HB 0853, Engrossed 1 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	for funding of K-12 programs from the proceeds of this act
15	for the 2003-2004 fiscal year; providing an effective
16	date.
17
18	Be It Enacted by the Legislature of the State of Florida:
19
20	Section 1. Paragraph (d) of subsection (12) of section
21	717.101, Florida Statutes, is amended to read:
22	717.101 Definitions.--As used in this chapter, unless the
23	context otherwise requires:
24	(12) "Intangible property" includes, by way of
25	illustration and not limitation:
26	(d) Moneys deposited to redeem stocks, bonds, bearer
27	bonds, original issue discount bonds,coupons, and other
28	securities, or to make distributions.
29	Section 2. Section 717.1071, Florida Statutes, is created
30	to read:
31	717.1071 Unclaimed demutualization proceeds.--Unclaimed
32	property payable or distributable in the course of a
33	demutualization of an insurance company is presumed unclaimed 5
34	years after the earlier of the date of last contact with the
35	policyholder or the date the property became payable or
36	distributable.
37	Section 3. Section 717.1101, Florida Statutes, is amended
38	to read:
39	717.1101 Unclaimed equity and debt ofStock and other
40	intangible interests inbusiness associations.--
41	(1)(a) Stock or other equity interest in a business
42	association is presumed unclaimed 5 years after the earliest of:
43	1. The date of the most recent dividend, stock split, or
44	other distribution unclaimed by the apparent owner;
45	2. The date of a statement of account or other
46	notification or communication that was returned as
47	undeliverable; or
48	3. The date the holder discontinued mailings,
49	notifications, or communications to the apparent owner.
50	(b) Unmatured or unredeemed debt, other than a bearer bond
51	or an original issue discount bond, is presumed unclaimed 5
52	years after the date of the most recent interest payment
53	unclaimed by the owner.
54	(c) Matured or redeemed debt is presumed unclaimed 5 years
55	after the date of maturity or redemptionExcept as provided in
56	subsections (2) and (5), any stock or other intangible ownership
57	interest in a business association, the existence of which is
58	evidenced by record available to the association, is presumed
59	unclaimed and, with respect to the interest, the association is
60	the holder, if a dividend, distribution, or other sum payable as
61	a result of the interest is not claimed for 5 years by the owner
62	and the owner has not within 5 years:
63	(a) Communicated in writing with the association or its
64	agent regarding the interest or a dividend, distribution, or
65	other sum payable as a result of the interest; or
66	(b) Otherwise communicated with the association regarding
67	the interest or a dividend, distribution, or other sum payable
68	as a result of the interest, as evidenced by a memorandum or
69	other record on file with the association or its agent.
70	(2) At the expiration of a 5-year period following the
71	failure of the owner to claim a dividend, distribution, or other
72	sum payable to the owner as a result of the interest, the
73	interest shall not be presumed unclaimed unless there have been
74	at least five dividends, distributions, or other sums paid
75	during the period, none of which has been claimed. If five
76	dividends, distributions, or other sums are paid during the 5-
77	year period, the period leading to a presumption that the
78	interest is unclaimed commences on the date payment of the first
79	such unclaimed dividend, distribution, or other sum became due
80	and payable. If five dividends, distributions, or other sums are
81	not paid during the presumptive period, the period continues to
82	run until there have been five consecutive dividends,
83	distributions, or other sums that have not been claimed by the
84	owner.
85	(2)(3) The running of such 5-year period ceases if the
86	person:
87	(a)1. Communicates in writing with the association or its
88	agent regarding the interest or a dividend, distribution, or
89	other sum payable as a result of the interest; or
90	2. Otherwise communicates with the association regarding
91	the interest or a dividend, distribution, or other sum payable
92	as a result of the interest, as evidenced by a memorandum or
93	other record on file with the association or its agent.
94	(b) Presents an instrument issued to pay interest or a
95	dividend or other cash distributionimmediately upon the
96	occurrence of one or more of the conditions referred to in
97	subsection (1). If any future dividend, distribution, or other
98	sum payable to the owner as a result of the interest is
99	subsequently not claimed by the owner, a new period in which the
100	property is presumed unclaimed commences and relates back only
101	to the time a subsequent dividend, distribution, or other sum
102	became due and payable.
103	(3)(4)At the same time any interest is presumed unclaimed
104	under this section, any dividend, distribution, or other sum
105	then held for or owing to the owner as a result of the interest,
106	is presumed unclaimed.
107	(5) This chapter shall not apply to any stock or other
108	intangible ownership interest enrolled in a plan that provides
109	for the automatic reinvestment of dividends, distributions, or
110	other sums payable as a result of the interest unless the
111	records available to the administrator of the plan show:
112	(a) With respect to any intangible ownership interest not
113	enrolled in the reinvestment plan, that the owner has not within
114	5 years satisfied any of the conditions referred to in
115	subsection (1); or
116	(b) The holder has reason to believe the owner has not
117	received statements or other mailings for a 5-year period.
118	Section 4. Subsection (5) of section 717.119, Florida
119	Statutes, is amended to read:
120	717.119 Payment or delivery of unclaimed property.--
121	(5) All intangible and tangible property held in a safe-
122	deposit box or any other safekeeping repository reported under
123	s. 717.117 shall not be delivered to the department until 120
124	days after the report due date.
125	(a)Holders may remit the value of cash and coins found in
126	unclaimed safe-deposit boxes to the department by cashier's
127	check or by electronic funds transfer, unless the cash or coins
128	have a value above face value. The department shall identify by
129	rule those cash and coin items having a numismatic value. Cash
130	and coin items identified as having a numismatic value shall be
131	remitted to the department in their original form.
132	(b) Any firearm or ammunition found in an unclaimed safe-
133	deposit box or any other safekeeping repository shall be
134	delivered by the holder to a law enforcement agency for
135	disposal. However, the department is authorized to make a
136	reasonable attempt to ascertain the historical value to
137	collectors of any firearm that has been delivered to the
138	department. Any firearm appearing to have historical value to
139	collectors may be sold by the department pursuant to s. 717.122
140	to a person having a federal firearms license. Any firearm which
141	is not sold pursuant to s. 717.122 shall be delivered by the
142	department to a law enforcement agency in this state for
143	disposal. The department shall not be administratively, civilly,
144	or criminally liable for any firearm delivered by the department
145	to a law enforcement agency in this state for disposal.
146	(c)(a)If such property is not paid or delivered to the
147	department on or before the applicable payment or delivery date,
148	the holder shall pay to the department a penalty of $10 for each
149	safe-deposit box received late, but such penalty shall not
150	exceed $1,000.
151	(d)(b)The department may waive any penalty due with
152	appropriate justification, as provided by rule.
153	(e)(c)Upon written request by any person required to
154	deliver safe-deposit box contents, the department may postpone
155	the delivery.
156	Section 5. It is the intent of the Legislature that any
157	additional funds arising from the provisions of this act be used
158	to increase the base student allocation contained in the Florida
159	Education Finance Program for fiscal year 2003-2004. If the
160	General Appropriations Act does not address the increased
161	funding in the State School Trust Fund in accordance with the
162	provisions of this act, the department of Education is hereby
163	authorized to submit a budget amendment to make the necessary
164	adjustments.
165	Section 6. This act shall take effect upon becoming a law.