HB 1527

1	A bill to be entitled
2	An act relating to disposition of unclaimed property;
3	amending s. 717.101, F.S.; providing definitions; amending
4	s. 717.106, F.S.; specifying communication by documented
5	telephone contact to avoid a presumption of certain
6	property being unclaimed; amending s. 717.1101, F.S.;
7	decreasing a time period for a presumption of stock,
8	equity interest, and certain debt of a business
9	association being unclaimed; specifying criteria for
10	certain other property of a business association being
11	presumed unclaimed; amending s. 717.117, F.S.; revising
12	requirements for notifying owners of inactive accounts;
13	providing an additional exception to the reporting of
14	unclaimed property; amending s. 717.118, F.S.; increasing
15	a threshold amount for a requirement for an active attempt
16	to notify owners of unclaimed property; amending s.
17	717.119, F.S.; revising provisions for disposal of
18	proceeds of sales of unclaimed firearms or ammunition;
19	amending s. 717.122, F.S.; providing for sale of unclaimed
20	stock or certain equity interest under certain
21	circumstances; amending s. 717.124, F.S.; revising
22	requirements for making unclaimed property claims;
23	amending s. 717.12404, F.S.; revising requirements for
24	making claims on behalf of a business entity or trust;
25	creating s. 717.12406, F.S.; providing definitions;
26	amending s. 717.1241, F.S.; revising requirements and
27	procedures for resolving conflicting claims; amending s.
28	717.1242, F.S.; requiring the ordering of estate or heirs
29	to pay the Department of Financial Services certain costs
30	and fees; amending s. 717.1243, F.S.; revising
31	requirements and procedures for claims by beneficiaries of
32	deceased owners of unclaimed property; creating s.
33	717.1245, F.S.; requiring petitioners for writs of
34	garnishment to pay the department certain costs and fees
35	in certain actions; amending s. 717.1311, F.S.; deleting a
36	provision requiring certain record holders to pay certain
37	estimated amounts relating to insufficient records;
38	amending s. 717.1315, F.S.; revising requirements and
39	procedures for retention of records by an owner's
40	representative; amending s. 717.132, F.S.; providing for
41	imposition of fines by a court instead of the department;
42	amending s. 717.1322, F.S.; providing for civil
43	enforcement by the department of certain violations;
44	revising the department's authority to issue certain
45	registration revocation orders; creating s. 717.1323,
46	F.S.; specifying a prohibited practice; amending s.
47	717.1331, F.S.; authorizing the department to enforce
48	subpoenas; amending s. 717.1333, F.S.; authorizing the
49	estimation of certain amounts due from insufficient
50	records; amending s. 717.135, F.S.; revising requirements
51	for powers of attorney to recover property; specifying
52	forms; specifying certain activities as not prohibited;
53	prohibiting certain modifications to a power of attorney;
54	amending s. 717.1351, F.S.; revising requirements for
55	contracts to acquire ownership of or entitlement to
56	property; specifying forms; specifying certain activities
57	as not prohibited; prohibiting certain modifications to an
58	agreement; providing rulemaking authority to the
59	department to specify what evidence may identify a seller;
60	creating s. 717.1381, F.S.; specifying certain powers of
61	attorney and agreements to be void as contrary to public
62	policy; prohibiting entering into such agreements;
63	providing application; amending s. 717.1400, F.S.;
64	revising registration requirements; providing an effective
65	date.
66
67	Be It Enacted by the Legislature of the State of Florida:
68
69	Section 1.  Subsections (11), (12), (13), (14), (15), (16),
70	(17), (18), (19), (20), and (21) of section 717.101, Florida
71	Statutes, are amended to read:
72	717.101  Definitions.--As used in this chapter, unless the
73	context otherwise requires:
74	(11)  "Health care provider" means any state-licensed
75	entity that provides and receives payment for health care
76	services. These entities include, but are not limited to,
77	hospitals, outpatient centers, physician practices, and skilled
78	nursing facilities.
79	(12)(11)  "Holder" means a person, wherever organized or
80	domiciled, who is:
81	(a)  In possession of property belonging to another;
82	(b)  A trustee in case of a trust; or
83	(c)  Indebted to another on an obligation.
84	(13)(12)  "Insurance company" means an association,
85	corporation, or fraternal or mutual benefit organization,
86	whether or not for profit, which is engaged in providing
87	insurance coverage, including, by way of illustration and not
88	limitation, accident, burial, casualty, credit life, contract
89	performance, dental, fidelity, fire, health, hospitalization,
90	illness, life (including endowments and annuities), malpractice,
91	marine, mortgage, surety, and wage protection insurance.
92	(14)(13)  "Intangible property" includes, by way of
93	illustration and not limitation:
94	(a)  Moneys, checks, drafts, deposits, interest, dividends,
95	and income.
96	(b)  Credit balances, customer overpayments, security
97	deposits and other instruments as defined by chapter 679,
98	refunds, unpaid wages, unused airline tickets, and unidentified
99	remittances.
100	(c)  Stocks, and other intangible ownership interests in
101	business associations.
102	(d)  Moneys deposited to redeem stocks, bonds, bearer
103	bonds, original issue discount bonds, coupons, and other
104	securities, or to make distributions.
105	(e)  Amounts due and payable under the terms of insurance
106	policies.
107	(f)  Amounts distributable from a trust or custodial fund
108	established under a plan to provide any health, welfare,
109	pension, vacation, severance, retirement, death, stock purchase,
110	profit sharing, employee savings, supplemental unemployment
111	insurance, or similar benefit.
112	(15)(14)  "Last known address" means a description of the
113	location of the apparent owner sufficient for the purpose of the
114	delivery of mail. For the purposes of identifying, reporting,
115	and remitting property to the department which is presumed to be
116	unclaimed, "last known address" includes any partial description
117	of the location of the apparent owner sufficient to establish
118	the apparent owner was a resident of this state at the time of
119	last contact with the apparent owner or at the time the property
120	became due and payable.
121	(16)(15)  "Lawful charges" means charges against dormant
122	accounts that are authorized by statute for the purpose of
123	offsetting the costs of maintaining the dormant account.
124	(17)  "Managed care payor" means a health care plan that
125	has a defined system of selecting and limiting health care
126	providers as evidenced by a managed care contract with the
127	health care providers. These plans include, but are not limited
128	to, managed care health insurance companies and health
129	maintenance organizations.
130	(18)(16)  "Owner" means a depositor in the case of a
131	deposit, a beneficiary in case of a trust or a deposit in trust,
132	or a payee in the case of other intangible property, or a person
133	having a legal or equitable interest in property subject to this
134	chapter or his or her legal representative.
135	(19)(17)  "Public corporation" means a corporation created
136	by the state, founded and owned in the public interest,
137	supported by public funds, and governed by those deriving their
138	power from the state.
139	(20)(18)  "Reportable period" means the calendar year
140	ending December 31 of each year.
141	(21)(19)  "State," when applied to a part of the United
142	States, includes any state, district, commonwealth, territory,
143	insular possession, and any other area subject to the
144	legislative authority of the United States.
145	(22)(20)  "Ultimate equitable owner" means a natural person
146	who, directly or indirectly, owns or controls an ownership
147	interest in a corporation, a foreign corporation, an alien
148	business organization, or any other form of business
149	organization, regardless of whether such natural person owns or
150	controls such ownership interest through one or more natural
151	persons or one or more proxies, powers of attorney, nominees,
152	corporations, associations, partnerships, trusts, joint stock
153	companies, or other entities or devices, or any combination
154	thereof.
155	(23)(21)  "Utility" means a person who owns or operates,
156	for public use, any plant, equipment, property, franchise, or
157	license for the transmission of communications or the
158	production, storage, transmission, sale, delivery, or furnishing
159	of electricity, water, steam, or gas.
160	Section 2.  Paragraph (b) of subsection (1) of section
161	717.106, Florida Statutes, is amended to read:
162	717.106  Bank deposits and funds in financial
163	organizations.--
164	(1)  Any demand, savings, or matured time deposit with a
165	banking or financial organization, including deposits that are
166	automatically renewable, and any funds paid toward the purchase
167	of shares, a mutual investment certificate, or any other
168	interest in a banking or financial organization is presumed
169	unclaimed unless the owner has, within 5 years:
170	(b)  Communicated in writing or by documented telephone
171	contact with the banking or financial organization concerning
172	the property;
173	Section 3.  Paragraphs (a), (b), and (c) of subsection (1)
174	and subsection (2) of section 717.1101, Florida Statutes, are
175	amended, and subsection (4) is added to said section, to read:
176	717.1101  Unclaimed equity and debt of business
177	associations.--
178	(1)(a)  Stock or other equity interest in a business
179	association is presumed unclaimed 3 5 years after the earliest
180	of:
181	1.  The date of the most recent dividend, stock split, or
182	other distribution unclaimed by the apparent owner;
183	2.  The date of a statement of account or other
184	notification or communication that was returned as
185	undeliverable; or
186	3.  The date the holder discontinued mailings,
187	notifications, or communications to the apparent owner.
188	(b)  Unmatured or unredeemed debt, other than a bearer bond
189	or an original issue discount bond, is presumed unclaimed 3 5
190	years after the date of the most recent interest payment
191	unclaimed by the owner.
192	(c)  Matured or redeemed debt is presumed unclaimed 3 5
193	years after the date of maturity or redemption.
194	(2)  The running of such 3-year 5-year period ceases if the
195	person:
196	(a)1.  Communicates in writing with the association or its
197	agent regarding the interest or a dividend, distribution, or
198	other sum payable as a result of the interest; or
199	2.  Otherwise communicates with the association regarding
200	the interest or a dividend, distribution, or other sum payable
201	as a result of the interest, as evidenced by a memorandum or
202	other record on file with the association or its agent.
203	(b)  Presents an instrument issued to pay interest or a
204	dividend or other cash distribution. If any future dividend,
205	distribution, or other sum payable to the owner as a result of
206	the interest is subsequently not claimed by the owner, a new
207	period in which the property is presumed unclaimed commences and
208	relates back only to the time a subsequent dividend,
209	distribution, or other sum became due and payable.
210	(4)  Any dividend, profit, distribution, interest
211	redemption, payment on principal, or other sum held or owing by
212	a business association for or to a shareholder,
213	certificateholder, member, bondholder, or other security holder,
214	who has not claimed such amount or corresponded in writing with
215	the business association concerning such amount, within 3 years
216	after the date prescribed for payment or delivery, is presumed
217	unclaimed.
218	Section 4.  Subsections (3) and (4) of subsection (7) of
219	section 717.117, Florida Statutes, are amended, and paragraph
220	(c) is added to subsection (7) of that section, to read:
221	717.117  Report of unclaimed property.--
222	(3)  The report must be filed before May 1 of each year.
223	The Such report shall apply to the preceding calendar year. The
224	department may impose and collect a penalty of $10 per day up to
225	a maximum of $500 for the failure to timely report or the
226	failure to include in a report information required by this
227	chapter. The penalty shall be remitted to the department within
228	30 days after the date of the notification to the holder that
229	the penalty is due and owing. As necessary for proper
230	administration of this chapter, the department may waive any
231	penalty due with appropriate justification. On written request
232	by any person required to file a report and upon a showing of
233	good cause, the department may postpone the reporting date. The
234	department must provide information contained in a report filed
235	with the department to any person requesting a copy of the
236	report or information contained in a report, to the extent the
237	information requested is not confidential, within 45 90 days
238	after the report has been processed and added to the unclaimed
239	property database subsequent to a determination that the report
240	is accurate and that the reported property is the same as the
241	remitted property.
242	(4)  Holders of inactive accounts having a value of $50 or
243	more shall use due diligence to locate apparent owners. Not more
244	than 120 days and not less than 60 days prior to filing the
245	report required by this section, the holder in possession of
246	property presumed unclaimed and subject to custody as unclaimed
247	property under this chapter shall send written notice to the
248	apparent owner at the apparent owner's last known address
249	informing the apparent owner that the holder is in possession of
250	property subject to this chapter, if the holder has in its
251	records an address for the apparent owner which the holder's
252	records do not disclose to be inaccurate.
253	(a)  When an owner's account becomes inactive, the holder
254	shall conduct at least one search for the apparent owner using
255	due diligence. For purposes of this section, an account is
256	inactive if 2 years have transpired after the last owner-
257	initiated account activity, if 2 years have transpired after the
258	expiration date on the instrument or contract, or if 2 years
259	have transpired since first-class mail has been returned as
260	undeliverable.
261	(b)  Within 180 days after an account becomes inactive, the
262	holder shall conduct a search to locate the apparent owner of
263	the property. The holder may satisfy such requirement by
264	conducting one annual search for the owners of all accounts
265	which have become inactive during the prior year.
266	(c)  Within 30 days after receiving updated address
267	information, the holder shall provide notice by telephone or
268	first-class mail to the current address notifying the apparent
269	owner that the holder is in possession of property which is
270	presumed unclaimed and may be remitted to the department. The
271	notice shall also provide the apparent owner with the address or
272	the telephone number of an office where the apparent owner may
273	claim the property or reestablish the inactive account.
274	(d)  The account shall be presumed unclaimed if the holder
275	is not able to contact the apparent owner by telephone, the
276	first-class mail notice is returned to the holder as
277	undeliverable, or the apparent owner does not contact the holder
278	in response to the first-class mail notice.
279	(7)
280	(c)  This section does not apply to credit balances,
281	overpayments, refunds, or outstanding checks owed by a health
282	care provider to a managed care payor with whom the health care
283	provider has a managed care contract, provided that the credit
284	balances, overpayments, refunds, or outstanding checks become
285	due and owing pursuant to the managed care contract.
286	Section 5.  Subsection (1) of section 717.118, Florida
287	Statutes, is amended to read:
288	717.118  Notification of apparent owners of unclaimed
289	property.--
290	(1)  It is specifically recognized that the state has an
291	obligation to make an effort to notify owners of unclaimed
292	property in a cost-effective manner. In order to provide all the
293	citizens of this state an effective and efficient program for
294	the recovery of unclaimed property, the department shall use
295	cost-effective means to make at least one active attempt to
296	notify owners of unclaimed property accounts valued at more than
297	$250 $100 with a reported address or taxpayer identification
298	number. Such active attempt to notify apparent owners shall
299	include any attempt by the department to directly contact the
300	owner. Other means of notification, such as publication of the
301	names of owners in the newspaper, on television, on the
302	Internet, or through other promotional efforts and items in
303	which the department does not directly attempt to contact the
304	owner are expressly declared to be passive attempts. Nothing in
305	this subsection precludes other agencies or entities of state
306	government from notifying owners of the existence of unclaimed
307	property or attempting to notify apparent owners of unclaimed
308	property.
309	Section 6.  Paragraph (b) of subsection (5) of section
310	717.119, Florida Statutes, is amended to read:
311	717.119  Payment or delivery of unclaimed property.--
312	(5)  All intangible and tangible property held in a
313	safe-deposit box or any other safekeeping repository reported
314	under s. 717.117 shall not be delivered to the department until
315	120 days after the report due date. The delivery of the
316	property, through the United States mail or any other carrier,
317	shall be insured by the holder at an amount equal to the
318	estimated value of the property. Each package shall be clearly
319	marked on the outside "Deliver Unopened." A holder's safe-
320	deposit box contents shall be delivered to the department in a
321	single shipment. In lieu of a single shipment, holders may
322	provide the department with a single detailed shipping schedule
323	that includes package tracking information for all packages
324	being sent pursuant to this section.
325	(b)  Any firearm or ammunition found in an unclaimed safe-
326	deposit box or any other safekeeping repository shall be
327	delivered by the holder to a law enforcement agency for disposal
328	pursuant to s. 705.103(2)(b) with the balance of the proceeds
329	deposited into the State School Fund if the firearm is sold.
330	However, the department is authorized to make a reasonable
331	attempt to ascertain the historical value to collectors of any
332	firearm that has been delivered to the department. Any firearm
333	appearing to have historical value to collectors may be sold by
334	the department pursuant to s. 717.122 to a person having a
335	federal firearms license. Any firearm which is not sold pursuant
336	to s. 717.122 shall be delivered by the department to a law
337	enforcement agency in this state for disposal pursuant to s.
338	705.103(2)(b) with the balance of the proceeds deposited into
339	the State School Fund if the firearm is sold. The department
340	shall not be administratively, civilly, or criminally liable for
341	any firearm delivered by the department to a law enforcement
342	agency in this state for disposal.
343	Section 7.  Section 717.122, Florida Statutes, is amended
344	to read:
345	717.122  Public sale of unclaimed property.--
346	(1)  Except as provided in paragraph subsection (2)(a), the
347	department after the receipt of unclaimed property shall sell it
348	to the highest bidder at public sale on the Internet or at a
349	specified physical location wherever in the judgment of the
350	department the most favorable market for the property involved
351	exists. The department may decline the highest bid and reoffer
352	the property for sale if in the judgment of the department the
353	bid is insufficient. The department shall have the discretion to
354	withhold from sale any unclaimed property that the department
355	deems to be of benefit to the people of the state. If in the
356	judgment of the department the probable cost of sale exceeds the
357	value of the property, it need not be offered for sale and may
358	be disposed of as the department determines appropriate. Any
359	sale at a specified physical location held under this section
360	must be preceded by a single publication of notice, at least 3
361	weeks in advance of sale, in a newspaper of general circulation
362	in the county in which the property is to be sold. The
363	department shall proportionately deduct auction fees,
364	preparation costs, and expenses from the amount posted to the
365	owner's account when safe-deposit box contents are sold. No
366	action or proceeding may be maintained against the department
367	for or on account of any decision to decline the highest bid or
368	withhold any unclaimed property from sale.
369	(2)(a)  Securities listed on an established stock exchange
370	must be sold at prices prevailing at the time of sale on the
371	exchange. Other securities may be sold over the counter at
372	prices prevailing at the time of sale or by any other method the
373	department deems advisable. The department may authorize the
374	agent or broker acting on behalf of the department to deduct
375	fees from the proceeds of these sales at a rate agreed upon in
376	advance by the agent or broker and the department. The
377	department shall reimburse owners accounts for these brokerage
378	fees from the State School Fund unless the securities are sold
379	at the owner's request.
380	(b)(3)  Unless the department deems it to be in the public
381	interest to do otherwise, all securities presumed unclaimed and
382	delivered to the department may be sold upon receipt. Any person
383	making a claim pursuant to this chapter is entitled to receive
384	either the securities delivered to the department by the holder,
385	if they still remain in the hands of the department, or the
386	proceeds received from sale, but no person has any claim under
387	this chapter against the state, the holder, any transfer agent,
388	any registrar, or any other person acting for or on behalf of a
389	holder for any appreciation in the value of the property
390	occurring after delivery by the holder to the state.
391	(c)  Certificates for unclaimed stock or other equity
392	interest of business associations that cannot be canceled and
393	registered in the department's name or that cannot be readily
394	liquidated and converted into the currency of the United States
395	may be sold for the value of the certificate, if any, in
396	accordance with subsection (1) or may be destroyed in accordance
397	with s. 717.128.
398	(3)(4)  The purchaser of property at any sale conducted by
399	the department pursuant to this chapter is entitled to ownership
400	of the property purchased free from all claims of the owner or
401	previous holder thereof and of all persons claiming through or
402	under them. The department shall execute all documents necessary
403	to complete the transfer of ownership.
404	(4)(5)  The sale of unclaimed tangible personal property is
405	not subject to tax under chapter 212 when such property is sold
406	by or on behalf of the department pursuant to this section.
407	Section 8.  Subsections (1) and (4) of section 717.124,
408	Florida Statutes, are amended to read:
409	717.124  Unclaimed property claims.--
410	(1)  Any person, excluding another state, claiming an
411	interest in any property paid or delivered to the department
412	under this chapter may file with the department a claim on a
413	form prescribed by the department and verified by the claimant
414	or the claimant's representative. The claimant's representative
415	must be an attorney licensed to practice law in this state, a
416	licensed Florida-certified public accountant, or a private
417	investigator licensed under chapter 493. The claimant's
418	representative must be registered with the department under this
419	chapter. The claimant, or the claimant's representative, shall
420	provide the department with a legible copy of a valid driver's
421	license of the claimant at the time the original claim form is
422	filed. If the claimant has not been issued a valid driver's
423	license at the time the original claim form is filed, the
424	department shall be provided with a legible copy of a
425	photographic identification of the claimant issued by the United
426	States or a foreign nation, a state or territory of the United
427	States, or a foreign nation, or a political subdivision or
428	agency thereof or other evidence deemed acceptable by the
429	department by rule. In lieu of photographic identification, a
430	notarized sworn statement by the claimant may be provided which
431	affirms the claimant's identity and states the claimant's full
432	name and address. The claimant must produce to the notary
433	photographic identification of the claimant issued by the United
434	States, a state or territory of the United States, a foreign
435	nation, or a political subdivision or agency thereof or other
436	evidence deemed acceptable by the department by rule. The notary
437	shall indicate the notary's full address on the notarized sworn
438	statement. Any claim filed without the required identification
439	or the sworn statement with the original claim form and the
440	original power of attorney or purchase agreement, if applicable,
441	is void.
442	(a)  Within 90 days after receipt of a claim, the
443	department may return any claim that provides for the receipt of
444	fees and costs greater than that permitted under this chapter or
445	that contains any apparent errors or omissions. The department
446	may also request that the claimant or the claimant's
447	representative provide additional information. The department
448	shall retain a copy or electronic image of the claim.
449	(b)  A claimant or the claimant's representative shall be
450	deemed to have withdrawn a claim if no response to the
451	department's request for additional information is received by
452	the department within 60 days after the notification of any
453	apparent errors or omissions.
454	(c)  Within 90 days after receipt of the claim, or the
455	response of the claimant or the claimant's representative to the
456	department's request for additional information, whichever is
457	later, the department shall determine each claim. Such
458	determination shall contain a notice of rights provided by ss.
459	120.569 and 120.57. The 90-day period shall be extended by 60
460	days if the department has good cause to need additional time or
461	if the unclaimed property:
462	1.  Is owned by a person who has been a debtor in
463	bankruptcy;
464	2.  Was reported with an address outside of the United
465	States;
466	3.  Is being claimed by a person outside of the United
467	States; or
468	4.  Contains documents filed in support of the claim that
469	are not in the English language and have not been accompanied by
470	an English language translation.
471	(d)  The department shall deny any claim under which the
472	claimant's representative has refused to authorize the
473	department to reduce the fees and costs to the maximum permitted
474	under this chapter.
475	(4)(a)  Except as otherwise provided in this chapter, if a
476	claim is determined in favor of the claimant, the department
477	shall deliver or pay over to the claimant the property or the
478	amount the department actually received or the proceeds if it
479	has been sold by the department, together with any additional
480	amount required by s. 717.121.
481	(b)  If an owner authorizes an attorney licensed to
482	practice law in this state, Florida-certified public accountant,
483	or private investigator licensed under chapter 493, and
484	registered with the department under this chapter, to claim the
485	unclaimed property on the owner's behalf, the department is
486	authorized to make distribution of the property or money in
487	accordance with such power of attorney. The original power of
488	attorney must be executed by the owner and must be filed with
489	the department.
490	(c)1.  Payments of approved claims for unclaimed cash
491	accounts shall be made to the owner after deducting any fees and
492	costs authorized pursuant to a written power of attorney. The
493	contents of a safe-deposit box shall be delivered directly to
494	the claimant notwithstanding any power of attorney or agreement
495	to the contrary.
496	2.  Payments of fees and costs authorized pursuant to a
497	written power of attorney for approved claims shall be made or
498	issued to the law firm employer of the designated attorney
499	licensed to practice law in this state, the public accountancy
500	firm employer of the licensed Florida-certified public
501	accountant, or the designated employing private investigative
502	agency licensed by this state. Such payments shall be made by
503	electronic funds transfer and may be made on such periodic
504	schedule as the department may define by rule, provided the
505	payment intervals do not exceed 31 days. Payment made to an
506	attorney licensed in this state, a Florida-certified public
507	accountant, or a private investigator licensed under chapter
508	493, operating individually or as a sole practitioner, shall be
509	to the attorney, certified public accountant, or private
510	investigator.
511	Section 9.  Section 717.12404, Florida Statutes, is amended
512	to read:
513	717.12404  Claims on behalf of a business entity or
514	trust.--
515	(1)(a)  Claims on behalf of an active or dissolved
516	corporation, for which the last annual report is not available
517	from the Department of State through the Internet, must be
518	accompanied by a microfiche copy of the records on file with the
519	Department of State or, if the corporation has not made a
520	corporate filing with the Department of State, the claim must be
521	accompanied by a uniform resource locator for the address of a
522	free Internet site operated by the state of incorporation of the
523	corporation that provides access to the last corporate filing
524	identifying the officers and directors of the corporation. If
525	available, the claim must be accompanied by a printout of the
526	officers and directors from the Department of State Internet
527	site or the free Internet site operated by the state of
528	incorporation of the corporation. If the free Internet site is
529	not available, the claim must be accompanied by an authenticated
530	copy of the last corporate filing identifying the officers and
531	directors from the appropriate authorized official of the state
532	of incorporation.
533	(b)  A claim on behalf of a corporation must be made by an
534	officer or director identified on the last corporate filing.
535	(2)  Claims on behalf of a dissolved corporation, a
536	business entity other than an active corporation, or a trust
537	must include a legible copy of a valid driver's license of the
538	person acting on behalf of the dissolved corporation, business
539	entity other than an active corporation, or trust. If the person
540	has not been issued a valid driver's license, the department
541	shall be provided with a legible copy of a photographic
542	identification of the person issued by the United States, or a
543	foreign nation, or a political subdivision or agency thereof. In
544	lieu of photographic identification, a notarized sworn statement
545	by the person may be provided which affirms the person's
546	identity and states the person's full name and address. The
547	person must produce his or her photographic identification
548	issued by the United States, a state or territory of the United
549	States, a foreign nation, or a political subdivision or agency
550	thereof or other evidence deemed acceptable by the department by
551	rule. The notary shall indicate the notary's full address on the
552	notarized sworn statement. Any claim filed without the required
553	identification or the sworn statement with the original claim
554	form and the original power of attorney, if applicable, is void.
555	Section 10.  Section 717.12406, Florida Statutes, is
556	created to read:
557	717.12406  Joint ownership of unclaimed securities or
558	dividends.--For the purpose of determining joint ownership of
559	unclaimed securities or dividends, the term:
560	(1)  "TEN COM" means tenants in common.
561	(2)  "TEN ENT" means tenants by the entireties.
562	(3)  "JT TEN" or "JT" means joint tenants with the right of
563	survivorship and not as tenants in common.
564	(4)  "And" means tenants in common with each person
565	entitled to an equal pro rata share.
566	(5)  "Or" means that each person listed on the account is
567	entitled to all of the funds.
568	Section 11.  Section 717.1241, Florida Statutes, is amended
569	to read:
570	717.1241  Conflicting claims.--
571	(1)  When conflicting claims have been received by the
572	department for the same unclaimed property account or accounts,
573	the property shall be remitted in accordance with the claim
574	filed by the person as follows, notwithstanding the withdrawal
575	of a claim:
576	(a)  As between an owner and an owner's representative:
577	1.  To the person submitting the first claim received by
578	the Bureau of Unclaimed Property of the department that is
579	complete or made complete.; or
580	(b)2.  If a claimant's an owner's claim and a claimant's an
581	owner's representative's claim are received by the Bureau of
582	Unclaimed Property of the department on the same day and both
583	claims are complete, to the claimant. owner;
584	(c)  If a buyer's claim and a claimant's claim or a
585	claimant's representative's claim are received by the Bureau of
586	Unclaimed Property of the department on the same day and the
587	claims are complete, to the buyer.
588	(b)  As between two or more owner's representatives, to the
589	owner's representative who has submitted the first claim that is
590	complete or made complete; or
591	(d)(c)  As between two or more claimant's representative's
592	claims received by the Bureau of Unclaimed Property of the
593	department that are complete or made owner's representatives
594	whose claims were complete on the same day, to the claimant's
595	owner's representative who has agreed to receive the lowest fee.
596	If the two or more claimant's owner's representatives whose
597	claims received by the Bureau of Unclaimed Property of the
598	department were complete or made complete on the same day are
599	charging the same lowest fee, the fee fees shall be divided
600	equally between the claimant's owner's representatives.
601	(e)  If more than one buyer's claim received by the Bureau
602	of Unclaimed Property of the department is complete or made
603	complete on the same day, the department shall remit the
604	unclaimed property to the buyer who paid the highest amount to
605	the seller. If the buyers paid the same amount to the seller,
606	the department shall remit the unclaimed property to the buyers
607	divided in equal amounts.
608	(2)  The purpose of this section is solely to provide
609	guidance to the department regarding to whom it should remit the
610	unclaimed property and is not intended to extinguish or affect
611	any private cause of action that any person may have against
612	another person for breach of contract or other statutory or
613	common-law remedy. A buyer's sole remedy, if any, shall be
614	against the claimant's representative or the seller, or both. A
615	claimant's representative's sole remedy, if any, shall be
616	against the buyer or the seller, or both. A claimant's or
617	seller's sole remedy, if any, shall be against the buyer or the
618	claimant's representative, or both. Nothing in this section
619	forecloses the right of a person to challenge the department's
620	determination of completeness in a proceeding under ss. 120.569
621	and 120.57.
622	(3)  A claim is complete when entitlement to the unclaimed
623	property has been established.
624	Section 12.  Subsection (2) of section 717.1242, Florida
625	Statutes, is amended to read:
626	717.1242  Restatement of jurisdiction of the circuit court
627	sitting in probate and the department.--
628	(2)  If Should any estate or heir of an estate seeks seek
629	to obtain or obtains obtain an order from a circuit court
630	sitting in probate directing the department to pay or deliver to
631	any person property paid or delivered to the department under
632	this chapter, the estate or heir shall may be ordered to pay the
633	department reasonable costs and attorney's fees in any
634	proceeding brought by the department to oppose, appeal, or
635	collaterally attack the order if the department is the
636	prevailing party in any such proceeding.
637	Section 13.  Subsection (1) of section 717.1243, Florida
638	Statutes, is amended, and subsection (5) is added to said
639	section, to read:
640	717.1243  Small estate accounts.--
641	(1)  A claim for unclaimed property made by a beneficiary,
642	as defined in s. 731.201, of a deceased owner need not be
643	accompanied by an order of a probate court if the claimant files
644	with the department an affidavit, signed by all beneficiaries,
645	stating that all the beneficiaries have amicably agreed among
646	themselves upon a division of the estate and that all funeral
647	expenses, expenses of the last illness, and any other lawful
648	claims have been paid, and any additional information reasonably
649	necessary to make a determination of entitlement. If the owner
650	died testate, the claim shall be accompanied by a copy of the
651	will.
652	(5)  Nothing in this section shall be interpreted as
653	precluding the use of live testimony in order to establish
654	entitlement.
655	Section 14.  Section 717.1245, Florida Statutes, is created
656	to read:
657	717.1245  Garnishment of unclaimed property.--If any person
658	files a petition for writ of garnishment seeking to obtain
659	property paid or delivered to the department under this chapter,
660	the petitioner shall be ordered to pay the department reasonable
661	costs and attorney's fees in any proceeding brought by the
662	department to oppose, appeal, or collaterally attack the
663	petition or writ if the department is the prevailing party in
664	any such proceeding.
665	Section 15.  Subsection (3) of section 717.1311, Florida
666	Statutes, is amended to read:
667	717.1311  Retention of records.--
668	(3)  If a holder fails to maintain the records required by
669	this section and the records of the holder which are available
670	for the periods subject to this chapter are insufficient to
671	permit the preparation of a report, the holder shall be required
672	to report and pay such amounts as may reasonably be estimated
673	from any available records.
674	Section 16.  Section 717.1315, Florida Statutes, is amended
675	to read:
676	717.1315  Retention of records by claimant's
677	representatives and buyers of unclaimed property owner's
678	representative.--
679	(1)  Every claimant's owner's representative and buyer of
680	unclaimed property shall keep and use in his or her business
681	such books, accounts, and records of the business conducted
682	under this chapter to enable the department to determine whether
683	such person owner's representative is complying with this
684	chapter and the rules adopted by the department under this
685	chapter. Every claimant's owner's representative and buyer of
686	unclaimed property shall preserve such books, accounts, and
687	records, including every power of attorney or agreement between
688	the owner and such claimant's owner's representative or buyer,
689	for at least 3 years after the date of the initial power of
690	attorney or agreement.
691	(2)  A claimant's An owner's representative or buyer of
692	unclaimed property, operating at two or more places of business
693	in this state, may maintain the books, accounts, and records of
694	all such offices at any one of such offices, or at any other
695	office maintained by such claimant's owner's representative or
696	buyer of unclaimed property, upon the filing of a written notice
697	with the department designating in the written notice the office
698	at which such records are maintained.
699	(3)  A claimant's An owner's representative or buyer of
700	unclaimed property shall make all books, accounts, and records
701	available at a convenient location in this state upon request of
702	the department.
703	Section 17.  Subsection (3) of section 717.132, Florida
704	Statutes, is amended to read:
705	717.132  Enforcement; cease and desist orders;
706	administrative fines.--
707	(3)  In addition to any other powers conferred upon it to
708	enforce and administer the provisions of this chapter, the
709	department or a court of competent jurisdiction may impose fines
710	and collect an administrative fine against any person found to
711	have violated any provision of this chapter, any rule or order
712	promulgated under this chapter, or any written agreement entered
713	into with the department in an amount not to exceed $2,000 for
714	each violation. All fines collected under this subsection shall
715	be deposited as received in the Unclaimed Property Trust Fund.
716	Section 18.  Subsection (1), paragraph (a) of subsection
717	(2), and subsections (3) and (5) of section 717.1322, Florida
718	Statutes, are amended to read:
719	717.1322  Administrative and civil enforcement.--
720	(1)  The following acts are violations of this chapter and
721	constitute grounds for an administrative enforcement action by
722	the department in accordance with the requirements of chapter
723	120 and for civil enforcement by the department in a court of
724	competent jurisdiction:
725	(a)  Failure to comply with any provision of this chapter,
726	any rule or order adopted under this chapter, or any written
727	agreement entered into with the department.
728	(b)  Fraud, misrepresentation, deceit, or gross negligence
729	in any matter within the scope of this chapter.
730	(c)  Fraudulent misrepresentation, circumvention, or
731	concealment of any matter required to be stated or furnished to
732	an owner or apparent owner under this chapter, regardless of
733	reliance by or damage to the owner or apparent owner.
734	(d)  Willful imposition of illegal or excessive charges in
735	any unclaimed property transaction.
736	(e)  False, deceptive, or misleading solicitation or
737	advertising within the scope of this chapter.
738	(f)  Failure to maintain, preserve, and keep available for
739	examination all books, accounts, or other documents required by
740	this chapter, by any rule or order adopted under this chapter,
741	or by any agreement entered into with the department under this
742	chapter.
743	(g)  Refusal to permit inspection of books and records in
744	an investigation or examination by the department or refusal to
745	comply with a subpoena issued by the department under this
746	chapter.
747	(h)  Criminal conduct in the course of a person's business.
748	(i)  Failure to timely pay any fine imposed or assessed
749	under this chapter or any rule adopted under this chapter.
750	(j)  Requesting or receiving compensation for notifying a
751	person of his or her unclaimed property or assisting another
752	person in filing a claim for unclaimed property, unless the
753	person is an attorney licensed to practice law in this state, a
754	Florida-certified public accountant, or a private investigator
755	licensed under chapter 493, or entering into, or making a
756	solicitation to enter into, a power of attorney to file For
757	compensation or gain or in the expectation of compensation or
758	gain, the filing of a claim for unclaimed property owned by
759	another, or a contract or agreement to purchase unclaimed
760	property, unless such person is registered with the department
761	pursuant to this chapter and an a registered attorney licensed
762	to practice law in this state in the regular practice of her or
763	his profession, a Florida-certified registered public accountant
764	who is acting within the scope of the practice of public
765	accounting as defined in chapter 473 certified in this state, or
766	a registered private investigator licensed under chapter 493.
767	This subsection does not apply to a person who has been granted
768	a durable power of attorney to convey and receive all of the
769	real and personal property of the owner, is the court-appointed
770	guardian of the owner, has been employed as an attorney or
771	qualified representative to contest the department's denial of a
772	claim, has been employed as an attorney or qualified
773	representative to contest the department's denial of a claim, or
774	has been employed as an attorney to probate the estate of the
775	owner or an heir or legatee of the owner.
776	(k)  Failure to authorize the release of records in the
777	possession of a third party after being requested to do so by
778	the department regarding a pending examination or investigation.
779	(l)  Receipt or solicitation of consideration to be paid in
780	advance of the approval of a claim under this chapter.
781	(2)  Upon a finding by the department that any person has
782	committed any of the acts set forth in subsection (1), the
783	department may enter an order:
784	(a)  Revoking for a minimum of 5 years or suspending for a
785	maximum of 5 years a registration previously granted under this
786	chapter during which time the registrant may not reapply for a
787	registration under this chapter;
788	(3)  A registrant is subject to civil enforcement and the
789	disciplinary actions specified in subsection (2) for violations
790	of subsection (1) by an agent or employee of the registrant's
791	employer if the registrant knew or should have known that such
792	agent or employee was violating any provision of this chapter.
793	(5)  The department may seek any appropriate civil legal
794	remedy available to it by filing a civil action in a court of
795	competent jurisdiction against any person who has, directly or
796	through a claimant's an owner's representative, wrongfully
797	submitted a claim as the ultimate owner of property and
798	improperly received funds from the department in violation of
799	this chapter.
800	Section 19.  Section 717.1323, Florida Statutes, is created
801	to read:
802	717.1323  Prohibited practice.--No person may knowingly
803	enter false information onto the Internet website of the Bureau
804	of Unclaimed Property.
805	Section 20.  Section 717.1331, Florida Statutes, is amended
806	to read:
807	717.1331  Actions against holders.--The department may
808	initiate, or cause to be initiated, an action against a holder
809	to enforce a subpoena or recover unclaimed property. If the
810	department prevails in a civil or administrative action to
811	enforce a subpoena or recover unclaimed property initiated by or
812	on behalf of the department, the holder shall be ordered to pay
813	the department reasonable costs and attorney's fees.
814	Section 21.  Section 717.1333, Florida Statutes, is amended
815	to read:
816	717.1333  Evidence; estimations; audit reports, examiner's
817	worksheets, investigative reports, other related documents.--
818	(1)  In any proceeding involving a holder under ss. 120.569
819	and 120.57 in which an auditor, examiner, or investigator acting
820	under authority of this chapter is available for cross-
821	examination, any official written report, worksheet, or other
822	related paper, or copy thereof, compiled, prepared, drafted, or
823	otherwise made or received by the auditor, examiner, or
824	investigator, after being duly authenticated by the auditor,
825	examiner, or investigator, may be admitted as competent evidence
826	upon the oath of the auditor, examiner, or investigator that the
827	report, worksheet, or related paper was prepared or received as
828	a result of an audit, examination, or investigation of the books
829	and records of the person audited, examined, or investigated, or
830	the agent thereof.
831	(2)  If the records of the holder that are available for
832	the periods subject to this chapter are insufficient to permit
833	the preparation of a report of the unclaimed property due and
834	owing by a holder, the amount due may be reasonably estimated.
835	Section 22.  Section 717.135, Florida Statutes, is amended
836	to read:
837	717.135  Power of attorney Agreement to recover reported
838	property in the custody of the department.--
839	(1)  A power of attorney executed by a claimant to All
840	agreements between a claimant's representative and a claimant
841	for compensation to recover or assist in the recovery of
842	property reported to the department under s. 717.117 shall be in
843	10-point 11-point type or greater. and:
844	(2)  A power of attorney described in subsection (1) must:
845	(a)  Limit the fees and costs for services to 20 percent
846	per unclaimed property account held by the department. Fees and
847	costs for cash accounts shall be based on the value of the
848	property at the time the power of attorney agreement for
849	recovery is signed by the claimant. Fees and costs for accounts
850	containing securities or other intangible ownership interests,
851	which securities or interests are not converted to cash, shall
852	be based on the purchase price of the security as quoted on a
853	national exchange or other market on which the property is
854	regularly traded at the time the securities or other ownership
855	interest is remitted to the claimant or the claimant's
856	representative. Fees and costs for tangible property or safe-
857	deposit box accounts shall be based on the value of the tangible
858	property or contents of the safe-deposit box at the time the
859	ownership interest is transferred or remitted to the claimant.
860	Total fees and costs on any single account owned by a natural
861	person residing in this country must not exceed $1,000; or
862	(b)  Fully disclose, on such form as the department shall
863	prescribe by rule, that the property is held by the Bureau of
864	Unclaimed Property of the Department of Financial Services
865	pursuant to this chapter, the mailing address of the bureau, the
866	Internet address of the bureau, the person or name of the entity
867	that held the property prior to the property becoming unclaimed,
868	the date of the holder's last contact with the owner, if known,
869	and the approximate value of the property, and identify which of
870	the following categories of unclaimed property the claimant's
871	owner's representative is seeking to recover, as reported by the
872	holder:
873	1.  Cash accounts.
874	2.  Stale dated checks.
875	3.  Life insurance or annuity contract assets.
876	4.  Utility deposits.
877	5.  Securities or other interests in business associations.
878	6.  Wages.
879	7.  Accounts receivable.
880	8.  Contents of safe-deposit boxes.
881
882	This subsection Such disclosure shall be on a page signed and
883	dated by the person asserting entitlement to the unclaimed
884	property. However, paragraph (a) or paragraph (b) shall not
885	apply if probate proceedings must be initiated on behalf of the
886	claimant for an estate that has never been probated or if the
887	unclaimed property is being claimed by a person outside of the
888	United States.
889	(3)(a)  A power of attorney described in paragraph (2)(b)
890	must state in 12-point type or greater in the order indicated
891	with the blank spaces accurately completed:
892	FULL DISCLOSURE STATEMENT
893
894	The property is currently held by the State of Florida
895	Department of Financial Services, Bureau of Unclaimed
896	Property, pursuant to chapter 717, Florida Statutes. The
897	mailing address of the Bureau of Unclaimed Property
898	is_______________. The Internet address of the Bureau of
899	Unclaimed Property is_______________.
900	The property was Remitted by:______________.
901	Date of last contact:______________________.
902	Property category:_________________________.
903
904	(b)  Immediately above the signature line for the claimant,
905	a power of attorney described in paragraph (2)(b) must state in
906	12-point type or greater:
907
908	Claimant agrees, by signing below, that the FULL
909	DISCLOSURE STATEMENT has been read and fully understood.
910
911	(4)(2)(a)  Powers of attorney Agreements for recovery of
912	cash accounts shall state the value of the unclaimed property,
913	the unclaimed property account number, and the percentage value
914	of the unclaimed property account to be paid to the claimant and
915	shall also state the percentage value of compensation to be paid
916	to the claimant's representative, if applicable.
917	(b)  Powers of attorney Agreements for recovery of accounts
918	containing securities, safe-deposit box accounts, other
919	intangible or tangible ownership interests, or other types of
920	accounts, except cash accounts, shall state the unclaimed
921	property account number, the number of shares of stock, if
922	applicable, the approximate value of the unclaimed property, and
923	the percentage value of compensation to be paid to the
924	claimant's representative, if applicable.
925	(c)  All powers of attorney disclosures and agreements
926	shall include:
927	1.  The name, address, and professional license number of
928	the claimant's representative.
929	2.  The name, address, and telephone number of the
930	claimant's representative's firm or employer.
931	3.  The name, address, and telephone number of the
932	claimant.
933	4.  , and, If applicable available, the taxpayer
934	identification number or social security number, address, and
935	telephone number of the claimant.
936	5.  The name and address to whom the warrant is to be
937	issued, if different than the claimant's name and address.
938	(d)  The original of all such disclosures and powers of
939	attorney agreements to pay compensation shall be signed and
940	dated by the claimant of the property and shall be filed with
941	the claim form.
942	(e)(d)  All powers of attorney executed by a claimant to
943	agreements between a claimant's representative and a claimant,
944	who is a natural person, trust, or a dissolved corporation, for
945	compensation to recover or assist in the recovery of property
946	reported to the department under s. 717.117 must use the
947	following form on 8 and 1/2-inch by 11-inch paper or on 8 and
948	1/2-inch by 14-inch paper with all of the text on one side of
949	the paper and with the other side of the paper left blank;
950	except that, at the option of the owner representative, the
951	department disclosure form may be placed on the reverse side of
952	the agreement. The power of attorney agreement must be
953	accurately completed and executed. No other writing or
954	information shall be printed on the agreement. The title of the
955	power of attorney agreement shall be in bold 14-point type or
956	greater and underlined. Except as otherwise provided in this
957	section, the rest of the power of attorney agreement shall be in
958	10-point type or greater. All unclaimed property accounts
959	claimed must be identified on the power of attorney by account
960	number agreement. The power of attorney agreement must state in
961	bold 12-point type or greater at the top of the power of
962	attorney in the order indicated:
963
964	LIMITED POWER OF ATTORNEY RECOVERY AGREEMENT
965
966	$__________ = Approximate Dollar Value of the UNCLAIMED Property
967	__________  = Number of Shares of Stock to be Recovered (If
968	Applicable):__________
969	PROPERTY ACCOUNT NUMBERS:__________
970	__________ Percent to be Paid as Compensation to the Claimant's
971	Representative
972	$           = Amount to be Paid to Claimant's Representative
973	$__________ = Net Amount to be Paid to Claimant
974	Property Account Numbers:_________________
975	$__________ = AMOUNT TO BE PAID TO CLAIMANT'S REPRESENTATIVE
976
977	THIS AGREEMENT is between: _______________ (hereinafter,
978	CLAIMANT) and _______________ (hereinafter, CLAIMANT'S
979	REPRESENTATIVE) who agree to the following:
980
981	(1)  As consideration for the research efforts in locating
982	and identifying assets due to the CLAIMANT and for assistance in
983	procuring payment of the assets to the CLAIMANT, the CLAIMANT
984	authorizes the government to pay to the CLAIMANT'S
985	REPRESENTATIVE a fee of either:
986	(a)  __________ percent of all assets recovered, or
987	(b)  A flat fee of $ __________ to recover the unclaimed
988	property account identified above.
989
990	NO FEES ARE TO BE PAID IN ADVANCE.
991
992	(2)  I have read this agreement and in consideration
993	thereof, do hereby grant the CLAIMANT'S REPRESENTATIVE a limited
994	power of attorney to demand, collect, recover and receive the
995	above compensation from the government in accordance with this
996	agreement.
997	(3)  IT IS HEREBY ACKNOWLEDGED BY ALL PARTIES TO THIS
998	AGREEMENT THAT UNLESS THESE ASSETS ARE RECOVERED, NO FEES, NO
999	COSTS OR CHARGES ARE DUE TO THE CLAIMANT'S REPRESENTATIVE, ITS
1000	AGENTS OR ATTORNEYS, AND THIS AGREEMENT WILL BECOME NULL AND
1001	VOID.
1002	Original Signature of CLAIMANT:
1003	DATE:
1004	CLAIMANT'S Social Security Number or FEID number:
1005	Make the CLAIMANT'S check payable to:
1006	Mail check to this address:
1007	The CLAIMANT'S telephone number is:
1008	Original Signature of CLAIMANT'S REPRESENTATIVE:
1009	FEID Number of CLAIMANT'S REPRESENTATIVE:
1010	DATE:
1011	Address of CLAIMANT'S REPRESENTATIVE:
1012	Telephone number of CLAIMANT'S REPRESENTATIVE:
1013	Professional license number of CLAIMANT'S REPRESENTATIVE:
1014	(f)(e)  All fees, whether expressed as a percentage or as a
1015	flat fee, are subject to the limitations and requirements of
1016	subsection (2)(1).
1017	(g)(f)  This section does not prohibit the:
1018	1.  Use of bolding, italics, print of different colors, and
1019	text borders as a means of highlighting or stressing certain
1020	selected items within the text.
1021	2.  Placement of the name, address, and telephone number of
1022	the representative's firm or company in the top margin above the
1023	words "POWER OF ATTORNEY." No additional writing of any kind may
1024	be placed in the top margin including, but not limited to,
1025	logos, license numbers, Internet addresses, or slogans.
1026	3.  Placement of the word "pending" prior to the words "NET
1027	AMOUNT TO BE PAID TO CLAIMANT," if it is not yet possible to
1028	determine the percentage interest of an heir or legatee prior to
1029	a determination on the issue by the probate court.
1030	4.  Deletion of the words "Number of Shares of Stock (If
1031	Applicable)" if the agreement does not relate to the recovery of
1032	securities.
1033	5.  Deletion of the words "Percent to Be Paid as
1034	Compensation to Claimant's Representative" if the power of
1035	attorney provides for a flat fee to be paid as compensation to
1036	the claimant's representative.
1037	(5)(3)  As used in this section, "claimant" means the
1038	person on whose behalf a claim is filed.
1039	(6)(4)  This section does not supersede the licensing
1040	requirements of chapter 493.
1041	Section 23.  Section 717.1351, Florida Statutes, is amended
1042	to read:
1043	717.1351  Acquisition of unclaimed property.--
1044	(1)  A person desiring to acquire ownership of or
1045	entitlement to property reported to the department under s.
1046	717.117 must be an attorney licensed to practice law in this
1047	state, a licensed Florida-certified public accountant, a private
1048	investigator licensed under chapter 493, or an employer of a
1049	licensed private investigator which employer possesses a Class
1050	"A" license under chapter 493 and must be registered with the
1051	department under this chapter.
1052	(2)  All contracts to acquire ownership of or entitlement
1053	to unclaimed property from the person or persons entitled to the
1054	unclaimed property must be in 10-point type or greater and must:
1055	(a)  Have a purchase price that discounts the value of the
1056	unclaimed property at the time the agreement is executed by the
1057	seller at no greater than 20 percent per account held by the
1058	department. An unclaimed property account must not be discounted
1059	in excess of $1,000. However, the $1,000 discount limitation
1060	does not apply if probate proceedings must be initiated on
1061	behalf of the seller for an estate that has never been probated
1062	or if the seller of the unclaimed property is not a natural
1063	person or is a person outside the United States; or
1064	(b)  Fully disclose, on such form as the department shall
1065	prescribe by rule, that the property is held by the Bureau of
1066	Unclaimed Property of the Department of Financial Services
1067	pursuant to this chapter, the mailing address of the bureau, the
1068	Internet address of the bureau, the person or name of the entity
1069	that held the property prior to the property becoming unclaimed,
1070	the date of the holder's last contact with the owner, if known,
1071	and the approximate value of the property, and identify which of
1072	the following categories of unclaimed property the buyer is
1073	seeking to purchase as reported by the holder:
1074	1.  Cash accounts.
1075	2.  Stale dated checks.
1076	3.  Life insurance or annuity contract assets.
1077	4.  Utility deposits.
1078	5.  Securities or other interests in business associations.
1079	6.  Wages.
1080	7.  Accounts receivable.
1081	8.  Contents of safe-deposit boxes.
1082
1083	The purchase agreement described in this paragraph must state in
1084	12-point type or greater in the order indicated with the blank
1085	spaces accurately completed:
1086
1087	FULL DISCLOSURE STATEMENT
1088
1089	The property is currently held by the State of Florida
1090	Department of Financial Services, Bureau of Unclaimed
1091	Property, pursuant to chapter 717, Florida Statutes. The
1092	mailing address of the Bureau of Unclaimed Property
1093	is_______________. The Internet address of the Bureau of
1094	Unclaimed Property is_______________.
1095	The property was remitted by:______________.
1096	Date of last contact:______________________.
1097	Property category:_________________________.
1098
1099	Immediately above the signature line for the seller, the
1100	purchase agreement described in this paragraph must state in 12-
1101	point type or greater:
1102
1103	Seller agrees, by signing below, that the FULL DISCLOSURE
1104	STATEMENT has been read and fully understood.
1105
1106	Such disclosure shall be on a page signed and dated by the
1107	seller of the unclaimed property.
1108	(3)  The originals of all such disclosures and agreements
1109	to transfer ownership of or entitlement to unclaimed property
1110	shall be signed and dated by the seller and shall be filed with
1111	the claim form. The claimant shall provide the department with a
1112	legible copy of a valid driver's license of the seller at the
1113	time the original claim form is filed. If a seller has not been
1114	issued a valid driver's license at the time the original claim
1115	form is filed, the department shall be provided with a legible
1116	copy of a photographic identification of the seller issued by
1117	the United States or a foreign nation, a state or territory of
1118	the United States or a foreign nation, or a political
1119	subdivision or agency thereof. In lieu of photographic
1120	identification, a notarized sworn statement by the seller may be
1121	provided which affirms the seller's identity and states the
1122	seller's full name and address. The seller must produce to the
1123	notary his or her photographic identification issued by the
1124	United States, a state or territory of the United States, a
1125	foreign nation, or a political subdivision or agency thereof or
1126	other evidence deemed acceptable by department rule. The notary
1127	shall indicate the notary's full address on the notarized sworn
1128	statement. If a claim is filed without the required
1129	identification or the sworn statement with the original claim
1130	form and the original agreement to acquire ownership of or
1131	entitlement to the unclaimed property, the claim is void.
1132	(4)  Any contract to acquire ownership of or entitlement to
1133	unclaimed property from the person or persons entitled to the
1134	unclaimed property must provide for the purchase price to be
1135	remitted to the seller or sellers within 10 days after the
1136	execution of the contract by the seller or sellers. The contract
1137	must specify the unclaimed property account number, the name of
1138	the holder who reported the property to the department, the
1139	category of unclaimed property, the value of the unclaimed
1140	property account, and the number of shares of stock, if
1141	applicable. Proof of payment by check must be filed with the
1142	department with the claim.
1143	(5)  All agreements to purchase unclaimed property from an
1144	owner, who is a natural person, a trust, or a dissolved
1145	corporation must use the following form on 8 and 1/2-inch by 11-
1146	inch paper or on 8 and 1/2-inch by 14-inch paper with all of the
1147	text on one side of the paper and with the other side of the
1148	paper left blank; except that, at the option of the owner
1149	representative, the department disclosure form may be placed on
1150	the reverse side of the agreement. The agreement must be
1151	accurately completed and executed. No other writing or
1152	information shall be printed on the agreement. The title of the
1153	agreement shall be in bold 14-point type or greater and
1154	underlined. Except as otherwise provided in this section, the
1155	rest of the agreement shall be in 10-point type or greater. All
1156	unclaimed property accounts to be purchased must be identified
1157	on the agreement by account number. The agreement must state, in
1158	bold 12-point type or greater at the top of the agreement in the
1159	order indicated:
1160
1161	PURCHASE AGREEMENT
1162
1163	$__________ = Approximate Dollar Value of the UNCLAIMED Property
1164	PROPERTY ACCOUNT NUMBER(S):
1165	__________  = Number of Shares of Stock TO BE RECOVERED (If
1166	Applicable):__________
1167	__________ =  Percent of UNCLAIMED Property to be Paid to the
1168	Buyer
1169	$           = Amount to be Paid to Buyer
1170	$__________ = Net Amount to be Paid to Seller OWNER
1171	Property Account Number(s):_____________________
1172	$__________ = AMOUNT TO BE PAID TO BUYER
1173
1174	THIS AGREEMENT is between: _______________ (hereinafter, OWNER)
1175	and _______________ (hereinafter, BUYER) who agree that the
1176	OWNER transfers to the BUYER for a purchase price of $__________
1177	all rights to the above identified unclaimed property accounts.
1178	Original Signature of OWNER:
1179	DATE:
1180	OWNER'S Social Security Number or FEID number:
1181	Within 10 days after the execution of this Purchase Agreement by
1182	the Owner, Buyer shall remit the OWNER'S check payable to:
1183
1184	Mail check to this address:
1185
1186
1187	The OWNER'S telephone number is:
1188	Original Signature of BUYER:
1189	FEID Number of BUYER: __________DATE: __________
1190	Address of BUYER:
1191
1192	Telephone number of BUYER:
1193	Professional license number of BUYER:
1194
1195	(6)  All agreements shall include:
1196	(a)  The name and professional license number of the
1197	registrant.
1198	(b)  The name, address, and telephone number of the
1199	registrant's firm or employer.
1200	(c)  The name, address, and telephone number of the seller.
1201	(d)  The taxpayer identification number or social security
1202	number of the seller, if available.
1203	(e)  The name and address to whom the warrant is to be
1204	issued if it is different from the seller's name and address.
1205	(f)  The original signature of the registrant and the date
1206	signed by the registrant.
1207	(7)  This section does not prohibit the:
1208	(a)  Use of bolding, italics, print of different colors, or
1209	text borders as a means of highlighting or stressing certain
1210	selected items within the text.
1211	(b)  Placement of the name, address, and telephone number
1212	of the registrant's firm or company in the top margin above the
1213	words "PURCHASE AGREEMENT." No additional writing of any kind
1214	may be placed in the top margin, including, but not limited to,
1215	logos, license numbers, Internet addresses, or slogans.
1216	(c)  Deletion of the words "Number of Shares of Stock (If
1217	Applicable)" if the agreement does not relate to the recovery of
1218	securities.
1219	(d)  Deletion of the words "Percent of Property to be Paid
1220	to Buyer," if the purchase agreement provides for a flat fee to
1221	be paid as compensation to the buyer.
1222	(8)  This section does not supersede the licensing
1223	requirements of chapter 493.
1224	Section 24.  Section 717.1381, Florida Statutes, is created
1225	to read:
1226	717.1381  Void unclaimed property powers of attorney and
1227	purchase agreements.--
1228	(1)  Protecting the interests of owners of unclaimed
1229	property is declared to be the public policy of this state. It
1230	is in the best interests of the owners of unclaimed property
1231	that they have the opportunity to receive the full amount of the
1232	unclaimed property returned to them without deduction of any
1233	fees. Further, it is specifically recognized that the
1234	Legislature has mandated and the state has an obligation to make
1235	a meaningful and active efforts to notify owners concerning
1236	their unclaimed property. The state recognizes that this policy
1237	and obligation cannot be fulfilled without providing the state
1238	with the first opportunity to notify the owners of unclaimed
1239	property that they may file a claim for their property with the
1240	department. In furtherance of this policy and obligation:
1241	(a)  Any oral or written agreement or power of attorney for
1242	compensation or gain or in the expectation of compensation or
1243	gain, that includes an unclaimed property account valued at more
1244	than $250 which was made on or before 45 days after the holder
1245	or examination report was processed and added to the unclaimed
1246	property data base, subsequent to a determination that the
1247	report was accurate and that the reported property was the same
1248	as the remitted property, is void as contrary to public policy.
1249	(b)  Any oral or written purchase agreement that include an
1250	unclaimed property account valued at more than $250, owned by
1251	another and made on or before 45 days after the holder or
1252	examination report was processed and added to the unclaimed
1253	property database, subsequent to a determination that the report
1254	was accurate and that the reported property was the same as the
1255	remitted property, is void as contrary to public policy.
1256	(2)  A person may not enter into a power of attorney or an
1257	agreement, or make a solicitation to enter into a power of
1258	attorney or an agreement, that is void under this section.
1259	Section 25.  Subsections (1), (2), (3), and (6) of section
1260	717.1400, Florida Statutes, are amended, and subsection (7) is
1261	added to said section, to read:
1262	717.1400  Registration.--
1263	(1)  In order to file claims as a claimant's
1264	representative, acquire ownership of or entitlement to unclaimed
1265	property, receive a distribution of fees and costs from the
1266	department, and obtain unclaimed property dollar amounts,
1267	numbers the number of reported shares of stock, and the last
1268	four digits of social security numbers held by the department, a
1269	private investigator holding a Class "C" individual license
1270	under chapter 493 must register with the department on such form
1271	as the department shall prescribe by rule, and must be verified
1272	by the applicant. To register with the department, a private
1273	investigator must provide:
1274	(a)  A legible copy of the applicant's Class "A" business
1275	license under chapter 493 or that of the applicant's firm or
1276	employer which holds a Class "A" business license under chapter
1277	493.
1278	(b)  A legible copy of the applicant's Class "C" individual
1279	license issued under chapter 493.
1280	(c)  The applicant's business address and telephone number
1281	of the applicant's private investigative firm or employer.
1282	(d)  The names of agents or employees, if any, who are
1283	designated to act on behalf of the private investigator,
1284	together with a legible copy of their photo identification
1285	issued by an agency of the United States, or a state, or a
1286	political subdivision thereof.
1287	(e)  Sufficient information to enable the department to
1288	disburse funds by electronic funds transfer.
1289	(f)  The tax identification number of the private
1290	investigator's firm or employer which holds a Class "A" business
1291	license under chapter 493.
1292	(2)  In order to file claims as a claimant's
1293	representative, acquire ownership of or entitlement to unclaimed
1294	property, receive a distribution of fees and costs from the
1295	department, and obtain unclaimed property dollar amounts,
1296	numbers the number of reported shares of stock, and the last
1297	four digits of social security numbers held by the department, a
1298	Florida-certified public accountant must register with the
1299	department on such form as the department shall prescribe by
1300	rule, and must be verified by the applicant. To register with
1301	the department a Florida-certified public accountant must
1302	provide:
1303	(a)  The applicant's Florida Board of Accountancy number.
1304	(b)  A legible copy of the applicant's current driver's
1305	license showing the full name and current address of such
1306	person. If a current driver's license is not available, another
1307	form of identification showing the full name and current address
1308	of such person or persons shall be filed with the department.
1309	(c)  The applicant's business address and telephone number
1310	of the applicant's public accounting firm or employer.
1311	(d)  The names of agents or employees, if any, who are
1312	designated to act on behalf of the Florida-certified public
1313	accountant, together with a legible copy of their photo
1314	identification issued by an agency of the United States, or a
1315	state, or a political subdivision thereof.
1316	(e)  Sufficient information to enable the department to
1317	disburse funds by electronic funds transfer.
1318	(f)  The tax identification number of the accountant's
1319	public accounting firm employer.
1320	(3)  In order to file claims as a claimant's
1321	representative, acquire ownership of or entitlement to unclaimed
1322	property, receive a distribution of fees and costs from the
1323	department, and obtain unclaimed property dollar amounts,
1324	numbers the number of reported shares of stock, and the last
1325	four digits of social security numbers held by the department,
1326	an attorney licensed to practice in this state must register
1327	with the department on such form as the department shall
1328	prescribe by rule, and must be verified by the applicant. To
1329	register with the department, such attorney must provide:
1330	(a)  The applicant's Florida Bar number.
1331	(b)  A legible copy of the applicant's current driver's
1332	license showing the full name and current address of such
1333	person. If a current driver's license is not available, another
1334	form of identification showing the full name and current address
1335	of such person or persons shall be filed with the department.
1336	(c)  The applicant's business address and telephone number
1337	of the applicants firm or employer.
1338	(d)  The names of agents or employees, if any, who are
1339	designated to act on behalf of the attorney, together with a
1340	legible copy of their photo identification issued by an agency
1341	of the United States, or a state, or a political subdivision
1342	thereof.
1343	(e)  Sufficient information to enable the department to
1344	disburse funds by electronic funds transfer.
1345	(f)  The tax identification number of the attorney's firm
1346	or lawyer's employer law firm.
1347	(6)  A registrant's firm or employer registrant or
1348	applicant for registration may not have a name that might lead
1349	another person to conclude that the registrant's firm or
1350	employer registrant is affiliated or associated with the United
1351	States, or an agency thereof, or a state or an agency or
1352	political subdivision of a state. The department shall deny an
1353	application for registration or revoke a registration if the
1354	applicant's or registrant's firm or employer applicant or
1355	registrant has a name that might lead another person to conclude
1356	that the firm or employer applicant or registrant is affiliated
1357	or associated with the United States, or an agency thereof, or a
1358	state or an agency or political subdivision of a state. Names
1359	that might lead another person to conclude that the firm or
1360	employer applicant or registrant is affiliated or associated
1361	with the United States, or an agency thereof, or a state or an
1362	agency or political subdivision of a state, include, but are not
1363	limited to, the words United States, Florida, state, bureau,
1364	division, department, or government.
1365	(7)  The licensing and other requirements of this section
1366	must be maintained as a condition of registration with the
1367	department.
1368	Section 26.  This act shall take effect upon becoming a
1369	law.

CODING: Words stricken are deletions; words underlined are additions.