions
17 for disposition of claims from small estate
18 accounts; amending s. 717.132, F.S.; providing
19 for deposit of administrative fines into the
20 Unclaimed Property Trust Fund; amending s.
21 717.135, F.S.; revising provisions relating to
22 unenforceability of certain agreements to
23 locate reported property; requiring disclosure
24 of certain information; limiting certain
25 recovery fees; specifying agreement
26 requirements; amending s. 732.107, F.S.;
27 deleting an interest rate requirement relating
28 to payments of amounts of escheated property;
29 creating s. 717.1353, F.S.; prohibiting
30 specific conduct of a department employee;
31 repealing s. 717.137, F.S., relating to effect
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1 and application of certain provisions; amending
2 s. 493.6102, F.S.; exempting certified public
3 accountants engaged in the recovery of
4 unclaimed property and the location of apparent
5 owners from the provisions of ch. 493, F.S.,
6 relating to private investigation; providing an
7 effective date.
8
9 Be It Enacted by the Legislature of the State of Florida:
10
11 Section 1. Present subsections (8) through (18) of
12 section 717.101, Florida Statutes, are renumbered as
13 subsections (9) through (19), respectively, a new subsection
14 (8) is added to that section, and present subsection (12),
15 which is renumbered as subsection (13), is amended, to read:
16 717.101 Definitions.--As used in this chapter, unless
17 the context otherwise requires:
18 (8) "Due diligence" means the use of reasonable and
19 prudent methods under particular circumstances to locate
20 apparent owners of inactive accounts using the taxpayer
21 identification number or social security number, if known,
22 which may include, but are not limited to, using a nationwide
23 database, cross-indexing with other records of the holder,
24 mailing to the last known address unless the last known
25 address is known to be inaccurate, or engaging a licensed
26 agency or company capable of conducting such search and
27 providing updated addresses.
28 (13)(12) "Last known address" means a description of
29 the location of the apparent owner sufficient for the purpose
30 of the delivery of mail. For the purposes of identifying,
31 reporting, and remitting to the department property that is
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1 presumed to be unclaimed, the term "last known address"
2 includes any partial description of the location of the
3 apparent owner sufficient to establish that the apparent owner
4 was a resident of this state at the time of last contact with
5 the apparent owner or at the time the property became due and
6 payable.
7 Section 2. Subsection (1) of section 717.102, Florida
8 Statutes, is amended to read:
9 717.102 Property presumed unclaimed abandoned; general
10 rule.--
11 (1) All intangible property, including any income or
12 increment thereon less any lawful charges, that is held,
13 issued, or owing in the ordinary course of the holder's
14 business and has remained unclaimed by the owner fails to
15 claim such property for more than 5 years after the property
16 it becomes payable or distributable is presumed unclaimed
17 abandoned, except as otherwise provided by this chapter.
18 Section 3. Section 717.103, Florida Statutes, is
19 amended to read:
20 717.103 General rules for taking custody of intangible
21 unclaimed property.--Unless otherwise provided in this chapter
22 or by other statute of this state, intangible property is
23 subject to the custody of the department as unclaimed property
24 if the conditions leading to a presumption that the property
25 is unclaimed of abandonment as described in ss. 717.102 and
26 717.105-717.116 are satisfied and:
27 (1) The last known address, as shown on the records of
28 the holder, of the apparent owner is in this state;
29 (2) The records of the holder do not reflect the
30 identity of the person entitled to the property, and it is
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1 established that the last known address of the person entitled
2 to the property is in this state;
3 (3) The records of the holder do not reflect the last
4 known address of the apparent owner, and it is established
5 that:
6 (a) The last known address of the person entitled to
7 the property is in this state; or
8 (b) The holder is a domiciliary or a government or
9 governmental subdivision or agency of this state and has not
10 previously paid the property to the state of the last known
11 address of the apparent owner or other person entitled to the
12 property;
13 (4) The last known address, as shown on the records of
14 the holder, of the apparent owner or other person entitled to
15 the property is in a state that does not provide by law for
16 the escheat or custodial taking of the property, or its
17 escheat or unclaimed property law is not applicable to the
18 property, and the holder is a domiciliary or a government or
19 governmental subdivision or agency of this state;
20 (5) The last known address, as shown on the records of
21 the holder, of the apparent owner is in a foreign nation and
22 the holder is a domiciliary or a government or governmental
23 subdivision or agency of this state; or
24 (6) The transaction out of which the property arose
25 occurred in this state, and;
26 (a)1. The last known address of the apparent owner or
27 other person entitled to the property is unknown; or
28 2. The last known address of the apparent owner or
29 other person entitled to the property is in a state that does
30 not provide by law for the escheat or custodial taking of the
31
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1 property, or its escheat or unclaimed property law is not
2 applicable to the property; and
3 (b) The holder is a domiciliary of a state that does
4 not provide by law for the escheat or custodial taking of the
5 property, or its escheat or unclaimed property law is not
6 applicable to the property.
7 Section 4. Section 717.1035, Florida Statutes, is
8 amended to read:
9 717.1035 Property originated or issued by this state,
10 any political subdivision of this state, or any entity
11 incorporated, organized, created, or otherwise located in the
12 state.--
13 (1) All intangible property, including, but not
14 limited to, any interest, dividend, or other earnings thereon,
15 less any lawful charges, held by a business association,
16 federal, state, or local government or governmental
17 subdivision, agency, or entity, or any other person or entity,
18 regardless of where the holder may be found, if the owner has
19 not claimed or corresponded in writing concerning the property
20 within 3 years after the date prescribed for payment or
21 delivery, is presumed to be unclaimed property abandoned and
22 subject to the custody of this state as such unclaimed
23 property if:
24 (a) The last known address of the owner is unknown;
25 and
26 (b) The person or entity originating or issuing the
27 intangible property is this state or any political subdivision
28 of this state, or the person or entity is incorporated,
29 organized, created, or otherwise located in this state.
30 (2) The provisions of subsection (1) shall not apply
31 to property which is or may be presumed unclaimed abandoned
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1 and subject to the custody of this state pursuant to any other
2 provision of law containing a dormancy period different than
3 that prescribed in subsection (1).
4 (3) The provisions of subsection (1) shall apply to
5 all property held at the time of enactment, or at any time
6 thereafter, regardless of when such property became or becomes
7 presumptively unclaimed abandoned.
8 Section 5. Subsections (1), (2), and (5) of section
9 717.104, Florida Statutes, are amended to read:
10 717.104 Traveler's checks and money orders.--
11 (1) Subject to subsection (4), any sum payable on a
12 traveler's check that has been outstanding for more than 15
13 years after its issuance is presumed unclaimed abandoned
14 unless the owner, within 15 years, has communicated in writing
15 with the issuer concerning it or otherwise indicated an
16 interest as evidenced by a memorandum or other record on file
17 with prepared by an employee of the issuer.
18 (2) Subject to subsection (4), any sum payable on a
19 money order or similar written instrument, other than a third
20 party bank check, that has been outstanding for more than 7
21 years after its issuance is presumed unclaimed abandoned
22 unless the owner, within 7 years, has communicated in writing
23 with the issuer concerning it or otherwise indicated an
24 interest as evidenced by a memorandum or other record on file
25 with prepared by an employee of the issuer.
26 (5) Notwithstanding any other provision of this
27 chapter, subsection (4) applies to sums payable on traveler's
28 checks, money orders, and similar written instruments presumed
29 unclaimed abandoned on or after February 1, 1965, except to
30 the extent that those sums have been paid over to a state
31 prior to January 1, 1974.
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1 Section 6. Subsection (1) of section 717.105, Florida
2 Statutes, is amended to read:
3 717.105 Checks, drafts, and similar instruments issued
4 or certified by banking and financial organizations.--
5 (1) Any sum payable on a check, draft, or similar
6 instrument, except those subject to ss. 717.104 and 717.115,
7 on which a banking or financial organization is directly
8 liable, including, but not limited to by way of illustration
9 and not limitation, a cashier's check or and a certified
10 check, which has been outstanding for more than 5 years after
11 it was payable or after its issuance if payable on demand, is
12 presumed unclaimed abandoned unless the owner, within 5 years,
13 has communicated in writing with the banking or financial
14 organization concerning it or otherwise indicated an interest
15 as evidenced by a memorandum or other record on file with
16 prepared by an employee of the banking or financial
17 organization.
18 Section 7. Subsection (1) of section 717.106, Florida
19 Statutes, is amended to read:
20 717.106 Bank deposits and funds in financial
21 organizations.--
22 (1) Any demand, savings, or matured time deposit with
23 a banking or financial organization, including deposits that
24 are automatically renewable, and any funds paid toward the
25 purchase of shares, a mutual investment certificate, or any
26 other interest in a banking or financial organization is
27 presumed unclaimed abandoned unless the owner has, within 5
28 years:
29 (a) In the case of a deposit, Increased or decreased
30 the amount of the deposit or presented the passbook or other
31 similar evidence of the deposit for the crediting of interest;
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1 (b) Communicated in writing with the banking or
2 financial organization concerning the property;
3 (c) Otherwise indicated an interest in the property as
4 evidenced by a memorandum or other record on file with
5 prepared by an employee of the banking or financial
6 organization;
7 (d) Owned other property to which paragraph (a),
8 paragraph (b), or paragraph (c) is applicable and if the
9 banking or financial organization communicates in writing with
10 the owner with regard to the property that would otherwise be
11 presumed unclaimed abandoned under this subsection at the
12 address to which communications regarding the other property
13 regularly are sent; or
14 (e) Had another relationship with the banking or
15 financial organization concerning which the owner has:
16 1. Communicated in writing with the banking or
17 financial organization; or
18 2. Otherwise indicated an interest as evidenced by a
19 memorandum or other record on file with prepared by an
20 employee of the banking or financial organization and if the
21 banking or financial organization communicates in writing with
22 the owner with regard to the property that would otherwise be
23 unclaimed abandoned under this subsection at the address to
24 which communications regarding the other relationship
25 regularly are sent.
26 (f) Received first class mail, which was not returned
27 as undeliverable, in the ordinary course of business at the
28 address reflected in the banking or financial organization's
29 records.
30 Section 8. Subsection (1) of section 717.107, Florida
31 Statutes, is amended to read:
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1 717.107 Funds owing under life insurance policies.--
2 (1) Funds held or owing under any life or endowment
3 insurance policy or annuity contract which has matured or
4 terminated are presumed unclaimed abandoned if unclaimed for
5 more than 5 years after the funds became due and payable as
6 established from the records of the insurance company holding
7 or owing the funds, but property described in paragraph (3)(b)
8 is presumed unclaimed abandoned if such property is not
9 claimed unclaimed for more than 2 years.
10 Section 9. Section 717.108, Florida Statutes, is
11 amended to read:
12 717.108 Deposits held by utilities.--Any deposit,
13 including any interest thereon, made by a subscriber with a
14 utility to secure payment or any sum paid in advance for
15 utility services to be furnished, less any lawful charges,
16 that remains unclaimed by the owner for more than 1 year after
17 termination of the services for which the deposit or advance
18 payment was made is presumed unclaimed abandoned.
19 Section 10. Section 717.109, Florida Statutes, is
20 amended to read:
21 717.109 Refunds held by business associations.--Except
22 to the extent otherwise ordered by the court or administrative
23 agency, any sum that a business association has been ordered
24 to refund by a court or administrative agency which has not
25 been claimed remained unclaimed by the owner for more than 1
26 year after it became payable in accordance with the final
27 determination or order providing for the refund, regardless of
28 whether the final determination or order requires any person
29 entitled to a refund to make a claim for it, is presumed
30 unclaimed abandoned.
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1 Section 11. Subsections (1), (2), (3), and (4) of
2 section 717.1101, Florida Statutes, are amended to read:
3 717.1101 Stock and other intangible interests in
4 business associations.--
5 (1) Except as provided in subsections (2) and (5), any
6 stock or other intangible ownership interest in a business
7 association, the existence of which is evidenced by record
8 available to the association, is presumed unclaimed abandoned
9 and, with respect to the interest, the association is the
10 holder, if a dividend, distribution, or other sum payable as a
11 result of the interest is not claimed has for 5 years remained
12 unclaimed by the owner and the owner has not within 5 years:
13 (a) Communicated in writing with the association or
14 its agent regarding the interest or a dividend, distribution,
15 or other sum payable as a result of the interest; or
16 (b) Otherwise communicated with the association
17 regarding the interest or a dividend, distribution, or other
18 sum payable as a result of the interest, as evidenced by a
19 memorandum or other record on file with the association or its
20 agent prepared by an employee of the association or its agent.
21 (2) At the expiration of a 5-year period following the
22 failure of the owner to claim a dividend, distribution, or
23 other sum payable to the owner as a result of the interest,
24 the interest shall not be presumed unclaimed abandoned unless
25 there have been at least five dividends, distributions, or
26 other sums paid during the period, none of which has been
27 claimed. If five dividends, distributions, or other sums are
28 paid during the 5-year period, the period leading to a
29 presumption that the interest is unclaimed of abandonment
30 commences on the date payment of the first such unclaimed
31 dividend, distribution, or other sum became due and payable.
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1 If five dividends, distributions, or other sums are not paid
2 during the presumptive period, the period continues to run
3 until there have been five consecutive dividends,
4 distributions, or other sums that have not been claimed by the
5 owner.
6 (3) The running of such the 5-year period of
7 abandonment ceases immediately upon the occurrence of one or
8 more of the conditions referred to in subsection (1). If any
9 future dividend, distribution, or other sum payable to the
10 owner as a result of the interest is subsequently not claimed
11 by the owner, a new period in which the property is presumed
12 unclaimed of abandonment commences and relates back only to
13 the time a subsequent dividend, distribution, or other sum
14 became due and payable.
15 (4) At the same time any interest is presumed
16 unclaimed abandoned under this section, any dividend,
17 distribution, or other sum then held for or owing to the owner
18 as a result of the interest, and not previously presumed
19 abandoned, is presumed unclaimed abandoned.
20 Section 12. Section 717.111, Florida Statutes, is
21 amended to read:
22 717.111 Property of business associations held in
23 course of dissolution.--All intangible property distributable
24 in the course of a voluntary or involuntary dissolution of a
25 business association which is not claimed remains unclaimed by
26 the owner for more than 6 months after the date specified for
27 final distribution is presumed unclaimed abandoned.
28 Section 13. Subsection (1) of section 717.112, Florida
29 Statutes, is amended, and subsection (5) is added to that
30 section, to read:
31 717.112 Property held by agents and fiduciaries.--
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1 (1) All intangible property and any income or
2 increment thereon held in a fiduciary capacity for the benefit
3 of another person is presumed unclaimed abandoned unless the
4 owner has within 5 years after it has become payable or
5 distributable increased or decreased the principal, accepted
6 payment of principal or income, communicated concerning the
7 property, or otherwise indicated an interest as evidenced by a
8 memorandum or other record on file with prepared by the
9 fiduciary or an employee of the fiduciary.
10 (5) All intangible property, and any income or
11 increment thereon, issued by a government or governmental
12 subdivision or agency, public corporation, or public authority
13 held in an agency capacity for the governmental subdivision,
14 agency, public corporation, or public authority, for the
15 benefit of the owner of record, is presumed unclaimed unless
16 the owner has, within 1 year after such property has become
17 payable or distributable, increased or decreased the
18 principal, accepted payment of the principal or income,
19 communicated concerning the property, or otherwise indicated
20 an interest in the property as evidenced by a memorandum or
21 other record on file with the fiduciary.
22 Section 14. Section 717.113, Florida Statutes, is
23 amended to read:
24 717.113 Property held by courts and public
25 agencies.--All intangible property held for the owner by any
26 court, government or governmental subdivision or agency,
27 public corporation, or public authority that has not been
28 claimed remained unclaimed by the owner for more than 1 year
29 after it became payable or distributable is presumed unclaimed
30 abandoned. Notwithstanding the provisions of this section,
31 funds deposited in the Minerals Trust Fund pursuant to s.
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1 377.247 are presumed unclaimed abandoned only if the funds
2 have not been claimed remained unclaimed by the owner for more
3 than 5 years after from the date of first production from the
4 well.
5 Section 15. Section 717.115, Florida Statutes, is
6 amended to read:
7 717.115 Wages.--Unpaid wages, including wages
8 represented by unpresented payroll checks, owing in the
9 ordinary course of the holder's business that have not been
10 claimed remained unclaimed by the owner for more than 1 year
11 after becoming payable are presumed unclaimed abandoned.
12 Section 16. Section 717.116, Florida Statutes, is
13 amended to read:
14 717.116 Contents of safe-deposit box or other
15 safekeeping repository.--All tangible and intangible property
16 held in a safe-deposit box or any other safekeeping repository
17 in this state in the ordinary course of the holder's business,
18 and proceeds resulting from the sale of the property permitted
19 by law, that has not been claimed remain unclaimed by the
20 owner for more than 3 years after the lease or rental period
21 on the box or other repository has expired are presumed
22 unclaimed abandoned.
23 Section 17. Section 717.117, Florida Statutes, is
24 amended to read:
25 717.117 Report of unclaimed abandoned property.--
26 (1) Every person holding funds or other property,
27 tangible or intangible, presumed unclaimed abandoned and
28 subject to custody as unclaimed property under this chapter
29 shall report to the department on such forms as the department
30 may prescribe by rule with respect to the property as provided
31 in this section. In lieu of forms, the holder may submit the
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1 required information via electronic medium as the department
2 may prescribe by rule.
3 (2) The report shall be verified. Verification of a
4 private corporation or unincorporated association shall be
5 made by an officer; of a partnership, by a partner; and of a
6 public corporation, by its chief fiscal officer. The report
7 must include:
8 (a) Except for with respect to traveler's checks and
9 money orders, the name and taxpayer social security number or
10 federal employer identification number or social security
11 number, date of birth, if known, and last known address, if
12 any, of each person appearing from the records of the holder
13 to be the owner of any property that is presumed unclaimed and
14 that has of a value of $50 or more presumed abandoned under
15 this chapter.
16 (b) For In the case of unclaimed funds that have a
17 value of $50 or more held or owing under any life or endowment
18 insurance policy or annuity contract, the full name, taxpayer
19 social security number, or federal employer identification
20 number or social security number, date of birth, if known, and
21 last known address of the insured or annuitant and of the
22 beneficiary according to records of the insurance company
23 holding or owing the funds.
24 (c) For all tangible property held in the case of the
25 contents of a safe-deposit box or other safekeeping repository
26 or in the case of other tangible property, a description of
27 the property and the place where the property it is held and
28 may be inspected by the department, and any amounts owing to
29 the holder. Contents of a safe-deposit box or other
30 safekeeping repository which consist of documents or writings
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1 of a private nature and which have little or no apparent value
2 shall not be presumed unclaimed abandoned.
3 (d) The nature and identifying number, if any, or
4 description of the property and the amount appearing from the
5 records to be due., but Items of value under $50 each may be
6 reported in the aggregate.
7 (e) The date the property became payable, demandable,
8 or returnable, and the date of the last transaction with the
9 apparent owner with respect to the property.
10 (f) Any person or business entity holding funds
11 presumed unclaimed and having abandoned of a total value of
12 $10 or less may file a zero balance negative or nothing-owed
13 report for that reporting period. The balance brought forward
14 to the new reporting period is zero.
15 (g) Such other information as which the department may
16 prescribe prescribes by rule as necessary for the
17 administration of this chapter.
18 (h) Credit balances, customer overpayments, security
19 deposits, and refunds having a value of less than $10 shall
20 not be presumed unclaimed abandoned.
21 (2)(3) If the holder of person holding property
22 presumed unclaimed abandoned and subject to custody as
23 unclaimed property is a successor holder to other persons who
24 previously held the property for the apparent owner or if the
25 holder has changed the holder's his or her name while in
26 possession of holding the property, the holder he or she shall
27 file with the holder's his or her report all known names and
28 addresses of each prior previous holder of the property.
29 Compliance with this subsection means that the holder
30 exercises reasonable and prudent efforts to determine the
31 names of all prior holders.
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1 (3)(4) The report must be filed before May 1 of each
2 year. Such report shall apply to the preceding calendar year.
3 If such report is not filed on or before the applicable filing
4 date, the holder shall pay to the department a penalty of $10
5 per day for each day the report is delinquent, but such
6 penalty shall not exceed $500. As necessary for proper
7 administration of this chapter, the department may waive any
8 penalty due with appropriate justification. On written
9 request by any person required to file a report, the
10 department may postpone the reporting date.
11 (4)(5) Holders of inactive accounts shall use due
12 diligence to locate apparent owners. Not more than 120 days
13 prior to filing the report required by this section, the
14 holder in possession of property presumed abandoned and
15 subject to custody as unclaimed property under this chapter
16 shall send written notice to the apparent owner at his or her
17 last known address informing him or her that the holder is in
18 possession of property subject to this chapter if:
19 (a) When an owner's account becomes inactive, the
20 holder shall conduct at least one search for the apparent
21 owner using due diligence. For purposes of this section, an
22 account is inactive if 2 years have transpired after the last
23 owner-initiated account activity, the expiration date on the
24 instrument or contract, or first-class mail has been returned
25 as undeliverable.
26 1. Within 180 days after an account becomes inactive,
27 the holder shall conduct a search to locate the apparent owner
28 of the property. The holder may satisfy such requirement by
29 conducting one annual search for the owners of all accounts
30 which have become inactive during the prior year.
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1 2. Within 30 days after receiving updated address
2 information, the holder shall provide notice by telephone or
3 first-class mail to the current address notifying the apparent
4 owner that the holder is in possession of property which is
5 presumed unclaimed and may be remitted to the department. The
6 notice shall also provide the apparent owner with the address
7 or the telephone number of an office where the apparent owner
8 may claim the property or reestablish the inactive account.
9 The holder has in its records an address for the apparent
10 owner which the holder's records do not disclose to be
11 inaccurate.
12 (b) The claim of the apparent owner is not barred by
13 the statute of limitations.
14 (5)(6) Any holder of intangible property may file with
15 the department a petition for determination that the property
16 is unclaimed abandoned requesting the department to accept
17 custody of the property. The petition shall state any special
18 circumstances that exist, contain the information required by
19 subsection (2), and show that a diligent search has been made
20 to locate the owner. If the department finds that the proof
21 of diligent search is satisfactory, it shall give notice as
22 provided in s. 717.118 and accept custody of the property.
23 (6)(7) Upon On written request by any entity or person
24 required to file a report, stating the entity's or the
25 person's their justification for such action, the department
26 may place that entity or person in an inactive status as an
27 unclaimed abandoned property "holder."
28 (7)(8) This section shall not apply to the unclaimed
29 patronage refunds as provided for by contract or through bylaw
30 provisions of entities organized under chapter 425.
31
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1 Section 18. Section 717.118, Florida Statutes, is
2 amended to read:
3 717.118 Notice and publication of lists of unclaimed
4 abandoned property.--
5 (1) It is specifically recognized that the state has
6 an obligation to make an effort to notify owners of unclaimed
7 abandoned property in a cost-effective manner. In order to
8 provide all the citizens of this state an effective and
9 efficient program for the recovery of unclaimed abandoned
10 property, the department shall use cost-effective means to
11 make at least one active a single attempt to notify owners of
12 the existence of unclaimed abandoned property held by the
13 department. Such active attempt to locate apparent owners
14 shall include any attempt by the department to directly
15 contact the owner. Other The means of notification, such as
16 publication of the names of owners in the newspaper, on
17 television, on the Internet, or through other promotional
18 efforts and items in which the department does not directly
19 attempt to contact the owner are expressly declared to be
20 passive attempts. Nothing in this subsection precludes other
21 agencies or entities of state government from notifying owners
22 of the existence of unclaimed property or attempting to locate
23 apparent owners of unclaimed property. may include post,
24 print, visual, telecommunications, or electronic media.
25 Publication of the names of owners on the Internet is not an
26 attempt to notify owners under this subsection. The department
27 shall implement such notification within 13 months following
28 the receipt of the report required by s. 717.117.
29 (2) The following notification requirements shall
30 apply:
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1 (a) Notifications that are published or televised may
2 shall consist of the names of apparent owners of unclaimed
3 abandoned property, listed in alphabetical order, and
4 information regarding recovery of unclaimed abandoned property
5 from the department. Such notification may shall be televised
6 or published in the county in which the last known address of
7 the apparent owner is located or, if the address is unknown,
8 in the county in which the holder has its principal place of
9 business. Published notifications may must be in accordance
10 with s. 50.011.
11 (b) Notification provided directly to individual
12 apparent owners shall consist of a description of the property
13 and information regarding recovery of unclaimed abandoned
14 property from the department.
15 (3) The department may shall publish in the notice any
16 items of more than $100.
17 (4) This section is not applicable to sums payable on
18 traveler's checks, money orders, and other written instruments
19 presumed unclaimed abandoned under s. 717.104.
20 Section 19. Section 717.119, Florida Statutes, is
21 amended to read:
22 717.119 Payment or delivery of unclaimed abandoned
23 property.--
24 (1) Every person who is required to file a report
25 under s. 717.117 shall simultaneously pay or deliver to the
26 department all unclaimed abandoned property required to be
27 reported. Such payment or delivery shall accompany the report
28 as required in this chapter for the preceding calendar year.
29 (2) Payment of unclaimed funds may be made to the
30 department by electronic funds transfer.
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1 (3)(2) If the owner establishes the right to receive
2 the unclaimed abandoned property to the satisfaction of the
3 holder before the property has been delivered to the
4 department or it appears that for some other reason the
5 presumption that the property is unclaimed of abandonment is
6 erroneous, the holder need not pay or deliver the property to
7 the department., which will no longer be presumed abandoned,
8 but In lieu of delivery, the holder thereof shall file a
9 verified written explanation of the proof of claim or of the
10 error in the presumption that the property was unclaimed of
11 abandonment.
12 (4)(3) All stock or other intangible ownership
13 interest reported under this chapter on the annual report
14 filing required in s. 717.117 shall be sold and the proceeds
15 remitted to the department with the report. Reasonable fees
16 within the industry's standards may be deducted from the
17 proceeds for the costs of selling the stock or other
18 intangible ownership interest. Upon delivery of the stock or
19 other intangible ownership interest net proceeds to the
20 department, the holder and any transfer agent, registrar, or
21 other person acting for or on behalf of a holder is relieved
22 of all liability of every kind in accordance with the
23 provisions of s. 717.1201 to every person for any losses or
24 damages resulting to the person by the sale and delivery to
25 the department of the stock or other intangible ownership
26 interest net proceeds.
27 (5)(4) All intangible and tangible property held in a
28 safe-deposit box or any other safekeeping repository reported
29 under s. 717.117 shall not be delivered to the department
30 until 120 days after the report due date. Holders may remit
31 the value of cash and coins found in unclaimed safety-deposit
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1 boxes to the department by cashier's check or by electronic
2 funds transfer, unless the cash or coins have a value above
3 face value. The department shall identify by rule those cash
4 and coin items having a numismatic value. Cash and coin items
5 identified as having a numismatic value shall be remitted to
6 the department in their original form.
7 (a) If such property is not paid or delivered to the
8 department filed on or before the applicable payment or
9 delivery filing date, the holder shall pay to the department a
10 penalty of $10 for each safe-deposit box received late, but
11 such penalty shall not exceed $1,000. As necessary for proper
12 administration of this chapter,
13 (b) The department may waive any penalty due with
14 appropriate justification, as provided by rule.
15 (c) Upon On written request by any person required to
16 deliver safe-deposit box contents, the department may postpone
17 the delivery.
18 (6)(5) Any holder may request an extension in writing
19 of up to 60 days for the delivery of property if extenuating
20 circumstances exist for the late delivery of the property.
21 Any such extension, and the department may grant shall be such
22 an extension in writing.
23 Section 20. Subsection (6) of section 717.1201,
24 Florida Statutes, is amended to read:
25 717.1201 Custody by state; holder relieved from
26 liability; reimbursement of holder paying claim; reclaiming
27 for owner; defense of holder; payment of safe-deposit box or
28 repository charges.--
29 (6) For the purposes of this section, "good faith"
30 means that:
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1 (a) Payment or delivery was made in a reasonable
2 attempt to comply with this chapter.
3 (b) The person delivering the property was not a
4 fiduciary then in breach of trust in respect to the property
5 and had a reasonable basis for believing, based on the facts
6 then known to that person, that the property was unclaimed
7 abandoned for the purposes of this chapter.
8 (c) There is no showing that the records pursuant to
9 which the delivery was made did not meet reasonable commercial
10 standards of practice in the industry.
11 Section 21. Section 717.122, Florida Statutes, is
12 amended to read:
13 717.122 Public sale of unclaimed abandoned property.--
14 (1) Except as provided in subsection (2), the
15 department after the receipt of unclaimed abandoned property
16 shall sell it to the highest bidder at public sale wherever in
17 whatever city in the state affords in the judgment of the
18 department the most favorable market for the property involved
19 exists. The department may decline the highest bid and
20 reoffer the property for sale if in the judgment of the
21 department the bid is insufficient. The department shall have
22 the discretion to withhold from sale any unclaimed abandoned
23 property that the department deems to be of benefit to the
24 people of the state. If in the judgment of the department the
25 probable cost of sale exceeds the value of the property, it
26 need not be offered for sale and may be disposed of as the
27 department determines appropriate. Any sale held under this
28 section must be preceded by a single publication of notice, at
29 least 3 weeks in advance of sale, in a newspaper of general
30 circulation in the county in which the property is to be sold.
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1 (2) Securities listed on an established stock exchange
2 must be sold at prices prevailing at the time of sale on the
3 exchange. Other securities may be sold over the counter at
4 prices prevailing at the time of sale or by any other method
5 the department deems advisable. The department may authorize
6 the agent or broker acting on behalf of the department to
7 deduct fees from the proceeds of these sales at a rate agreed
8 upon in advance by the agent or broker and the department.
9 The department shall reimburse owners accounts for these
10 brokerage fees from the State School Fund unless the
11 securities are sold at the owner's request.
12 (3) Unless the department deems it to be in the public
13 interest to do otherwise, all securities presumed unclaimed
14 abandoned and delivered to the department may be sold upon
15 receipt. Any person making a claim pursuant to this chapter
16 is entitled to receive either the securities delivered to the
17 department by the holder, if they still remain in the hands of
18 the department, or the proceeds received from sale, less any
19 amounts deducted pursuant to subsection (2) s. 717.123, but no
20 person has any claim under this chapter against the state, the
21 holder, any transfer agent, any registrar, or any other person
22 acting for or on behalf of a holder for any appreciation in
23 the value of the property occurring after delivery by the
24 holder to the state.
25 (4) The purchaser of property at any sale conducted by
26 the department pursuant to this chapter is entitled to
27 ownership of the property purchased free from all claims of
28 the owner or previous holder thereof and of all persons
29 claiming through or under them. The department shall execute
30 all documents necessary to complete the transfer of ownership.
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1 Section 22. Section 717.123, Florida Statutes, is
2 amended to read:
3 717.123 Deposit of funds.--
4 (1) All funds received under this chapter, including
5 the proceeds from the sale of unclaimed abandoned property
6 under s. 717.122, shall forthwith be deposited by the
7 department in the Unclaimed Property Trust State School Fund.,
8 except that The department shall retain, from funds received
9 under this chapter, in a separate account an amount not
10 exceeding $8 $3 million from which the department it shall
11 make prompt payment of claims allowed by the department and
12 shall pay the it. costs incurred by the department in
13 administering and enforcing this chapter. shall be reimbursed
14 from the All remaining funds received by the department under
15 this chapter shall be deposited by the department into the
16 State School Fund.
17 (2) The department shall record the name and last
18 known address of each person appearing from the holder's
19 reports to be entitled to the unclaimed abandoned property in
20 the total amounts of $5 or greater; the name and the last
21 known address of each insured person or annuitant; and with
22 respect to each policy or contract listed in the report of an
23 insurance corporation, its number, the name of the
24 corporation, and the amount due.
25 Section 23. Subsection (5) of section 717.124, Florida
26 Statutes, is amended to read:
27 717.124 Filing of claim with department.--
28 (5)(a) If an owner authorizes a claimant assigns his
29 or her rights to receive payment to an attorney, a
30 Florida-certified public accountant, or a private
31 investigative agency that which is duly licensed to do
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1 business in this state to claim the unclaimed property on the
2 claimant's behalf pursuant to a written agreement with such
3 claimant, the department is authorized to make distribution of
4 the property or money in accordance with such power of
5 attorney assignment.
6 (b)1. Payments of approved claims for unclaimed cash
7 accounts shall be made to the owner after deducting any fees
8 authorized pursuant to a written power of attorney.
9 2. Payments of fees authorized pursuant to a written
10 power of attorney for approved cash claims shall be forwarded
11 to the designated attorney, Florida-certified public
12 accountant, or private investigative agency. Such payments may
13 be made by electronic funds transfer and may be made on such
14 periodic schedule as the department may define by rule,
15 provided the payment intervals do not exceed 31 days.
16 3. Payments of approved claims for unclaimed
17 securities and other intangible ownership interests made to an
18 attorney, a Florida-certified public accountant or private
19 investigative agency shall be promptly deposited into a trust
20 or escrow account which is regularly maintained by the
21 attorney, the Florida-certified public accountant, or the
22 private investigative agency in a financial institution
23 authorized to accept such deposits and located in this state.
24 (c) Distribution of unclaimed property by the
25 attorney, the Florida-certified public accountant, or the
26 private investigative agency to the claimant shall be made
27 within 10 days following final credit of the deposit into the
28 trust or escrow account at the financial institution, unless a
29 party to the agreement protests in writing such distribution
30 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 have been received by the department, the
9 property shall be remitted:
10 (a) To the person submitting the first claim received
11 by the department;
12 (b) To the owner if an owner's claim and an owner's
13 representative's claim are received by the department on the
14 same day;
15 (c) To the owner's representative who has the earliest
16 dated contract with the owner if claims by two or more owner's
17 representatives are received by the department on the same
18 day. filed, the department shall remit the property as
19 follows:
20 (a) If both the owner and the owner's representative
21 file claims for the same property:
22 1. To the owner, if the owner has appointed the
23 owner's representative as the owner's attorney in fact but has
24 not irrevocably assigned the unclaimed property in whole or in
25 part to the owner's representative; or
26 2. To the owner's representative pursuant to s.
27 717.124 if the owner has irrevocably assigned the unclaimed
28 property in whole or in part to the owner's representative.
29 (b) To the owner's representative who first executed a
30 contract with the owner more than 12 months after the property
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1 has been reported to the department, unless paragraph (a)
2 applies;
3 (c) To the owner's representative who first executed a
4 contract with the owner within 12 months after the property
5 has been reported to the department, unless paragraph (a) or
6 paragraph (b) applies.
7 Section 25. Section 717.1243, Florida Statutes, is
8 amended to read:
9 717.1243 Small-estate accounts Transfer of unclaimed
10 property by operation of law.--When A claim for unclaimed
11 property is made by a beneficiary, as defined in s.
12 731.201(2), an heir of a deceased an owner who died intestate,
13 it shall need not be accompanied by necessary to accompany the
14 claim with an order of a probate court if the claimant files
15 with the department an affidavit, signed by all beneficiaries,
16 stating that all the beneficiaries the heirs have amicably
17 agreed among themselves upon a division of the estate, that
18 the assets of the estate of the owner, excluding the unclaimed
19 property, are sufficient to pay all just claims, and that all
20 funeral expenses, expenses of the last illness, and any other
21 lawful claims have been paid no probate proceedings have been
22 instituted upon the estate. If the owner died dies testate but
23 the will is not probated, the claim shall be accompanied by a
24 certified copy of the will and an affidavit stating that the
25 assets of the estate of the owner, excluding the unclaimed
26 property, are sufficient to pay all just claims and that no
27 probate proceedings have been instituted upon the estate.
28 (2) The persons receiving property under this section
29 shall be personally liable for all lawful claims against the
30 estate of the owner, but only to the extent of the value of
31 the property received by each person under this section,
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1 exclusive of the property exempt from claims of creditors
2 under the constitution and statutes of Florida.
3 (3) Any heir or devisee of the owner who was lawfully
4 entitled to share in the property but who did not receive his
5 or her share of the property, may enforce his or her rights in
6 appropriate proceedings against those who received the
7 property, and shall be awarded taxable costs as in chancery
8 actions, including attorney's fees.
9 (4) This section only applies if all of the unclaimed
10 property held by the department on behalf of the owner has an
11 aggregate value of $5,000 $1,000 or less and no probate
12 proceeding is pending.
13 Section 26. Subsections (1) and (2) of section
14 717.125, Florida Statutes, are amended to read:
15 717.125 Claim of another state to recover property;
16 procedure.--
17 (1) At any time after property has been paid or
18 delivered to the department under this chapter, another state
19 may recover the property if:
20 (a) The property was subjected to custody by this
21 state because the records of the holder did not reflect the
22 last known address of the apparent owner when the property was
23 presumed unclaimed abandoned under this chapter, and the other
24 state establishes that the last known address of the apparent
25 owner or other person entitled to the property was in that
26 state and under the laws of that state the property escheated
27 to or was subject to a claim of abandonment or being unclaimed
28 by that state;
29 (b) The last known address of the apparent owner or
30 other person entitled to the property, as reflected by the
31 records of the holder, is in the other state and under the
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1 laws of that state the property has escheated to or become
2 subject to a claim of abandonment by that state;
3 (c) The records of the holder were erroneous in that
4 they did not accurately reflect the actual owner of the
5 property and the last known address of the actual owner is in
6 the other state and under laws of that state the property
7 escheated to or was subject to a claim of abandonment by that
8 state;
9 (d) The property was subject to custody by this state
10 under s. 717.103(6) and under the laws of the state of
11 domicile of the holder the property has escheated to or become
12 subject to a claim of abandonment by that state; or
13 (e) The property is the sum payable on a traveler's
14 check, money order, or other similar instrument that was
15 subjected to custody by this state under s. 717.104, and the
16 instrument was purchased in the other state, and under the
17 laws of that state the property escheated to or became subject
18 to a claim of abandonment by that state.
19 (2) The claim of another state to recover escheated or
20 unclaimed abandoned property under this section must be
21 presented in a form prescribed by the department, and the
22 department shall determine the claim within 90 days after it
23 is presented. Such determination shall contain a notice of
24 rights provided by ss. 120.569 and 120.57.
25 Section 27. Subsection (1) of section 717.129, Florida
26 Statutes, is amended to read:
27 717.129 Periods of limitation.--
28 (1) The expiration before or after July 1, 1987, of
29 any period of time specified by contract, statute, or court
30 order, during which a claim for money or property may be made
31 or during which an action or proceeding may be commenced or
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1 enforced to obtain payment of a claim for money or to recover
2 property, does not prevent the money or property from being
3 presumed unclaimed abandoned or affect any duty to file a
4 report or to pay or deliver unclaimed abandoned property to
5 the department as required by this chapter.
6 Section 28. Subsection (3) of section 717.132, Florida
7 Statutes, is amended to read:
8 717.132 Enforcement; cease and desist orders;
9 administrative fines.--
10 (3) In addition to any other powers conferred upon it
11 to enforce and administer the provisions of this chapter, the
12 department may impose and collect an administrative fine
13 against any person found to have violated any provision of
14 this chapter, any rule or order promulgated under this
15 chapter, or any written agreement entered into with the
16 department in an amount not to exceed $2,000 for each
17 violation. All fines collected under this subsection shall be
18 deposited as received in the Unclaimed Property Trust Fund.
19 Section 29. Section 717.135, Florida Statutes, is
20 amended to read:
21 717.135 Agreement to locate reported property.--
22 (1) All agreements between an owner's representative
23 and an owner for to pay compensation to recover or assist in
24 the recovery of property reported to the department under s.
25 717.117 shall either:
26 (a) Limit the fees for services for each owner
27 contract to the following percentages:
28 1. For all contracts with dollar values of 100,000 and
29 above, 7 percent.
30 2. For all contracts with dollar values from 50,000 to
31 99,999, 10 percent.
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1 3. For all contracts with dollar values from 5,000 to
2 49,999, 12 percent.
3 4. For all contracts with dollar values from 500 to
4 4,999, 20 percent.
5
6 Fees for account claims under $500 are not subject to such
7 percentage limitations. Fees for cash accounts shall be based
8 on the value of the property at the time the agreement for
9 recovery is signed by the apparent owner. Fees for accounts
10 containing securities or other intangible ownership interests,
11 which are not converted to cash, shall be based on the
12 purchase price of the security as quoted on a national
13 exchange or other market on which the ownership interest is
14 regularly traded at the time the securities or other ownership
15 interest is remitted to the owner or the owner's
16 representative. Fees for tangible property or safe-deposit box
17 accounts shall be based on the value of the tangible property
18 or contents of the safe-deposit box at the time the ownership
19 interest is transferred or remitted to the owner or the
20 owner's representative; or
21 (b) Disclose that the property is held by a
22 governmental entity, pursuant to chapter 717, and the person
23 or type of entity that held the property prior to the property
24 becoming unclaimed, the date of the holder's last contact with
25 the owner, if known, the approximate value of the property,
26 and identify which of the following categories of unclaimed
27 property the owner's representative is seeking to recover:
28 1. Cash accounts;
29 2. Stale dated checks;
30 3. Life insurance or annuity contract assets;
31 4. Utility deposits;
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1 5. Securities or other interests in business
2 associations;
3 6. Wages;
4 7. Accounts receivable; and
5 8. Contents of safe-deposit boxes. be unenforceable if
6 made within 90 days after attempted notification by the
7 department or within 12 months after such property is
8 reported, whichever occurs first.
9
10 However, this section shall not apply to contracts made in
11 connection with guardianship proceedings, or the probate of an
12 estate, or corporations.
13 (2)(a) Agreements for recovery of cash accounts shall
14 state the dollar value of the unclaimed property account to be
15 paid to the owner and shall also state the dollar value of
16 compensation to be paid to the owner's representative.
17 (b) Agreements for recovery of accounts containing
18 securities, safe-deposit box accounts, other intangible or
19 tangible ownership interest, or other types of accounts except
20 cash accounts, shall state the approximate value of the
21 unclaimed property and the percentage value of compensation to
22 be paid to the owner's representative.
23 (c) All agreements shall include the name, the
24 address, the professional license number of the owner's
25 representative, and if available, taxpayer identification or
26 social security number and telephone number of the owner. All
27 such agreements to pay compensation shall be signed by the
28 owner of the property and shall be filed by the owner's
29 representative with the claim form.
30 (2) All agreements and/or powers of attorney entered
31 into pursuant to subsection (1) shall contain the following
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1 statement directly above the signature in no less than 6-point
2 bold type: "THIS AGREEMENT TO PAY COMPENSATION TO RECOVER
3 ABANDONED PROPERTY REPORTED TO THE STATE OF FLORIDA IS
4 UNENFORCEABLE IF MADE WITHIN 90 DAYS AFTER THE ATTEMPTED
5 NOTIFICATION OR WITHIN 12 MONTHS AFTER SUCH PROPERTY IS
6 REPORTED, WHICHEVER OCCURS FIRST." Any agreement which does
7 not contain this statement shall be unenforceable.
8 Section 30. Section 717.1353, Florida Statutes, is
9 created to read:
10 717.1353 Conduct of an employee.--If an owner has
11 entered into a contract with an owner's representative for the
12 recovery of unclaimed property, no personnel of the department
13 shall intentionally advise or recommend that the owner
14 discontinue the use of an owner's representative to assist in
15 the recovery of unclaimed property under this chapter. This
16 section shall not be construed as a waiver of sovereign
17 immunity.
18 Section 31. Subsection (4) of section 732.107, Florida
19 Statutes, is amended to read:
20 732.107 Escheat.--
21 (4) At any time within 10 years after receipt of the
22 property by the state the granting of letters, a person
23 claiming to be entitled to the estate of the decedent may
24 petition to reopen the administration and assert his or her
25 rights to escheated property. If the claimant is entitled to
26 any of the estate of the decedent, the court shall fix the
27 amount to which he or she is entitled, and it shall be repaid
28 to him or her with interest at the legal rate by the officials
29 charged with the disbursement of state school funds. If no
30 claim is asserted within the time fixed, the title of the
31 state to the property and the proceeds shall become absolute.
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1 Section 32. Section 717.137, Florida Statutes, is
2 repealed.
3 Section 33. Subsection (15) is added to section
4 493.6102, Florida Statutes, to read:
5 493.6102 Inapplicability of parts I through IV of this
6 chapter.--This chapter shall not apply to:
7 (15) Any person licensed as a Florida-certified public
8 accountant pursuant to chapter 473 and who is engaged in the
9 recovery of unclaimed property and the location of apparent
10 owners of such property pursuant to the provisions of chapter
11 717.
12 Section 34. This act shall take effect October 1,
13 2000.
14
15 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
16 CS/CS/SB 832
17
18 This committee substitute changes a reference from "abandoned
property" to "unclaimed property", conforming it to the rest
19 of the bill.
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