House Bill hb0107
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Florida House of Representatives - 2001 HB 107
By Representative Prieguez
1 A bill to be entitled
2 An act relating to unclaimed property; revising
3 provisions of ch. 717, F.S., to refer to
4 property considered abandoned as unclaimed
5 property; amending s. 717.101, F.S.; revising
6 certain definitions; amending ss. 717.102,
7 717.103, 717.1035, 717.104, 717.105, 717.107,
8 717.108, 717.109, 717.1101, 717.111, 717.113,
9 717.115, 717.116, 717.1201, 717.122, 717.125,
10 and 717.129, F.S.; changing references to
11 property from being abandoned to being
12 unclaimed; amending s. 717.106, F.S., to
13 conform; providing an additional criterion for
14 certain property in financial organizations
15 being presumed unclaimed; amending s. 717.112,
16 F.S., to conform; providing a presumption that
17 certain intangible property is unclaimed under
18 certain circumstances; amending s. 717.117,
19 F.S., to conform; deleting a report
20 verification requirement; revising unclaimed
21 property report requirements; revising search
22 and notification requirements for inactive
23 accounts; amending s. 717.118, F.S., to
24 conform; revising certain notification
25 procedures; amending s. 717.119, F.S., to
26 conform; authorizing payment of unclaimed funds
27 by electronic transfer; deleting an
28 authorization to deduct reasonable fees from
29 certain sale proceeds; providing valuation and
30 remission of contents of safe-deposit boxes;
31 amending s. 717.122, F.S., to conform;
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1 authorizing the department to dispose of
2 certain property under certain circumstances;
3 amending s. 717.123, F.S.; revising the
4 disposition of funds held by the Department of
5 Banking and Finance relating to unclaimed
6 property; amending s. 717.124, F.S.; revising
7 certain procedures for filing claims by owner's
8 representatives and receiving and making
9 payments to an owner or owner's representative;
10 amending s. 717.1241; revising resolution of
11 conflicting ownership claims between certain
12 persons; amending s. 717.1243, F.S.; revising
13 provisions for disposition of claims from small
14 estate accounts; creating s. 717.1315, F.S.;
15 providing for retention of certain records by
16 an owner's representative; providing
17 requirements; amending s. 717.132, F.S.;
18 providing for deposit of administrative fines
19 into the Unclaimed Property Trust Fund;
20 amending s. 717.135, F.S.; revising provisions
21 relating to unenforceability of certain
22 agreements to locate reported property;
23 requiring disclosure of certain information;
24 limiting certain recovery fees; specifying
25 agreement requirements; amending s. 717.138,
26 F.S.; authorizing the the Department of Banking
27 and Finance to adopt rules for certain
28 electronic filings; amending s. 732.107, F.S.;
29 deleting an interest rate requirement relating
30 to payments of amounts of escheated property;
31 amending s. 493.6102, F.S.; specifying
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1 nonapplication to certain persons; repealing s.
2 717.137, F.S., relating to effect and
3 application of certain provisions; providing an
4 effective date.
5
6 Be It Enacted by the Legislature of the State of Florida:
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8 Section 1. Subsections (8) through (18) of section
9 717.101, Florida Statutes, are renumbered as subsections (9)
10 through (19), respectively, a new subsection (8) is added to
11 said section, and renumbered subsections (13) and (15) are
12 amended, to read:
13 717.101 Definitions.--As used in this chapter, unless
14 the context otherwise requires:
15 (8) "Due diligence" means the use of reasonable and
16 prudent methods under particular circumstances to locate
17 apparent owners of inactive accounts using the taxpayer
18 identification number or social security number, if known,
19 which may include, but are not limited to, using a nationwide
20 database, cross-indexing with other records of the holder,
21 mailing to the last known address unless the last known
22 address is known to be inaccurate, or engaging a licensed
23 agency or company capable of conducting such search and
24 providing updated addresses.
25 (13)(12) "Last known address" means a description of
26 the location of the apparent owner sufficient for the purpose
27 of the delivery of mail. For the purposes of identifying,
28 reporting, and remitting property to the department which is
29 presumed to be unclaimed, "last known address" includes any
30 partial description of the location of the apparent owner
31 sufficient to establish the apparent owner was a resident of
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1 this state at the time of last contact with the apparent owner
2 or at the time the property became due and payable.
3 (15)(14) "Owner" means a depositor in the case of a
4 deposit, a beneficiary in case of a trust other than a deposit
5 in trust, a creditor, a claimant, or a payee in the case of
6 other intangible property, or a person having a legal or
7 equitable interest in property subject to this chapter or his
8 or her legal representative.
9 Section 2. Subsection (1) of section 717.102, Florida
10 Statutes, is amended to read:
11 717.102 Property presumed unclaimed abandoned; general
12 rule.--
13 (1) All intangible property, including any income or
14 increment thereon less any lawful charges, that is held,
15 issued, or owing in the ordinary course of the holder's
16 business and has remained unclaimed by the owner fails to
17 claim such property for more than 5 years after the property
18 it becomes payable or distributable is presumed unclaimed
19 abandoned, except as otherwise provided by this chapter.
20 Section 3. Section 717.103, Florida Statutes, is
21 amended to read:
22 717.103 General rules for taking custody of intangible
23 unclaimed property.--Unless otherwise provided in this chapter
24 or by other statute of this state, intangible property is
25 subject to the custody of the department as unclaimed property
26 if the conditions leading to a presumption that the property
27 is unclaimed of abandonment as described in ss. 717.102 and
28 717.105-717.116 are satisfied and:
29 (1) The last known address, as shown on the records of
30 the holder, of the apparent owner is in this state;
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1 (2) The records of the holder do not reflect the
2 identity of the person entitled to the property, and it is
3 established that the last known address of the person entitled
4 to the property is in this state;
5 (3) The records of the holder do not reflect the last
6 known address of the apparent owner, and it is established
7 that:
8 (a) The last known address of the person entitled to
9 the property is in this state; or
10 (b) The holder is a domiciliary or a government or
11 governmental subdivision or agency of this state and has not
12 previously paid the property to the state of the last known
13 address of the apparent owner or other person entitled to the
14 property;
15 (4) The last known address, as shown on the records of
16 the holder, of the apparent owner or other person entitled to
17 the property is in a state that does not provide by law for
18 the escheat or custodial taking of the property, or its
19 escheat or unclaimed property law is not applicable to the
20 property, and the holder is a domiciliary or a government or
21 governmental subdivision or agency of this state;
22 (5) The last known address, as shown on the records of
23 the holder, of the apparent owner is in a foreign nation and
24 the holder is a domiciliary or a government or governmental
25 subdivision or agency of this state; or
26 (6) The transaction out of which the property arose
27 occurred in this state, and;
28 (a)1. The last known address of the apparent owner or
29 other person entitled to the property is unknown; or
30 2. The last known address of the apparent owner or
31 other person entitled to the property is in a state that does
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1 not provide by law for the escheat or custodial taking of the
2 property, or its escheat or unclaimed property law is not
3 applicable to the property; and
4 (b) The holder is a domiciliary of a state that does
5 not provide by law for the escheat or custodial taking of the
6 property, or its escheat or unclaimed property law is not
7 applicable to the property.
8 Section 4. Section 717.1035, Florida Statutes, is
9 amended to read:
10 717.1035 Property originated or issued by this state,
11 any political subdivision of this state, or any entity
12 incorporated, organized, created, or otherwise located in the
13 state.--
14 (1) All intangible property, including, but not
15 limited to, any interest, dividend, or other earnings thereon,
16 less any lawful charges, held by a business association,
17 federal, state, or local government or governmental
18 subdivision, agency, or entity, or any other person or entity,
19 regardless of where the holder may be found, if the owner has
20 not claimed or corresponded in writing concerning the property
21 within 3 years after the date prescribed for payment or
22 delivery, is presumed to be unclaimed property abandoned and
23 subject to the custody of this state as such unclaimed
24 property if:
25 (a) The last known address of the owner is unknown;
26 and
27 (b) The person or entity originating or issuing the
28 intangible property is this state or any political subdivision
29 of this state, or the person or entity is incorporated,
30 organized, created, or otherwise located in this state.
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1 (2) The provisions of subsection (1) shall not apply
2 to property which is or may be presumed unclaimed abandoned
3 and subject to the custody of this state pursuant to any other
4 provision of law containing a dormancy period different than
5 that prescribed in subsection (1).
6 (3) The provisions of subsection (1) shall apply to
7 all property held at the time of enactment, or at any time
8 thereafter, regardless of when such property became or becomes
9 presumptively unclaimed abandoned.
10 Section 5. Subsections (1), (2), and (5) of section
11 717.104, Florida Statutes, are amended to read:
12 717.104 Traveler's checks and money orders.--
13 (1) Subject to subsection (4), any sum payable on a
14 traveler's check that has been outstanding for more than 15
15 years after its issuance is presumed unclaimed abandoned
16 unless the owner, within 15 years, has communicated in writing
17 with the issuer concerning it or otherwise indicated an
18 interest as evidenced by a memorandum or other record on file
19 with prepared by an employee of the issuer.
20 (2) Subject to subsection (4), any sum payable on a
21 money order or similar written instrument, other than a third
22 party bank check, that has been outstanding for more than 7
23 years after its issuance is presumed unclaimed abandoned
24 unless the owner, within 7 years, has communicated in writing
25 with the issuer concerning it or otherwise indicated an
26 interest as evidenced by a memorandum or other record on file
27 with prepared by an employee of the issuer.
28 (5) Notwithstanding any other provision of this
29 chapter, subsection (4) applies to sums payable on traveler's
30 checks, money orders, and similar written instruments presumed
31 unclaimed abandoned on or after February 1, 1965, except to
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1 the extent that those sums have been paid over to a state
2 prior to January 1, 1974.
3 Section 6. Subsection (1) of section 717.105, Florida
4 Statutes, is amended to read:
5 717.105 Checks, drafts, and similar instruments issued
6 or certified by banking and financial organizations.--
7 (1) Any sum payable on a check, draft, or similar
8 instrument, except those subject to ss. 717.104 and 717.115,
9 on which a banking or financial organization is directly
10 liable, including, but not limited to by way of illustration
11 and not limitation, a cashier's check or and a certified
12 check, which has been outstanding for more than 5 years after
13 it was payable or after its issuance if payable on demand, is
14 presumed unclaimed abandoned unless the owner, within 5 years,
15 has communicated in writing with the banking or financial
16 organization concerning it or otherwise indicated an interest
17 as evidenced by a memorandum or other record on file with
18 prepared by an employee of the banking or financial
19 organization.
20 Section 7. Subsections (1) and (5) of section 717.106,
21 Florida Statutes, are amended to read:
22 717.106 Bank deposits and funds in financial
23 organizations.--
24 (1) Any demand, savings, or matured time deposit with
25 a banking or financial organization, including deposits that
26 are automatically renewable, and any funds paid toward the
27 purchase of shares, a mutual investment certificate, or any
28 other interest in a banking or financial organization is
29 presumed unclaimed abandoned unless the owner has, within 5
30 years:
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1 (a) In the case of a deposit, Increased or decreased
2 the amount of the deposit or presented the passbook or other
3 similar evidence of the deposit for the crediting of interest;
4 (b) Communicated in writing with the banking or
5 financial organization concerning the property;
6 (c) Otherwise indicated an interest in the property as
7 evidenced by a memorandum or other record on file with
8 prepared by an employee of the banking or financial
9 organization;
10 (d) Owned other property to which paragraph (a),
11 paragraph (b), or paragraph (c) is applicable and if the
12 banking or financial organization communicates in writing with
13 the owner with regard to the property that would otherwise be
14 presumed unclaimed abandoned under this subsection at the
15 address to which communications regarding the other property
16 regularly are sent; or
17 (e) Had another relationship with the banking or
18 financial organization concerning which the owner has:
19 1. Communicated in writing with the banking or
20 financial organization; or
21 2. Otherwise indicated an interest as evidenced by a
22 memorandum or other record on file with prepared by an
23 employee of the banking or financial organization and if the
24 banking or financial organization communicates in writing with
25 the owner with regard to the property that would otherwise be
26 unclaimed abandoned under this subsection at the address to
27 which communications regarding the other relationship
28 regularly are sent; or.
29 (f) Received first class mail from the banking or
30 financial organization or a subsidiary of such banking or
31 financial organization, which was not returned as
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1 undeliverable, in the ordinary course of business at the
2 address reflected in the banking or financial organization's
3 records.
4 (5) If the documents establishing a deposit described
5 in subsection (1) state the address of a beneficiary of the
6 deposit, and the account has a value of at least $50, notice
7 shall be given to the beneficiary as provided for notice to
8 the apparent owner under s. 717.117(4)(5). This subsection
9 shall apply to accounts opened on or after October 1, 1990.
10 Section 8. Subsection (1) of section 717.107, Florida
11 Statutes, is amended to read:
12 717.107 Funds owing under life insurance policies.--
13 (1) Funds held or owing under any life or endowment
14 insurance policy or annuity contract which has matured or
15 terminated are presumed unclaimed abandoned if unclaimed for
16 more than 5 years after the funds became due and payable as
17 established from the records of the insurance company holding
18 or owing the funds, but property described in paragraph (3)(b)
19 is presumed unclaimed abandoned if such property is not
20 claimed unclaimed for more than 2 years.
21 Section 9. Section 717.108, Florida Statutes, is
22 amended to read:
23 717.108 Deposits held by utilities.--Any deposit,
24 including any interest thereon, made by a subscriber with a
25 utility to secure payment or any sum paid in advance for
26 utility services to be furnished, less any lawful charges,
27 that remains unclaimed by the owner for more than 1 year after
28 termination of the services for which the deposit or advance
29 payment was made is presumed unclaimed abandoned.
30 Section 10. Section 717.109, Florida Statutes, is
31 amended to read:
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1 717.109 Refunds held by business associations.--Except
2 to the extent otherwise ordered by the court or administrative
3 agency, any sum that a business association has been ordered
4 to refund by a court or administrative agency which has not
5 been claimed remained unclaimed by the owner for more than 1
6 year after it became payable in accordance with the final
7 determination or order providing for the refund, regardless of
8 whether the final determination or order requires any person
9 entitled to a refund to make a claim for it, is presumed
10 unclaimed abandoned.
11 Section 11. Subsections (1), (2), (3), and (4) of
12 section 717.1101, Florida Statutes, are amended to read:
13 717.1101 Stock and other intangible interests in
14 business associations.--
15 (1) Except as provided in subsections (2) and (5), any
16 stock or other intangible ownership interest in a business
17 association, the existence of which is evidenced by record
18 available to the association, is presumed unclaimed abandoned
19 and, with respect to the interest, the association is the
20 holder, if a dividend, distribution, or other sum payable as a
21 result of the interest is not claimed has for 5 years remained
22 unclaimed by the owner and the owner has not within 5 years:
23 (a) Communicated in writing with the association or
24 its agent regarding the interest or a dividend, distribution,
25 or other sum payable as a result of the interest; or
26 (b) Otherwise communicated with the association
27 regarding the interest or a dividend, distribution, or other
28 sum payable as a result of the interest, as evidenced by a
29 memorandum or other record on file with the association or its
30 agent prepared by an employee of the association or its agent.
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1 (2) At the expiration of a 5-year period following the
2 failure of the owner to claim a dividend, distribution, or
3 other sum payable to the owner as a result of the interest,
4 the interest shall not be presumed unclaimed abandoned unless
5 there have been at least five dividends, distributions, or
6 other sums paid during the period, none of which has been
7 claimed. If five dividends, distributions, or other sums are
8 paid during the 5-year period, the period leading to a
9 presumption that the interest is unclaimed of abandonment
10 commences on the date payment of the first such unclaimed
11 dividend, distribution, or other sum became due and payable.
12 If five dividends, distributions, or other sums are not paid
13 during the presumptive period, the period continues to run
14 until there have been five consecutive dividends,
15 distributions, or other sums that have not been claimed by the
16 owner.
17 (3) The running of such the 5-year period of
18 abandonment ceases immediately upon the occurrence of one or
19 more of the conditions referred to in subsection (1). If any
20 future dividend, distribution, or other sum payable to the
21 owner as a result of the interest is subsequently not claimed
22 by the owner, a new period in which the property is presumed
23 unclaimed of abandonment commences and relates back only to
24 the time a subsequent dividend, distribution, or other sum
25 became due and payable.
26 (4) At the same time any interest is presumed
27 unclaimed abandoned under this section, any dividend,
28 distribution, or other sum then held for or owing to the owner
29 as a result of the interest, and not previously presumed
30 abandoned, is presumed unclaimed abandoned.
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1 Section 12. Section 717.111, Florida Statutes, is
2 amended to read:
3 717.111 Property of business associations held in
4 course of dissolution.--All intangible property distributable
5 in the course of a voluntary or involuntary dissolution of a
6 business association which is not claimed remains unclaimed by
7 the owner for more than 6 months after the date specified for
8 final distribution is presumed unclaimed abandoned.
9 Section 13. Subsection (1) of section 717.112, Florida
10 Statutes, is amended, and subsection (5) is added to said
11 section, to read:
12 717.112 Property held by agents and fiduciaries.--
13 (1) All intangible property and any income or
14 increment thereon held in a fiduciary capacity for the benefit
15 of another person is presumed unclaimed abandoned unless the
16 owner has within 5 years after it has become payable or
17 distributable increased or decreased the principal, accepted
18 payment of principal or income, communicated concerning the
19 property, or otherwise indicated an interest as evidenced by a
20 memorandum or other record on file with prepared by the
21 fiduciary or an employee of the fiduciary.
22 (5) All intangible property, and any income or
23 increment thereon, issued by a government or governmental
24 subdivision or agency, public corporation, or public authority
25 and held in an agency capacity for the governmental
26 subdivision, agency, public corporation, or public authority
27 for the benefit of the owner of record, is presumed unclaimed
28 unless the owner has, within 1 year after such property has
29 become payable or distributable, increased or decreased the
30 principal, accepted payment of the principal or income,
31 communicated concerning the property, or otherwise indicated
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1 an interest in the property as evidenced by a memorandum or
2 other record on file with the fiduciary.
3 Section 14. Section 717.113, Florida Statutes, is
4 amended to read:
5 717.113 Property held by courts and public
6 agencies.--All intangible property held for the owner by any
7 court, government or governmental subdivision or agency,
8 public corporation, or public authority that has not been
9 claimed remained unclaimed by the owner for more than 1 year
10 after it became payable or distributable is presumed unclaimed
11 abandoned. Notwithstanding the provisions of this section,
12 funds deposited in the Minerals Trust Fund pursuant to s.
13 377.247 are presumed unclaimed abandoned only if the funds
14 have not been claimed remained unclaimed by the owner for more
15 than 5 years after from the date of first production from the
16 well.
17 Section 15. Section 717.115, Florida Statutes, is
18 amended to read:
19 717.115 Wages.--Unpaid wages, including wages
20 represented by unpresented payroll checks, owing in the
21 ordinary course of the holder's business that have not been
22 claimed remained unclaimed by the owner for more than 1 year
23 after becoming payable are presumed unclaimed abandoned.
24 Section 16. Section 717.116, Florida Statutes, is
25 amended to read:
26 717.116 Contents of safe-deposit box or other
27 safekeeping repository.--All tangible and intangible property
28 held in a safe-deposit box or any other safekeeping repository
29 in this state in the ordinary course of the holder's business,
30 and proceeds resulting from the sale of the property permitted
31 by law, that has not been claimed remain unclaimed by the
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1 owner for more than 3 years after the lease or rental period
2 on the box or other repository has expired are presumed
3 unclaimed abandoned.
4 Section 17. Section 717.117, Florida Statutes, is
5 amended to read:
6 717.117 Report of unclaimed abandoned property.--
7 (1) Every person holding funds or other property,
8 tangible or intangible, presumed unclaimed abandoned and
9 subject to custody as unclaimed property under this chapter
10 shall report to the department on such forms as the department
11 may prescribe by rule with respect to the property as provided
12 in this section. In lieu of forms, the holder may submit the
13 required information via electronic medium as the department
14 may prescribe by rule.
15 (2) The report shall be verified. Verification of a
16 private corporation or unincorporated association shall be
17 made by an officer; of a partnership, by a partner; and of a
18 public corporation, by its chief fiscal officer. The report
19 must include:
20 (a) Except for with respect to traveler's checks and
21 money orders, the name, and social security number or taxpayer
22 federal employer identification number, and date of birth, if
23 known, and last known address, if any, of each person
24 appearing from the records of the holder to be the owner of
25 any property which is presumed unclaimed and which has of a
26 value of $50 or more presumed abandoned under this chapter.
27 (b) For In the case of unclaimed funds which have a
28 value of $50 or more held or owing under any life or endowment
29 insurance policy or annuity contract, the full name, taxpayer
30 social security number, or federal employer identification
31 number or social security number, date of birth, if known, and
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1 last known address of the insured or annuitant and of the
2 beneficiary according to records of the insurance company
3 holding or owing the funds.
4 (c) For all tangible property held in the case of the
5 contents of a safe-deposit box or other safekeeping repository
6 or in the case of other tangible property, a description of
7 the property and the place where the property it is held and
8 may be inspected by the department, and any amounts owing to
9 the holder. Contents of a safe-deposit box or other
10 safekeeping repository which consist of documents or writings
11 of a private nature and which have little or no apparent value
12 shall not be presumed unclaimed abandoned.
13 (d) The nature and identifying number, if any, or
14 description of the property and the amount appearing from the
15 records to be due., but Items of value under $50 each may be
16 reported in the aggregate.
17 (e) The date the property became payable, demandable,
18 or returnable, and the date of the last transaction with the
19 apparent owner with respect to the property.
20 (f) Any person or business entity holding funds
21 presumed unclaimed and having abandoned of a total value of
22 $10 or less may file a zero balance negative or nothing-owed
23 report for that reporting period. The balance brought forward
24 to the new reporting period is zero.
25 (g) Such other information as which the department may
26 prescribe prescribes by rule as necessary for the
27 administration of this chapter.
28 (h) Credit balances, customer overpayments, security
29 deposits, and refunds having a value of less than $10 shall
30 not be presumed unclaimed abandoned.
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1 (2)(3) If the holder of person holding property
2 presumed unclaimed abandoned and subject to custody as
3 unclaimed property is a successor holder to other persons who
4 previously held the property for the apparent owner or if the
5 holder has changed the holder's his or her name while in
6 possession of holding the property, the holder he or she shall
7 file with the holder's his or her report all known names and
8 addresses of each prior previous holder of the property.
9 Compliance with this subsection means the holder exercises
10 reasonable and prudent efforts to determine the names of all
11 prior holders.
12 (3)(4) The report must be filed before May 1 of each
13 year. Such report shall apply to the preceding calendar year.
14 If such report is not filed on or before the applicable filing
15 date, the holder shall pay to the department a penalty of $10
16 per day for each day the report is delinquent, but such
17 penalty shall not exceed $500. As necessary for proper
18 administration of this chapter, the department may waive any
19 penalty due with appropriate justification. On written
20 request by any person required to file a report, the
21 department may postpone the reporting date.
22 (4)(5) Holders of inactive accounts shall use due
23 diligence to locate apparent owners. Not more than 120 days
24 prior to filing the report required by this section, the
25 holder in possession of property presumed abandoned and
26 subject to custody as unclaimed property under this chapter
27 shall send written notice to the apparent owner at his or her
28 last known address informing him or her that the holder is in
29 possession of property subject to this chapter if:
30 (a) When an owner's account becomes inactive, the
31 holder shall conduct at least one search for the apparent
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1 owner using due diligence. For purposes of this section, an
2 account is inactive if 2 years have transpired after the last
3 owner-initiated account activity, the expiration date on the
4 instrument or contract, or first-class mail has been returned
5 as undeliverable.
6 1. Within 180 days after an account becomes inactive,
7 the holder shall conduct a search to locate the apparent owner
8 of the property. The holder may satisfy such requirement by
9 conducting one annual search for the owners of all accounts
10 which have become inactive during the prior year.
11 2. Within 30 days after receiving updated address
12 information, the holder shall provide notice by telephone or
13 first-class mail to the current address notifying the apparent
14 owner that the holder is in possession of property which is
15 presumed unclaimed and may be remitted to the department. The
16 notice shall also provide the apparent owner with the address
17 or the telephone number of an office where the apparent owner
18 may claim the property or reestablish the inactive account.
19 The holder has in its records an address for the apparent
20 owner which the holder's records do not disclose to be
21 inaccurate.
22 (b) The claim of the apparent owner is not barred by
23 the statute of limitations.
24 (5)(6) Any holder of intangible property may file with
25 the department a petition for determination that the property
26 is unclaimed abandoned requesting the department to accept
27 custody of the property. The petition shall state any special
28 circumstances that exist, contain the information required by
29 subsection (2), and show that a diligent search has been made
30 to locate the owner. If the department finds that the proof
31
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1 of diligent search is satisfactory, it shall give notice as
2 provided in s. 717.118 and accept custody of the property.
3 (6)(7) Upon On written request by any entity or person
4 required to file a report, stating such entity's or person's
5 their justification for such action, the department may place
6 that entity or person in an inactive status as an unclaimed
7 abandoned property "holder."
8 (7)(8) This section shall not apply to the unclaimed
9 patronage refunds as provided for by contract or through bylaw
10 provisions of entities organized under chapter 425.
11 Section 18. Section 717.118, Florida Statutes, is
12 amended to read:
13 717.118 Notice and publication of lists of unclaimed
14 abandoned property.--
15 (1) It is specifically recognized that the state has
16 an obligation to make an effort to notify owners of unclaimed
17 abandoned property in a cost-effective manner. In order to
18 provide all the citizens of this state an effective and
19 efficient program for the recovery of unclaimed abandoned
20 property, the department shall use cost-effective means to
21 make at least one active a single attempt to notify owners of
22 the existence of unclaimed abandoned property held by the
23 department. Such active attempt to locate apparent owners
24 shall include any attempt by the department to directly
25 contact the owner. Other The means of notification, such as
26 publication of the names of owners in the newspaper, on
27 television, on the Internet, or through other promotional
28 efforts and items in which the department does not directly
29 attempt to contact the owner are expressly declared to be
30 passive attempts. Nothing in this subsection precludes other
31 agencies or entities of state government from notifying owners
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1 of the existence of unclaimed property or attempting to locate
2 apparent owners of unclaimed property. may include post,
3 print, visual, telecommunications, or electronic media.
4 Publication of the names of owners on the Internet is not an
5 attempt to notify owners under this subsection. The department
6 shall implement such notification within 13 months following
7 the receipt of the report required by s. 717.117.
8 (2) The following notification requirements shall
9 apply:
10 (a) Notifications that are published or televised may
11 shall consist of the names of apparent owners of unclaimed
12 abandoned property, listed in alphabetical order, and
13 information regarding recovery of unclaimed abandoned property
14 from the department. Such notification may shall be televised
15 or published in the county in which the last known address of
16 the apparent owner is located or, if the address is unknown,
17 in the county in which the holder has its principal place of
18 business. Published notifications may must be in accordance
19 with s. 50.011.
20 (b) Notification provided directly to individual
21 apparent owners shall consist of a description of the property
22 and information regarding recovery of unclaimed abandoned
23 property from the department.
24 (3) The department may shall publish in the notice any
25 items of more than $100.
26 (4) This section is not applicable to sums payable on
27 traveler's checks, money orders, and other written instruments
28 presumed unclaimed abandoned under s. 717.104.
29 Section 19. Section 717.119, Florida Statutes, is
30 amended to read:
31
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1 717.119 Payment or delivery of unclaimed abandoned
2 property.--
3 (1) Every person who is required to file a report
4 under s. 717.117 shall simultaneously pay or deliver to the
5 department all unclaimed abandoned property required to be
6 reported. Such payment or delivery shall accompany the report
7 as required in this chapter for the preceding calendar year.
8 (2) Payment of unclaimed funds may be made to the
9 department by electronic funds transfer.
10 (3)(2) If the owner establishes the right to receive
11 the unclaimed abandoned property to the satisfaction of the
12 holder before the property has been delivered to the
13 department or it appears that for some other reason the
14 presumption that the property is unclaimed of abandonment is
15 erroneous, the holder need not pay or deliver the property to
16 the department., which will no longer be presumed abandoned,
17 but In lieu of delivery, the holder thereof shall file a
18 verified written explanation of the proof of claim or of the
19 error in the presumption that the property was unclaimed of
20 abandonment.
21 (4)(3) All stock or other intangible ownership
22 interest reported under this chapter on the annual report
23 filing required in s. 717.117 shall be sold and the proceeds
24 remitted to the department with the report. Reasonable fees
25 within the industry's standards may be deducted from the
26 proceeds for the costs of selling the stock or other
27 intangible ownership interest. Upon delivery of the stock or
28 other intangible ownership interest net proceeds to the
29 department, the holder and any transfer agent, registrar, or
30 other person acting for or on behalf of a holder is relieved
31 of all liability of every kind in accordance with the
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1 provisions of s. 717.1201 to every person for any losses or
2 damages resulting to the person by the sale and delivery to
3 the department of the stock or other intangible ownership
4 interest net proceeds.
5 (5)(4) All intangible and tangible property held in a
6 safe-deposit box or any other safekeeping repository reported
7 under s. 717.117 shall not be delivered to the department
8 until 120 days after the report due date. Holders may remit
9 the value of cash and coins found in unclaimed safe-deposit
10 boxes to the department by cashier's check or by electronic
11 funds transfer, unless the cash or coins have a value above
12 face value. The department shall identify by rule those cash
13 and coin items having a numismatic value. Cash and coin items
14 identified as having a numismatic value shall be remitted to
15 the department in their original form.
16 (a) If such property is not paid or delivered to the
17 department filed on or before the applicable payment or
18 delivery filing date, the holder shall pay to the department a
19 penalty of $10 for each safe-deposit box received late, but
20 such penalty shall not exceed $1,000. As necessary for proper
21 administration of this chapter,
22 (b) The department may waive any penalty due with
23 appropriate justification, as provided by rule.
24 (c) Upon On written request by any person required to
25 deliver safe-deposit box contents, the department may postpone
26 the delivery.
27 (6)(5) Any holder may request an extension in writing
28 of up to 60 days for the delivery of property if extenuating
29 circumstances exist for the late delivery of the property.
30 Any such extension, and the department may grant shall be such
31 an extension in writing.
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1 Section 20. Subsection (6) of section 717.1201,
2 Florida Statutes, is amended to read:
3 717.1201 Custody by state; holder relieved from
4 liability; reimbursement of holder paying claim; reclaiming
5 for owner; defense of holder; payment of safe-deposit box or
6 repository charges.--
7 (6) For the purposes of this section, "good faith"
8 means that:
9 (a) Payment or delivery was made in a reasonable
10 attempt to comply with this chapter.
11 (b) The person delivering the property was not a
12 fiduciary then in breach of trust in respect to the property
13 and had a reasonable basis for believing, based on the facts
14 then known to that person, that the property was unclaimed
15 abandoned for the purposes of this chapter.
16 (c) There is no showing that the records pursuant to
17 which the delivery was made did not meet reasonable commercial
18 standards of practice in the industry.
19 Section 21. Subsections (1), (2), and (3) of section
20 717.122, Florida Statutes, are amended to read:
21 717.122 Public sale of unclaimed abandoned property.--
22 (1) Except as provided in subsection (2), the
23 department after the receipt of unclaimed abandoned property
24 shall sell it to the highest bidder at public sale wherever in
25 whatever city in the state affords in the judgment of the
26 department the most favorable market for the property involved
27 exists. The department may decline the highest bid and
28 reoffer the property for sale if in the judgment of the
29 department the bid is insufficient. The department shall have
30 the discretion to withhold from sale any unclaimed abandoned
31 property that the department deems to be of benefit to the
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1 people of the state. If in the judgment of the department the
2 probable cost of sale exceeds the value of the property, it
3 need not be offered for sale and may be disposed of as the
4 department determines appropriate. Any sale held under this
5 section must be preceded by a single publication of notice, at
6 least 3 weeks in advance of sale, in a newspaper of general
7 circulation in the county in which the property is to be sold.
8 (2) Securities listed on an established stock exchange
9 must be sold at prices prevailing at the time of sale on the
10 exchange. Other securities may be sold over the counter at
11 prices prevailing at the time of sale or by any other method
12 the department deems advisable. The department may authorize
13 the agent or broker acting on behalf of the department to
14 deduct fees from the proceeds of these sales at a rate agreed
15 upon in advance by the agent or broker and the department.
16 The department shall reimburse owners accounts for these
17 brokerage fees from the State School Fund unless the
18 securities are sold at the owner's request.
19 (3) Unless the department deems it to be in the public
20 interest to do otherwise, all securities presumed unclaimed
21 abandoned and delivered to the department may be sold upon
22 receipt. Any person making a claim pursuant to this chapter
23 is entitled to receive either the securities delivered to the
24 department by the holder, if they still remain in the hands of
25 the department, or the proceeds received from sale, less any
26 amounts deducted pursuant to subsection (2) s. 717.123, but no
27 person has any claim under this chapter against the state, the
28 holder, any transfer agent, any registrar, or any other person
29 acting for or on behalf of a holder for any appreciation in
30 the value of the property occurring after delivery by the
31 holder to the state.
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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. All remaining funds
14 received by the department under this chapter shall be
15 deposited by the department into the shall be reimbursed from
16 the 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,
30 Florida-certified public accountant, or private investigative
31 agency which is duly licensed to do business in this state to
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1 claim the unclaimed property on the owner's behalf pursuant to
2 a written agreement with such claimant, the department is
3 authorized to make distribution of the property or money in
4 accordance with such power of attorney assignment.
5 (b)1. Payments of approved claims for unclaimed cash
6 accounts shall be made to the owner after deducting any fees
7 authorized pursuant to a written power of attorney.
8 2. Payments of fees authorized pursuant to a written
9 power of attorney for approved cash claims shall be forwarded
10 to the designated attorney, Florida-certified public
11 accountant, or private investigative agency. Such payments may
12 be made by electronic funds transfer and may be made on such
13 periodic schedule as the department may define by rule,
14 provided the payment intervals do not exceed 31 days.
15 3. Payments of approved claims for unclaimed
16 securities and other intangible ownership interests made to an
17 attorney, Florida-certified public accountant, or private
18 investigative agency shall be promptly deposited into a trust
19 or escrow account which is regularly maintained by the
20 attorney, Florida-certified public accountant, or the private
21 investigative agency in a financial institution authorized to
22 accept such deposits and located in this state.
23 (c) Distribution of unclaimed property by the
24 attorney, Florida-certified public accountant, or private
25 investigative agency to the claimant shall be made within 10
26 days following final credit of the deposit into the trust or
27 escrow account at the financial institution, unless a party to
28 the agreement protests in writing such distribution before it
29 is made.
30 (6)(d) The department shall not be civilly or
31 criminally liable for any property or funds distributed
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1 pursuant to this section subsection, provided such
2 distribution is made in good faith.
3 Section 24. Subsection (1) of section 717.1241,
4 Florida Statutes, is amended to read:
5 717.1241 Conflicting claims.--
6 (1) When ownership has been established but
7 conflicting claims have been received by filed, the
8 department, shall remit the property shall be remitted to the:
9 (a) Person submitting the first claim received by the
10 department;
11 (b) Owner if an owner's claim and an owner's
12 representative's claim are received by the department on the
13 same day; or
14 (c) Owner's representative who has the earliest dated
15 contract with the owner if claims by two or more owner's
16 representatives are received by the department on the same day
17 as follows:
18 (a) If both the owner and the owner's representative
19 file claims for the same property:
20 1. To the owner, if the owner has appointed the
21 owner's representative as the owner's attorney in fact but has
22 not irrevocably assigned the unclaimed property in whole or in
23 part to the owner's representative; or
24 2. To the owner's representative pursuant to s.
25 717.124 if the owner has irrevocably assigned the unclaimed
26 property in whole or in part to the owner's representative.
27 (b) To the owner's representative who first executed a
28 contract with the owner more than 12 months after the property
29 has been reported to the department, unless paragraph (a)
30 applies;
31
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1 (c) To the owner's representative who first executed a
2 contract with the owner within 12 months after the property
3 has been reported to the department, unless paragraph (a) or
4 paragraph (b) applies.
5 Section 25. Section 717.1243, Florida Statutes, is
6 amended to read:
7 717.1243 Small estate accounts Transfer of unclaimed
8 property by operation of law.--When A claim for unclaimed
9 property is made by a beneficiary, as defined in s. 731.201,
10 an heir of a deceased an owner who died intestate need, it
11 shall not be accompanied by necessary to accompany the claim
12 with an order of a probate court if the claimant files with
13 the department an affidavit, signed by all beneficiaries,
14 stating that all the beneficiaries heirs have amicably agreed
15 among themselves upon a division of the estate, that the
16 assets of the estate of the owner, excluding the unclaimed
17 property, are sufficient to pay all just claims, and that all
18 funeral expenses, expenses of the last illness, and any other
19 lawful claims have been paid no probate proceedings have been
20 instituted upon the estate. If the owner died dies testate but
21 the will is not probated, the claim shall be accompanied by a
22 certified copy of the will and an affidavit stating that the
23 assets of the estate of the owner, excluding the unclaimed
24 property, are sufficient to pay all just claims and that no
25 probate proceedings have been instituted upon the estate.
26 (2) Each person receiving property under this section
27 shall be personally liable for all lawful claims against the
28 estate of the owner, but only to the extent of the value of
29 the property received by such person under this section,
30 exclusive of the property exempt from claims of creditors
31 under the constitution and laws of this state.
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1 (3) Any heir or devisee of the owner, who was lawfully
2 entitled to share in the property but did not receive his or
3 her share of the property, may enforce his or her rights in
4 appropriate proceedings against those who received the
5 property and shall be awarded taxable costs as in chancery
6 actions, including attorney's fees.
7 (4) This section only applies if all of the unclaimed
8 property held by the department on behalf of the owner has an
9 aggregate value of $5,000 $1,000 or less and no probate
10 proceeding is pending.
11 Section 26. Subsections (1) and (2) of section
12 717.125, Florida Statutes, are amended to read:
13 717.125 Claim of another state to recover property;
14 procedure.--
15 (1) At any time after property has been paid or
16 delivered to the department under this chapter, another state
17 may recover the property if:
18 (a) The property was subjected to custody by this
19 state because the records of the holder did not reflect the
20 last known address of the apparent owner when the property was
21 presumed unclaimed abandoned under this chapter, and the other
22 state establishes that the last known address of the apparent
23 owner or other person entitled to the property was in that
24 state and under the laws of that state the property escheated
25 to or was subject to a claim of abandonment or being unclaimed
26 by that state;
27 (b) The last known address of the apparent owner or
28 other person entitled to the property, as reflected by the
29 records of the holder, is in the other state and under the
30 laws of that state the property has escheated to or become
31 subject to a claim of abandonment by that state;
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1 (c) The records of the holder were erroneous in that
2 they did not accurately reflect the actual owner of the
3 property and the last known address of the actual owner is in
4 the other state and under laws of that state the property
5 escheated to or was subject to a claim of abandonment by that
6 state;
7 (d) The property was subject to custody by this state
8 under s. 717.103(6) and under the laws of the state of
9 domicile of the holder the property has escheated to or become
10 subject to a claim of abandonment by that state; or
11 (e) The property is the sum payable on a traveler's
12 check, money order, or other similar instrument that was
13 subjected to custody by this state under s. 717.104, and the
14 instrument was purchased in the other state, and under the
15 laws of that state the property escheated to or became subject
16 to a claim of abandonment by that state.
17 (2) The claim of another state to recover escheated or
18 unclaimed abandoned property under this section must be
19 presented in a form prescribed by the department, and the
20 department shall determine the claim within 90 days after it
21 is presented. Such determination shall contain a notice of
22 rights provided by ss. 120.569 and 120.57.
23 Section 27. Subsection (1) of section 717.129, Florida
24 Statutes, is amended to read:
25 717.129 Periods of limitation.--
26 (1) The expiration before or after July 1, 1987, of
27 any period of time specified by contract, statute, or court
28 order, during which a claim for money or property may be made
29 or during which an action or proceeding may be commenced or
30 enforced to obtain payment of a claim for money or to recover
31 property, does not prevent the money or property from being
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1 presumed unclaimed abandoned or affect any duty to file a
2 report or to pay or deliver unclaimed abandoned property to
3 the department as required by this chapter.
4 Section 28. Section 717.1315, Florida Statutes, is
5 created to read:
6 717.1315 Retention of records by owner's
7 representative.--
8 (1) Every owner's representative shall keep and use in
9 his or her business such books, accounts, and records of the
10 business conducted under this chapter to enable the department
11 to determine whether such owner's representative is complying
12 with this chapter and the rules adopted by the department
13 under this chapter. Every owner's representative shall
14 preserve such books, accounts, and records, including every
15 agreement between the owner and such owner's representative,
16 for at least 3 years after the date of the initial agreement.
17 (2) An owner's representative, operating at two or
18 more places of business in this state, may maintain the books,
19 accounts, and records of all such offices at any one of such
20 offices, or at any other office maintained by such owner's
21 representative, upon the filing of a written notice with the
22 department designating in the written notice the office at
23 which such records are maintained. However, the owner's
24 representative shall make all books, accounts, and records
25 available at a convenient location in this state upon request
26 of the department.
27 Section 29. Subsection (3) of section 717.132, Florida
28 Statutes, is amended to read:
29 717.132 Enforcement; cease and desist orders;
30 administrative fines.--
31
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1 (3) In addition to any other powers conferred upon it
2 to enforce and administer the provisions of this chapter, the
3 department may impose and collect an administrative fine
4 against any person found to have violated any provision of
5 this chapter, any rule or order promulgated under this
6 chapter, or any written agreement entered into with the
7 department in an amount not to exceed $2,000 for each
8 violation. All fines collected under this subsection shall be
9 deposited as received in the Unclaimed Property Trust Fund.
10 Section 30. Section 717.135, Florida Statutes, is
11 amended to read:
12 717.135 Agreement to locate reported property.--
13 (1) All agreements between an owner's representative
14 and an owner for to pay compensation to recover or assist in
15 the recovery of property reported to the department under s.
16 717.117 shall either:
17 (a) Limit the fees for services for each owner
18 contract to 15 percent for all contracts with dollar values of
19 $250 and above or to $25 for all contracts with dollar values
20 below $250. Fees for cash accounts shall be based on the value
21 of the property at the time the agreement for recovery is
22 signed by the apparent owner. Fees for accounts containing
23 securities or other intangible ownership interests, which
24 securities or interests are not converted to cash, shall be
25 based on the purchase price of the security as quoted on a
26 national exchange or other market on which the ownership
27 interest is regularly traded at the time the securities or
28 other ownership interest is remitted to the owner or the
29 owner's representative. Fees for tangible property or
30 safe-deposit box accounts shall be based on the value of the
31 tangible property or contents of the safe-deposit box at the
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1 time the ownership interest is transferred or remitted to the
2 owner or the owner's representative; or
3 (b) Disclose that the property is held by the
4 Department of Banking and Finance pursuant to chapter 717, the
5 person or name of the entity that held the property prior to
6 the property becoming unclaimed, the date of the holder's last
7 contact with the owner, if known, and the approximate value of
8 the property, and identify which of the following categories
9 of unclaimed property the owner's representative is seeking to
10 recover:
11 1. Cash accounts.
12 2. Stale dated checks.
13 3. Life insurance or annuity contract assets.
14 4. Utility deposits.
15 5. Securities or other interests in business
16 associations.
17 6. Wages.
18 7. Accounts receivable.
19 8. Contents of safe-deposit boxes
20
21 be unenforceable if made within 90 days after attempted
22 notification by the department or within 12 months after such
23 property is reported, whichever occurs first. However, this
24 section shall not apply to contracts made in connection with
25 guardianship proceedings or the probate of an estate.
26 (2)(a) Agreements for recovery of cash accounts shall
27 state the dollar value of the unclaimed property account to be
28 paid to the owner and shall also state the dollar value of
29 compensation to be paid to the owner's representative.
30 (b) Agreements for recovery of accounts containing
31 securities, safe-deposit box accounts, other intangible or
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1 tangible ownership interests, or other types of accounts,
2 except cash accounts, shall state the approximate value of the
3 unclaimed property and the percentage value of compensation to
4 be paid to the owner's representative.
5 (c) All agreements shall include the name, address,
6 and professional license number of the owner's representative,
7 and, if available, the taxpayer identification number or
8 social security number and telephone number of the owner. All
9 such agreements to pay compensation shall be signed by the
10 owner of the property and shall be filed by the owner's
11 representative with the claim form. All agreements and/or
12 powers of attorney entered into pursuant to subsection (1)
13 shall contain the following statement directly above the
14 signature in no less than 6-point bold type: "THIS AGREEMENT
15 TO PAY COMPENSATION TO RECOVER ABANDONED PROPERTY REPORTED TO
16 THE STATE OF FLORIDA IS UNENFORCEABLE IF MADE WITHIN 90 DAYS
17 AFTER THE ATTEMPTED NOTIFICATION OR WITHIN 12 MONTHS AFTER
18 SUCH PROPERTY IS REPORTED, WHICHEVER OCCURS FIRST." Any
19 agreement which does not contain this statement shall be
20 unenforceable.
21 Section 31. Section 717.138, Florida Statutes, is
22 amended to read:
23 717.138 Rulemaking authority.--The Department of
24 Banking and Finance shall administer and provide for the
25 enforcement of this chapter. The department has authority to
26 adopt rules pursuant to ss. 120.536(1) and 120.54 to implement
27 the provisions of this chapter. The department may adopt rules
28 to allow for electronic filing of fees, forms, and reports
29 required by this chapter.
30 Section 32. Subsection (4) of section 732.107, Florida
31 Statutes, is amended to read:
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1 732.107 Escheat.--
2 (4) At any time within 10 years after receipt of the
3 property by the state the granting of letters, a person
4 claiming to be entitled to the estate of the decedent may
5 petition to reopen the administration and assert his or her
6 rights to escheated property. If the claimant is entitled to
7 any of the estate of the decedent, the court shall fix the
8 amount to which he or she is entitled, and it shall be repaid
9 to him or her with interest at the legal rate by the officials
10 charged with the disbursement of state school funds. If no
11 claim is asserted within the time fixed, the title of the
12 state to the property and the proceeds shall become absolute.
13 Section 33. Subsection (15) is added to section
14 493.6102, Florida Statutes, to read:
15 493.6102 Inapplicability of parts I through IV of this
16 chapter.--This chapter shall not apply to:
17 (15) Any person licensed as a Florida-certified public
18 accountant pursuant to chapter 473 and who is engaged in the
19 recovery of unclaimed property and the location of apparent
20 owners of such property pursuant to the provisions of chapter
21 717.
22 Section 34. Section 717.137, Florida Statutes, is
23 repealed.
24 Section 35. This act shall take effect October 1,
25 2001.
26
27 *****************************************
28 HOUSE SUMMARY
29
Revises and clarifies provisions of ch. 717, F.S.,
30 relating to disposition of unclaimed property, to comport
with other states and model codes. Deletes references to
31 unclaimed property as being abandoned. See bill for
details.
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