HB 0853 2003
1	A bill to be entitled
2	An act relating to unclaimed property; amending s.
3	717.101, F.S.; revising a definition; creating s.
4	717.1071, F.S.; providing for determining when certain
5	property of a demutualized insurance company is unclaimed;
6	amending s. 717.1101, F.S.; revising provisions for
7	determining when certain equity and debt of a business
8	association is unclaimed; providing for reversing such
9	determination; deleting an application provision; amending
10	s. 717.119, F.S.; providing for disposition of certain
11	unclaimed firearms or ammunition; providing duties of the
12	Department of Financial Services; specifying absence of
13	liability of the department for certain actions; providing
14	an effective date.
15
16	Be It Enacted by the Legislature of the State of Florida:
17
18	Section 1. Paragraph (d) of subsection (12) of section
19	717.101, Florida Statutes, is amended to read:
20	717.101 Definitions.--As used in this chapter, unless the
21	context otherwise requires:
22	(12) "Intangible property" includes, by way of
23	illustration and not limitation:
24	(d) Moneys deposited to redeem stocks, bonds, bearer
25	bonds, original issue discount bonds,coupons, and other
26	securities, or to make distributions.
27	Section 2. Section 717.1071, Florida Statutes, is created
28	to read:
29	717.1071 Unclaimed demutualization proceeds.--Unclaimed
30	property payable or distributable in the course of a
31	demutualization of an insurance company is presumed unclaimed 5
32	years after the earlier of the date of last contact with the
33	policyholder or the date the property became payable or
34	distributable.
35	Section 3. Section 717.1101, Florida Statutes, is amended
36	to read:
37	717.1101 Unclaimed equity and debt ofStock and other
38	intangible interests inbusiness associations.--
39	(1)(a) Stock or other equity interest in a business
40	association is presumed unclaimed 5 years after the earliest of:
41	1. The date of the most recent dividend, stock split, or
42	other distribution unclaimed by the apparent owner;
43	2. The date of a statement of account or other
44	notification or communication that was returned as
45	undeliverable; or
46	3. The date the holder discontinued mailings,
47	notifications, or communications to the apparent owner.
48	(b) Unmatured or unredeemed debt, other than a bearer bond
49	or an original issue discount bond, is presumed unclaimed 5
50	years after the date of the most recent interest payment
51	unclaimed by the owner.
52	(c) Matured or redeemed debt is presumed unclaimed 5 years
53	after the date of maturity or redemption.
54	(d) At the time property is presumed unclaimed under
55	paragraph (a) or paragraph (b), any other property right accrued
56	or accruing to the owner as a result of the property interest
57	and not previously presumed unclaimed is also presumed unclaimed
58	Except as provided in subsections (2) and (5), any stock or
59	other intangible ownership interest in a business association,
60	the existence of which is evidenced by record available to the
61	association, is presumed unclaimed and, with respect to the
62	interest, the association is the holder, if a dividend,
63	distribution, or other sum payable as a result of the interest
64	is not claimed for 5 years by the owner and the owner has not
65	within 5 years:
66	(a) Communicated in writing with the association or its
67	agent regarding the interest or a dividend, distribution, or
68	other sum payable as a result of the interest; or
69	(b) Otherwise communicated with the association regarding
70	the interest or a dividend, distribution, or other sum payable
71	as a result of the interest, as evidenced by a memorandum or
72	other record on file with the association or its agent.
73	(2) At the expiration of a 5-year period following the
74	failure of the owner to claim a dividend, distribution, or other
75	sum payable to the owner as a result of the interest, the
76	interest shall not be presumed unclaimed unless there have been
77	at least five dividends, distributions, or other sums paid
78	during the period, none of which has been claimed. If five
79	dividends, distributions, or other sums are paid during the 5-
80	year period, the period leading to a presumption that the
81	interest is unclaimed commences on the date payment of the first
82	such unclaimed dividend, distribution, or other sum became due
83	and payable. If five dividends, distributions, or other sums are
84	not paid during the presumptive period, the period continues to
85	run until there have been five consecutive dividends,
86	distributions, or other sums that have not been claimed by the
87	owner.
88	(2)(3) The running of such 5-year period ceases if the
89	person:
90	(a)1. Communicates in writing with the association or its
91	agent regarding the interest or a dividend, distribution, or
92	other sum payable as a result of the interest; or
93	2. Otherwise communicates with the association regarding
94	the interest or a dividend, distribution, or other sum payable
95	as a result of the interest, as evidenced by a memorandum or
96	other record on file with the association or its agent.
97	(b) Presents an instrument issued to pay interest or a
98	dividend or other cash distributionimmediately upon the
99	occurrence of one or more of the conditions referred to in
100	subsection (1). If any future dividend, distribution, or other
101	sum payable to the owner as a result of the interest is
102	subsequently not claimed by the owner, a new period in which the
103	property is presumed unclaimed commences and relates back only
104	to the time a subsequent dividend, distribution, or other sum
105	became due and payable.
106	(3)(4)At the same time any interest is presumed unclaimed
107	under this section, any dividend, distribution, or other sum
108	then held for or owing to the owner as a result of the interest,
109	is presumed unclaimed.
110	(5) This chapter shall not apply to any stock or other
111	intangible ownership interest enrolled in a plan that provides
112	for the automatic reinvestment of dividends, distributions, or
113	other sums payable as a result of the interest unless the
114	records available to the administrator of the plan show:
115	(a) With respect to any intangible ownership interest not
116	enrolled in the reinvestment plan, that the owner has not within
117	5 years satisfied any of the conditions referred to in
118	subsection (1); or
119	(b) The holder has reason to believe the owner has not
120	received statements or other mailings for a 5-year period.
121	Section 4. Subsection (5) of section 717.119, Florida
122	Statutes, is amended to read:
123	717.119 Payment or delivery of unclaimed property.--
124	(5) All intangible and tangible property held in a safe-
125	deposit box or any other safekeeping repository reported under
126	s. 717.117 shall not be delivered to the department until 120
127	days after the report due date.
128	(a)Holders may remit the value of cash and coins found in
129	unclaimed safe-deposit boxes to the department by cashier's
130	check or by electronic funds transfer, unless the cash or coins
131	have a value above face value. The department shall identify by
132	rule those cash and coin items having a numismatic value. Cash
133	and coin items identified as having a numismatic value shall be
134	remitted to the department in their original form.
135	(b) Any firearm or ammunition found in an unclaimed safe-
136	deposit box or any other safekeeping repository shall be
137	delivered by the holder to a law enforcement agency for
138	disposal.However, the department is authorized to make a
139	reasonable attempt to ascertain the historical value to
140	collectors of any firearm that has been delivered to the
141	department. Any firearm appearing to have historical value to
142	collectors may be sold by the department pursuant to s. 717.122
143	to a person having a federal firearms license. Any firearm which
144	is not sold pursuant to s. 717.122 shall be delivered by the
145	department to a law enforcement agency in this state for
146	disposal. The department shall not be administratively, civilly,
147	or criminally liable for any firearm delivered by the department
148	to a law enforcement agency in this state for disposal.
149	(c)(a)If such property is not paid or delivered to the
150	department on or before the applicable payment or delivery date,
151	the holder shall pay to the department a penalty of $10 for each
152	safe-deposit box received late, but such penalty shall not
153	exceed $1,000.
154	(d)(b)The department may waive any penalty due with
155	appropriate justification, as provided by rule.
156	(e)(c)Upon written request by any person required to
157	deliver safe-deposit box contents, the department may postpone
158	the delivery.
159	Section 5. This act shall take effect upon becoming a law.