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