Senate Bill sb2494c1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
By the Committee on Banking and Insurance; and Senator Clary
597-2099-05
1 A bill to be entitled
2 An act relating to the disposition of unclaimed
3 property; amending s. 717.106, F.S., relating
4 to funds in financial organizations; providing
5 for documented telephone contact in certain
6 cases; amending s. 717.1101, F.S.; revising the
7 time in which stock, equity interest, and
8 certain debt of a business association is
9 presumed unclaimed; revising the time period in
10 which such property ceases to be unclaimed;
11 providing the time period in which certain
12 other equity of a business association is
13 presumed unclaimed; amending s. 717.117, F.S.,
14 relating to reports of unclaimed property;
15 amending time and notice requirements; amending
16 s. 717.118, F.S., relating to notification of
17 apparent owners; providing threshold value for
18 notifications; amending s. 717.119, F.S.,
19 relating to payment or delivery of unclaimed
20 property; providing for disposition of funds;
21 amending s. 717.122, F.S., relating to public
22 sale of unclaimed property; providing for
23 disposition; amending s. 717.124, F.S.,
24 relating to unclaimed property claims;
25 providing for identification; amending s.
26 717.12404, F.S., relating to claims on behalf
27 of a business entity or trust; providing for
28 reference to corporate records on the Internet;
29 creating s. 717.12405, F.S.; providing
30 definitions; amending s. 717.1241, F.S.,
31 relating to conflicting claims; amending s.
1
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 717.1242, F.S., relating to jurisdiction of
2 probate court and department; amending s.
3 717.1243, F.S., relating to small-estate
4 accounts; providing for live testimony;
5 creating s. 717.1245, F.S.; providing for costs
6 and fees in cases seeking garnishment of
7 certain unclaimed property; repealing s.
8 717.1311(3), F.S., which provides for reporting
9 requirements and payments in cases where
10 records are not maintained; amending s.
11 717.1315, F.S., relating to records retention;
12 amending s. 717.132, F.S., relating to
13 enforcement; amending s. 717.1322, F.S.,
14 relating to administrative and civil
15 enforcement; providing for registration;
16 providing times for revocation and suspension
17 of registration; creating s. 717.1323, F.S.;
18 prohibiting entry of false information;
19 amending s. 717.1331, F.S., relating to actions
20 against holders; providing for enforcement of
21 subpoena; amending s. 717.1333, F.S., relating
22 to evidence and reports; providing for
23 estimation of amount due in certain cases;
24 amending s. 717.135, F.S., relating to powers
25 of attorney and agreements; specifying certain
26 disclosure requirements and forms; amending s.
27 717.1351, F.S., relating to purchase
28 agreements; specifying form; creating s.
29 717.1381, F.S.; declaring state policy to
30 protect interests of owners of unclaimed
31 property; providing that certain powers of
2
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 attorney and purchase agreements are void;
2 providing for retroactive application; amending
3 s. 717.1400, F.S., relating to registration;
4 providing for maintenance of licensing and
5 other requirements as a condition of
6 registration; providing an effective date.
7
8 Be It Enacted by the Legislature of the State of Florida:
9
10 Section 1. Subsection (1) of section 717.106, Florida
11 Statutes, is amended to read:
12 717.106 Bank deposits and funds in financial
13 organizations.--
14 (1) Any demand, savings, or matured time deposit with
15 a banking or financial organization, including deposits that
16 are automatically renewable, and any funds paid toward the
17 purchase of shares, a mutual investment certificate, or any
18 other interest in a banking or financial organization is
19 presumed unclaimed unless the owner has, within 5 years:
20 (a) Increased or decreased the amount of the deposit
21 or presented the passbook or other similar evidence of the
22 deposit for the crediting of interest;
23 (b) Communicated in writing or by documented telephone
24 contact with the banking or financial organization concerning
25 the property;
26 (c) Otherwise indicated an interest in the property as
27 evidenced by a memorandum or other record on file with the
28 banking or financial organization;
29 (d) Owned other property to which paragraph (a),
30 paragraph (b), or paragraph (c) is applicable and if the
31 banking or financial organization communicates in writing with
3
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the owner with regard to the property that would otherwise be
2 presumed unclaimed under this subsection at the address to
3 which communications regarding the other property regularly
4 are sent; or
5 (e) Had another relationship with the banking or
6 financial organization concerning which the owner has:
7 1. Communicated in writing with the banking or
8 financial organization; or
9 2. Otherwise indicated an interest as evidenced by a
10 memorandum or other record on file with the banking or
11 financial organization and if the banking or financial
12 organization communicates in writing with the owner with
13 regard to the property that would otherwise be unclaimed under
14 this subsection at the address to which communications
15 regarding the other relationship regularly are sent.
16 Section 2. Subsections (1) and (2) of section
17 717.1101, Florida Statutes, are amended, and subsection (4) is
18 added to that section, to read:
19 717.1101 Unclaimed equity and debt of business
20 associations.--
21 (1)(a) Stock or other equity interest in a business
22 association is presumed unclaimed 3 5 years after the earliest
23 of:
24 1. The date of the most recent dividend, stock split,
25 or other distribution unclaimed by the apparent owner;
26 2. The date of a statement of account or other
27 notification or communication that was returned as
28 undeliverable; or
29 3. The date the holder discontinued mailings,
30 notifications, or communications to the apparent owner.
31
4
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (b) Unmatured or unredeemed debt, other than a bearer
2 bond or an original issue discount bond, is presumed unclaimed
3 3 5 years after the date of the most recent interest payment
4 unclaimed by the owner.
5 (c) Matured or redeemed debt is presumed unclaimed 3 5
6 years after the date of maturity or redemption.
7 (d) At the time property is presumed unclaimed under
8 paragraph (a) or paragraph (b), any other property right
9 accrued or accruing to the owner as a result of the property
10 interest and not previously presumed unclaimed is also
11 presumed unclaimed.
12 (2) The running of such 3-year 5-year period ceases if
13 the person:
14 (a)1. Communicates in writing with the association or
15 its agent regarding the interest or a dividend, distribution,
16 or other sum payable as a result of the interest; or
17 2. Otherwise communicates with the association
18 regarding the interest or a dividend, distribution, or other
19 sum payable as a result of the interest, as evidenced by a
20 memorandum or other record on file with the association or its
21 agent.
22 (b) Presents an instrument issued to pay interest or a
23 dividend or other cash distribution. If any future dividend,
24 distribution, or other sum payable to the owner as a result of
25 the interest is subsequently not claimed by the owner, a new
26 period in which the property is presumed unclaimed commences
27 and relates back only to the time a subsequent dividend,
28 distribution, or other sum became due and payable.
29 (4) Any dividend, profit, distribution, interest
30 redemption, payment on principal, or other sum held or owing
31 by a business association for or to a shareholder,
5
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 certificateholder, member, bondholder, or other security
2 holder, who has not claimed it, or corresponded in writing
3 with the business association concerning it, within 3 years
4 after the date prescribed for payment or delivery, is presumed
5 unclaimed.
6 Section 3. Subsections (3) and (4) of section 717.117,
7 Florida Statutes, are amended to read:
8 717.117 Report of unclaimed property.--
9 (3) The report must be filed before May 1 of each
10 year. The Such report shall apply to the preceding calendar
11 year. The department may impose and collect a penalty of $10
12 per day up to a maximum of $500 for the failure to timely
13 report or the failure to include in a report information
14 required by this chapter. The penalty shall be remitted to the
15 department within 30 days after the date of the notification
16 to the holder that the penalty is due and owing. As necessary
17 for proper administration of this chapter, the department may
18 waive any penalty due with appropriate justification. On
19 written request by any person required to file a report and
20 upon a showing of good cause, the department may postpone the
21 reporting date. The department must provide information
22 contained in a report filed with the department to any person
23 requesting a copy of the report or information contained in a
24 report, to the extent the information requested is not
25 confidential, within 45 90 days after the report has been
26 processed and added to the unclaimed property database
27 subsequent to a determination that the report is accurate and
28 that the reported property is the same as the remitted
29 property.
30 (4) Holders of inactive accounts having a value of $50
31 or more shall use due diligence to locate apparent owners. Not
6
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 more than 120 days and not less than 60 days prior to filing
2 the report required by this section, the holder in possession
3 of property presumed unclaimed and subject to custody as
4 unclaimed property under this chapter shall send written
5 notice to the apparent owner at the apparent owner's last
6 known address informing the apparent owner that the holder is
7 in possession of property subject to this chapter, if the
8 holder has in its records an address for the apparent owner
9 which the holder's records do not disclose to be inaccurate.
10 (a) When an owner's account becomes inactive, the
11 holder shall conduct at least one search for the apparent
12 owner using due diligence. For purposes of this section, an
13 account is inactive if 2 years have transpired after the last
14 owner-initiated account activity, if 2 years have transpired
15 after the expiration date on the instrument or contract, or if
16 2 years have transpired since first-class mail has been
17 returned as undeliverable.
18 (b) Within 180 days after an account becomes inactive,
19 the holder shall conduct a search to locate the apparent owner
20 of the property. The holder may satisfy such requirement by
21 conducting one annual search for the owners of all accounts
22 which have become inactive during the prior year.
23 (c) Within 30 days after receiving updated address
24 information, the holder shall provide notice by telephone or
25 first-class mail to the current address notifying the apparent
26 owner that the holder is in possession of property which is
27 presumed unclaimed and may be remitted to the department. The
28 notice shall also provide the apparent owner with the address
29 or the telephone number of an office where the apparent owner
30 may claim the property or reestablish the inactive account.
31
7
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (d) The account shall be presumed unclaimed if the
2 holder is not able to contact the apparent owner by telephone,
3 the first-class mail notice is returned to the holder as
4 undeliverable, or the apparent owner does not contact the
5 holder in response to the first-class mail notice.
6 Section 4. Subsection (1) of section 717.118, Florida
7 Statutes, is amended to read:
8 717.118 Notification of apparent owners of unclaimed
9 property.--
10 (1) It is specifically recognized that the state has
11 an obligation to make an effort to notify owners of unclaimed
12 property in a cost-effective manner. In order to provide all
13 the citizens of this state an effective and efficient program
14 for the recovery of unclaimed property, the department shall
15 use cost-effective means to make at least one active attempt
16 to notify owners of unclaimed property accounts valued at more
17 than $250 $100 with a reported address or taxpayer
18 identification number. Such active attempt to notify apparent
19 owners shall include any attempt by the department to directly
20 contact the owner. Other means of notification, such as
21 publication of the names of owners in the newspaper, on
22 television, on the Internet, or through other promotional
23 efforts and items in which the department does not directly
24 attempt to contact the owner are expressly declared to be
25 passive attempts. Nothing in this subsection precludes other
26 agencies or entities of state government from notifying owners
27 of the existence of unclaimed property or attempting to notify
28 apparent owners of unclaimed property.
29 Section 5. Paragraph (b) of subsection (5) of section
30 717.119, Florida Statutes, is amended to read:
31 717.119 Payment or delivery of unclaimed property.--
8
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (5) All intangible and tangible property held in a
2 safe-deposit box or any other safekeeping repository reported
3 under s. 717.117 shall not be delivered to the department
4 until 120 days after the report due date. The delivery of the
5 property, through the United States mail or any other carrier,
6 shall be insured by the holder at an amount equal to the
7 estimated value of the property. Each package shall be clearly
8 marked on the outside "Deliver Unopened." A holder's
9 safe-deposit box contents shall be delivered to the department
10 in a single shipment. In lieu of a single shipment, holders
11 may provide the department with a single detailed shipping
12 schedule that includes package tracking information for all
13 packages being sent pursuant to this section.
14 (b) Any firearm or ammunition found in an unclaimed
15 safe-deposit box or any other safekeeping repository shall be
16 delivered by the holder to a law enforcement agency for
17 disposal pursuant to s. 705.103(2)(b), with the balance of the
18 proceeds deposited into the State School Fund if the firearm
19 is sold. However, the department is authorized to make a
20 reasonable attempt to ascertain the historical value to
21 collectors of any firearm that has been delivered to the
22 department. Any firearm appearing to have historical value to
23 collectors may be sold by the department pursuant to s.
24 717.122 to a person having a federal firearms license. Any
25 firearm which is not sold pursuant to s. 717.122 shall be
26 delivered by the department to a law enforcement agency in
27 this state for disposal pursuant to s. 705.103(2)(b), with the
28 balance of the proceeds deposited into the State School Fund
29 if the firearm is sold. The department shall not be
30 administratively, civilly, or criminally liable for any
31
9
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 firearm delivered by the department to a law enforcement
2 agency in this state for disposal.
3 Section 6. Section 717.122, Florida Statutes, is
4 amended to read:
5 717.122 Public sale of unclaimed property.--
6 (1) Except as provided in paragraph (2)(a) subsection
7 (2), the department after the receipt of unclaimed property
8 shall sell it to the highest bidder at public sale on the
9 Internet or at a specified physical location wherever in the
10 judgment of the department the most favorable market for the
11 property involved exists. The department may decline the
12 highest bid and reoffer the property for sale if in the
13 judgment of the department the bid is insufficient. The
14 department shall have the discretion to withhold from sale any
15 unclaimed property that the department deems to be of benefit
16 to the people of the state. If in the judgment of the
17 department the probable cost of sale exceeds the value of the
18 property, it need not be offered for sale and may be disposed
19 of as the department determines appropriate. Any sale at a
20 specified physical location held under this section must be
21 preceded by a single publication of notice, at least 3 weeks
22 in advance of sale, in a newspaper of general circulation in
23 the county in which the property is to be sold. The department
24 shall proportionately deduct auction fees, preparation costs,
25 and expenses from the amount posted to the owner's account
26 when safe-deposit box contents are sold. No action or
27 proceeding may be maintained against the department for or on
28 account of any decision to decline the highest bid or withhold
29 any unclaimed property from sale.
30 (2)(a) Securities listed on an established stock
31 exchange must be sold at prices prevailing at the time of sale
10
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 on the exchange. Other securities may be sold over the
2 counter at prices prevailing at the time of sale or by any
3 other method the department deems advisable. The department
4 may authorize the agent or broker acting on behalf of the
5 department to deduct fees from the proceeds of these sales at
6 a rate agreed upon in advance by the agent or broker and the
7 department. The department shall reimburse owners accounts
8 for these brokerage fees from the State School Fund unless the
9 securities are sold at the owner's request.
10 (b)(3) Unless the department deems it to be in the
11 public interest to do otherwise, all securities presumed
12 unclaimed and delivered to the department may be sold upon
13 receipt. Any person making a claim pursuant to this chapter is
14 entitled to receive either the securities delivered to the
15 department by the holder, if they still remain in the hands of
16 the department, or the proceeds received from sale, but no
17 person has any claim under this chapter against the state, the
18 holder, any transfer agent, any registrar, or any other person
19 acting for or on behalf of a holder for any appreciation in
20 the value of the property occurring after delivery by the
21 holder to the state.
22 (c) Certificates for unclaimed stock or other equity
23 interest of business associations that cannot be cancelled and
24 registered in the department's name or that cannot be readily
25 liquidated and converted into the currency of the United
26 States may be sold for value of the certificate, if any, in
27 accordance with subsection (1) or may be destroyed in
28 accordance with s. 717.128.
29 (3)(4) The purchaser of property at any sale conducted
30 by the department pursuant to this chapter is entitled to
31 ownership of the property purchased free from all claims of
11
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the owner or previous holder thereof and of all persons
2 claiming through or under them. The department shall execute
3 all documents necessary to complete the transfer of ownership.
4 (4)(5) The sale of unclaimed tangible personal
5 property is not subject to tax under chapter 212 when such
6 property is sold by or on behalf of the department pursuant to
7 this section.
8 Section 7. Subsections (1) and (4) of section 717.124,
9 Florida Statutes, are amended to read:
10 717.124 Unclaimed property claims.--
11 (1) Any person, excluding another state, claiming an
12 interest in any property paid or delivered to the department
13 under this chapter may file with the department a claim on a
14 form prescribed by the department and verified by the claimant
15 or the claimant's representative. The claimant's
16 representative must be an attorney licensed to practice law in
17 this state, a licensed Florida-certified public accountant, or
18 a private investigator licensed under chapter 493. The
19 claimant's representative must be registered with the
20 department under this chapter. The claimant, or the claimant's
21 representative, shall provide the department with a legible
22 copy of a valid driver's license of the claimant at the time
23 the original claim form is filed. If the claimant has not been
24 issued a valid driver's license at the time the original claim
25 form is filed, the department shall be provided with a legible
26 copy of a photographic identification of the claimant issued
27 by the United States a state or territory of the United
28 States, a foreign nation, or a political subdivision or agency
29 thereof, or other evidence deemed acceptable by the department
30 rule. In lieu of photographic identification, a notarized
31 sworn statement by the claimant may be provided which affirms
12
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the claimant's identity and states the claimant's full name
2 and address. The claimant must produce to the notary
3 photographic identification of the claimant issued by the
4 United States, a state or territory of the United States, a
5 foreign nation, or a political subdivision or agency thereof
6 or other evidence deemed acceptable by department rule. The
7 notary shall indicate the notary's full address on the
8 notarized sworn statement. Any claim filed without the
9 required identification or the sworn statement with the
10 original claim form and the original power of attorney or
11 purchase agreement, if applicable, is void.
12 (a) Within 90 days after receipt of a claim, the
13 department may return any claim that provides for the receipt
14 of fees and costs greater than that permitted under this
15 chapter or that contains any apparent errors or omissions. The
16 department may also request that the claimant or the
17 claimant's representative provide additional information. The
18 department shall retain a copy or electronic image of the
19 claim.
20 (b) A claimant or the claimant's representative shall
21 be deemed to have withdrawn a claim if no response to the
22 department's request for additional information is received by
23 the department within 60 days after the notification of any
24 apparent errors or omissions.
25 (c) Within 90 days after receipt of the claim, or the
26 response of the claimant or the claimant's representative to
27 the department's request for additional information, whichever
28 is later, the department shall determine each claim. Such
29 determination shall contain a notice of rights provided by ss.
30 120.569 and 120.57. The 90-day period shall be extended by 60
31
13
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 days if the department has good cause to need additional time
2 or if the unclaimed property:
3 1. Is owned by a person who has been a debtor in
4 bankruptcy;
5 2. Was reported with an address outside of the United
6 States;
7 3. Is being claimed by a person outside of the United
8 States; or
9 4. Contains documents filed in support of the claim
10 that are not in the English language and have not been
11 accompanied by an English language translation.
12 (d) The department shall deny any claim under which
13 the claimant's representative has refused to authorize the
14 department to reduce the fees and costs to the maximum
15 permitted under this chapter.
16 (4)(a) Except as otherwise provided in this chapter,
17 if a claim is determined in favor of the claimant, the
18 department shall deliver or pay over to the claimant the
19 property or the amount the department actually received or the
20 proceeds if it has been sold by the department, together with
21 any additional amount required by s. 717.121.
22 (b) If an owner authorizes an attorney licensed to
23 practice law in this state, Florida-certified public
24 accountant, or private investigator licensed under chapter
25 493, and registered with the department under this chapter, to
26 claim the unclaimed property on the owner's behalf, the
27 department is authorized to make distribution of the property
28 or money in accordance with such power of attorney. The
29 original power of attorney must be executed by the owner and
30 must be filed with the department.
31
14
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (c)1. Payments of approved claims for unclaimed cash
2 accounts shall be made to the owner after deducting any fees
3 and costs authorized pursuant to a written power of attorney.
4 The contents of a safe-deposit box shall be delivered directly
5 to the claimant notwithstanding any power of attorney or
6 agreement to the contrary.
7 2. Payments of fees and costs authorized pursuant to a
8 written power of attorney for approved claims shall be made or
9 issued to the law firm employer of the designated attorney
10 licensed to practice law in this state, the public accountancy
11 firm employer of the licensed Florida-certified public
12 accountant, or the designated employing private investigative
13 agency licensed by this state. Such payments shall be made by
14 electronic funds transfer and may be made on such periodic
15 schedule as the department may define by rule, provided the
16 payment intervals do not exceed 31 days. Payment made to an
17 attorney licensed in this state, a Florida-certified public
18 accountant, or a private investigator licensed under chapter
19 493, operating individually or as a sole practitioner, shall
20 be to the attorney, certified public accountant, or private
21 investigator.
22 Section 8. Section 717.12404, Florida Statutes, is
23 amended to read:
24 717.12404 Claims on behalf of a business entity or
25 trust.--
26 (1)(a) Claims on behalf of an active or dissolved
27 corporation, for which the last annual report is not available
28 from the Department of State through the Internet, must be
29 accompanied by a microfiche copy of the records on file with
30 the Department of State or, if the corporation has not made a
31 corporate filing with the Department of State, the claim must
15
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 be accompanied by a uniform resource locator for the address
2 of a free Internet site operated by the state of incorporation
3 of the corporation that provides access to the last corporate
4 filing identifying the officers and directors of the
5 corporation. If available, the claim must be accompanied by a
6 printout of the officers and directors from the Florida
7 Department of State Internet site or the free Internet site
8 operated by the state of incorporation of the corporation. If
9 the free Internet site is not available, the claim must be
10 accompanied by an authenticated copy of the last corporate
11 filing identifying the officers and directors from the
12 appropriate authorized official of the state of incorporation.
13 (b) A claim on behalf of a corporation must be made by
14 an officer or director identified on the last corporate
15 filing.
16 (2) Claims on behalf of a dissolved corporation, a
17 business entity other than an active corporation, or a trust
18 must include a legible copy of a valid driver's license of the
19 person acting on behalf of the dissolved corporation, business
20 entity other than an active corporation, or trust. If the
21 person has not been issued a valid driver's license, the
22 department shall be provided with a legible copy of a
23 photographic identification of the person issued by the United
24 States a foreign nation, or a political subdivision or agency
25 thereof. In lieu of photographic identification, a notarized
26 sworn statement by the person may be provided which affirms
27 the person's identity and states the person's full name and
28 address. The person must produce to the notary his or her
29 photographic identification issued by the United States, a
30 state or territory of the United States, a foreign nation, or
31 a political subdivision or agency thereof, or other evidence
16
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 deemed acceptable by department rule. The notary shall
2 indicate the notary's full address on the notarized sworn
3 statement. Any claim filed without the required identification
4 or the sworn statement with the original claim form and the
5 original power of attorney, if applicable, is void.
6 Section 9. Section 717.12405, Florida Statutes, is
7 created to read:
8 717.12405 Joint ownership of unclaimed securities or
9 dividends.--For the purpose of determining joint ownership of
10 unclaimed securities or dividends, the term:
11 (1) "TEN COM" means tenants in common.
12 (2) "TEN ENT" means tenants by the entireties.
13 (3) "JT TEN" or "JT" means joint tenants with the
14 right of survivorship and not as tenants in common.
15 (4) "And" means tenants in common with each person
16 entitled to an equal pro rata share.
17 (5) "Or" means that each person listed on the account
18 is entitled to all of the funds.
19 Section 10. Section 717.1241, Florida Statutes, is
20 amended to read:
21 717.1241 Conflicting claims.--
22 (1) When conflicting claims have been received by the
23 department for the same unclaimed property account or
24 accounts, the property shall be remitted in accordance with
25 the claim filed by the person as follows, notwithstanding the
26 withdrawal of a claim:
27 (a) As between an owner and an owner's representative:
28 (a)1. To the person submitting the first claim
29 received by the bureau of unclaimed property of the department
30 that is complete or made complete.; or
31
17
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (b)2. If a claimant's an owner's claim and a
2 claimant's an owner's representative's claim are received by
3 the bureau of unclaimed property of the department on the same
4 day and both claims are complete, to the claimant. owner;
5 (c) If a buyer's claim and a claimant's claim or a
6 claimant's representatives's claim are received by the bureau
7 of unclaimed property of the department on the same day and
8 the claims are complete, to the buyer.
9 (b) As between two or more owner's representatives, to
10 the owner's representative who has submitted the first claim
11 that is complete or made complete; or
12 (d)(c) As between two or more claimant's
13 representatives', claims received by the bureau of unclaimed
14 property of the department that are complete or made complete
15 owner's representatives whose claims were complete on the same
16 day, to the claimant's owner's representative who has agreed
17 to receive the lowest fee. If the two or more claimant's
18 owner's representatives whose claims received by the bureau of
19 unclaimed property of the department were complete or made
20 complete on the same day are charging the same lowest fee, the
21 fee fees shall be divided equally between the claimant's
22 owner's representatives.
23 (e) If more than one buyer's claim received by the
24 bureau of unclaimed property of the department is complete or
25 made complete on the same day, the department shall remit the
26 unclaimed property to the buyer who paid the highest amount to
27 the seller. If the buyers paid the same amount to the seller,
28 the department shall remit the unclaimed property to the
29 buyers divided in equal amounts.
30 (2) The purpose of this section is solely to provide
31 guidance to the department regarding to whom it should remit
18
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the unclaimed property and is not intended to extinguish or
2 affect any private cause of action that any person may have
3 against another person for breach of contract or other
4 statutory or common-law remedy. A buyer's sole remedy, if any,
5 shall be against the claimant's representative or the seller,
6 or both. A claimant's representative's sole remedy, if any,
7 shall be against the buyer or the seller, or both. A
8 claimant's or seller's sole remedy, if any, shall be against
9 the buyer or the claimant's representative, or both. Nothing
10 in this section forecloses the right of a person to challenge
11 the department's determination of completeness in a proceeding
12 under ss. 120.569 and 120.57.
13 (3) A claim is complete when entitlement to the
14 unclaimed property has been established.
15 Section 11. Section 717.1242, Florida Statutes, is
16 amended to read:
17 717.1242 Restatement of jurisdiction of the circuit
18 court sitting in probate and the department.--
19 (1) It is and has been the intent of the Legislature
20 that, pursuant to s. 26.012(2)(b), circuit courts have
21 jurisdiction of proceedings relating to the settlement of the
22 estates of decedents and other jurisdiction usually pertaining
23 to courts of probate. It is and has been the intent of the
24 Legislature that, pursuant to s. 717.124, the department
25 determines the merits of claims for property paid or delivered
26 to the department under this chapter. Consistent with this
27 legislative intent, any estate or beneficiary, as defined in
28 s. 731.201, of an estate seeking to obtain property paid or
29 delivered to the department under this chapter must file a
30 claim with the department as provided in s. 717.124.
31
19
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (2) If Should any estate or heir of an estate seeks
2 seek to obtain or obtains obtain an order from a circuit court
3 sitting in probate directing the department to pay or deliver
4 to any person property paid or delivered to the department
5 under this chapter, the estate or heir shall may be ordered to
6 pay the department reasonable costs and attorney's fees in any
7 proceeding brought by the department to oppose, appeal, or
8 collaterally attack the order if the department is the
9 prevailing party in any such proceeding.
10 Section 12. Section 717.1243, Florida Statutes, is
11 amended to read:
12 717.1243 Small estate accounts.--
13 (1) A claim for unclaimed property made by a
14 beneficiary, as defined in s. 731.201, of a deceased owner
15 need not be accompanied by an order of a probate court if the
16 claimant files with the department an affidavit, signed by all
17 beneficiaries, stating that all the beneficiaries have
18 amicably agreed among themselves upon a division of the estate
19 and that all funeral expenses, expenses of the last illness,
20 and any other lawful claims have been paid, and any additional
21 information reasonably necessary to make a determination of
22 entitlement. If the owner died testate, the claim shall be
23 accompanied by a copy of the will.
24 (2) Each person receiving property under this section
25 shall be personally liable for all lawful claims against the
26 estate of the owner, but only to the extent of the value of
27 the property received by such person under this section,
28 exclusive of the property exempt from claims of creditors
29 under the constitution and laws of this state.
30 (3) Any heir or devisee of the owner, who was lawfully
31 entitled to share in the property but did not receive his or
20
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 her share of the property, may enforce his or her rights in
2 appropriate proceedings against those who received the
3 property and shall be awarded taxable costs as in chancery
4 actions, including attorney's fees.
5 (4) This section only applies if all of the unclaimed
6 property held by the department on behalf of the owner has an
7 aggregate value of $5,000 or less and no probate proceeding is
8 pending.
9 (5) Nothing in this section shall be interpreted as
10 precluding the use of live testimony to establish entitlement.
11 Section 13. Section 717.1245, Florida Statutes, is
12 created to read:
13 717.1245 Garnishment of unclaimed property.--If any
14 person files a petition for writ of garnishment seeking to
15 obtain property paid or delivered to the department under this
16 chapter, the petitioner shall be ordered to pay the department
17 reasonable costs and attorney's fees in any proceeding brought
18 by the department to oppose, appeal, or collaterally attack
19 the petition or writ, if the department is the prevailing
20 party.
21 Section 14. Subsection (3) of section 717.1311,
22 Florida Statutes, is repealed.
23 Section 15. Section 717.1315, Florida Statutes, is
24 amended to read:
25 717.1315 Retention of records by claimants'
26 representatives and buyers of unclaimed property owner's
27 representative.--
28 (1) Every claimant's owner's representative and buyer
29 of unclaimed property shall keep and use in his or her
30 business such books, accounts, and records of the business
31 conducted under this chapter to enable the department to
21
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 determine whether such person owner's representative is
2 complying with this chapter and the rules adopted by the
3 department under this chapter. Every claimant's owner's
4 representative and buyer of unclaimed property shall preserve
5 such books, accounts, and records, including every power of
6 attorney or agreement between the owner and such claimant's
7 owner's representative or buyer, for at least 3 years after
8 the date of the initial power of attorney or agreement.
9 (2) A claimant's An owner's representative or buyer of
10 unclaimed property, operating at two or more places of
11 business in this state, may maintain the books, accounts, and
12 records of all such offices at any one of such offices, or at
13 any other office maintained by such claimant's owner's
14 representative or buyer of unclaimed property, upon the filing
15 of a written notice with the department designating in the
16 written notice the office at which such records are
17 maintained.
18 (3) A claimant's An owner's representative or buyer of
19 unclaimed property shall make all books, accounts, and records
20 available at a convenient location in this state upon request
21 of the department.
22 Section 16. Section 717.132, Florida Statutes, is
23 amended to read:
24 717.132 Enforcement; cease and desist orders;
25 administrative fines.--
26 (1) The department may bring an action in any court of
27 competent jurisdiction to enforce or administer any provision
28 of this chapter, any rule or order promulgated under this
29 chapter, or any written agreement entered into with the
30 department.
31
22
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (2) In addition to any other powers conferred upon it
2 to enforce and administer the provisions of this chapter, the
3 department may issue and serve upon a person an order to cease
4 and desist and to take corrective action whenever the
5 department finds that such person is violating, has violated,
6 or is about to violate any provision of this chapter, any rule
7 or order promulgated under this chapter, or any written
8 agreement entered into with the department. For purposes of
9 this subsection, the term "corrective action" includes
10 refunding excessive charges, requiring a person to return
11 unclaimed property, requiring a holder to remit unclaimed
12 property, and requiring a holder to correct a report that
13 contains errors or omissions. Any such order shall contain a
14 notice of rights provided by ss. 120.569 and 120.57.
15 (3) In addition to any other powers conferred upon it
16 to enforce and administer the provisions of this chapter, the
17 department or a court of competent jurisdiction may impose
18 fines and collect an administrative fine against any person
19 found to have violated any provision of this chapter, any rule
20 or order promulgated under this chapter, or any written
21 agreement entered into with the department in an amount not to
22 exceed $2,000 for each violation. All fines collected under
23 this subsection shall be deposited as received in the
24 Unclaimed Property Trust Fund.
25 Section 17. Section 717.1322, Florida Statutes, is
26 amended to read:
27 717.1322 Administrative and civil enforcement.--
28 (1) The following acts are violations of this chapter
29 and constitute grounds for an administrative enforcement
30 action by the department in accordance with the requirements
31
23
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 of chapter 120 and for civil enforcement by the department in
2 a court of competent jurisdiction:
3 (a) Failure to comply with any provision of this
4 chapter, any rule or order adopted under this chapter, or any
5 written agreement entered into with the department.
6 (b) Fraud, misrepresentation, deceit, or gross
7 negligence in any matter within the scope of this chapter.
8 (c) Fraudulent misrepresentation, circumvention, or
9 concealment of any matter required to be stated or furnished
10 to an owner or apparent owner under this chapter, regardless
11 of reliance by or damage to the owner or apparent owner.
12 (d) Willful imposition of illegal or excessive charges
13 in any unclaimed property transaction.
14 (e) False, deceptive, or misleading solicitation or
15 advertising within the scope of this chapter.
16 (f) Failure to maintain, preserve, and keep available
17 for examination all books, accounts, or other documents
18 required by this chapter, by any rule or order adopted under
19 this chapter, or by any agreement entered into with the
20 department under this chapter.
21 (g) Refusal to permit inspection of books and records
22 in an investigation or examination by the department or
23 refusal to comply with a subpoena issued by the department
24 under this chapter.
25 (h) Criminal conduct in the course of a person's
26 business.
27 (i) Failure to timely pay any fine imposed or assessed
28 under this chapter or any rule adopted under this chapter.
29 (j) Requesting or receiving compensation for notifying
30 a person of his or her unclaimed property or assisting another
31 person in filing a claim for unclaimed property, unless the
24
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 person is an attorney licensed to practice law in this state,
2 a Florida-certified public accountant, or a private
3 investigator licensed under chapter 493; or entering into, or
4 making a solicitation to enter into, a power of attorney to
5 file For compensation or gain or in the expectation of
6 compensation or gain, the filing of a claim for unclaimed
7 property owned by another, or a contract or agreement to
8 purchase unclaimed property, unless such person is registered
9 with the department pursuant to this chapter and an a
10 registered attorney licensed to practice law in this state in
11 the regular practice of her or his profession, a
12 Florida-certified registered public accountant who is acting
13 within the scope of the practice of public accounting as
14 defined in chapter 473 certified in this state, or a
15 registered private investigator licensed under chapter 493.
16 This subsection does not apply to a person who has been
17 granted a durable power of attorney to convey and receive all
18 of the real and personal property of the owner, is the
19 court-appointed guardian of the owner, has been employed as an
20 attorney or qualified representative to contest the
21 department's denial of a claim, has been employed as an
22 attorney or qualified representative to contest the
23 department's denial of a claim, or has been employed as an
24 attorney to probate the estate of the owner or an heir or
25 legatee of the owner.
26 (k) Failure to authorize the release of records in the
27 possession of a third party after being requested to do so by
28 the department regarding a pending examination or
29 investigation.
30 (l) Receipt or solicitation of consideration to be
31 paid in advance of the approval of a claim under this chapter.
25
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (2) Upon a finding by the department that any person
2 has committed any of the acts set forth in subsection (1), the
3 department may enter an order:
4 (a) Revoking for a minimum of 5 years or suspending
5 for a maximum of 5 years a registration previously granted
6 under this chapter, during which time the registrant may not
7 reapply for registration under this chapter;
8 (b) Placing a registrant or an applicant for a
9 registration on probation for a period of time and subject to
10 such conditions as the department may specify;
11 (c) Placing permanent restrictions or conditions upon
12 issuance or maintenance of a registration under this chapter;
13 (d) Issuing a reprimand;
14 (e) Imposing an administrative fine not to exceed
15 $2,000 for each such act; or
16 (f) Prohibiting any person from being a director,
17 officer, agent, employee, or ultimate equitable owner of a
18 10-percent or greater interest in an employer of a registrant.
19 (3) A registrant is subject to civil enforcement and
20 the disciplinary actions specified in subsection (2) for
21 violations of subsection (1) by an agent or employee of the
22 registrant's employer if the registrant knew or should have
23 known that such agent or employee was violating any provision
24 of this chapter.
25 (4)(a) The department shall adopt, by rule, and
26 periodically review the disciplinary guidelines applicable to
27 each ground for disciplinary action which may be imposed by
28 the department under this chapter.
29 (b) The disciplinary guidelines shall specify a
30 meaningful range of designated penalties based upon the
31 severity or repetition of specific offenses, or both. It is
26
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the legislative intent that minor violations be distinguished
2 from more serious violations; that such guidelines consider
3 the amount of the claim involved, the complexity of locating
4 the owner, the steps taken to ensure the accuracy of the claim
5 by the person filing the claim, the acts of commission and
6 omission of the ultimate owners in establishing themselves as
7 rightful owners of the funds, the acts of commission or
8 omission of the agent or employee of an employer in the filing
9 of the claim, the actual knowledge of the agent, employee,
10 employer, or owner in the filing of the claim, the departure,
11 if any, by the agent or employee from the internal controls
12 and procedures established by the employer with regard to the
13 filing of a claim, the number of defective claims previously
14 filed by the agent, employee, employer, or owner; that such
15 guidelines provide reasonable and meaningful notice of likely
16 penalties that may be imposed for proscribed conduct; and that
17 such penalties be consistently applied by the department.
18 (c) A specific finding of mitigating or aggravating
19 circumstances shall allow the department to impose a penalty
20 other than that provided for in such guidelines. The
21 department shall adopt by rule disciplinary guidelines to
22 designate possible mitigating and aggravating circumstances
23 and the variation and range of penalties permitted for such
24 circumstances. Such mitigating and aggravating circumstances
25 shall also provide for consideration of, and be consistent
26 with, the legislative intent expressed in paragraph (b).
27 (d) In any proceeding brought under this chapter, the
28 administrative law judge, in recommending penalties in any
29 recommended order, shall follow the penalty guidelines
30 established by the department and shall state in writing any
31
27
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 mitigating or aggravating circumstances upon which the
2 recommended penalty is based.
3 (5) The department may seek any appropriate civil
4 legal remedy available to it by filing a civil action in a
5 court of competent jurisdiction against any person who has,
6 directly or through a claimant's an owner's representative,
7 wrongfully submitted a claim as the ultimate owner of property
8 and improperly received funds from the department in violation
9 of this chapter.
10 Section 18. Section 717.1323, Florida Statutes, is
11 created to read:
12 717.1323 Prohibited practice.--A person may not
13 knowingly enter false information onto the website of the
14 Bureau of Unclaimed Property.
15 Section 19. Section 717.1331, Florida Statutes, is
16 amended to read:
17 717.1331 Actions against holders.--The department may
18 initiate, or cause to be initiated, an action against a holder
19 to enforce a subpoena or recover unclaimed property. If the
20 department prevails in a civil or administrative action to
21 enforce a subpoena or recover unclaimed property initiated by
22 or on behalf of the department, the holder shall be ordered to
23 pay the department reasonable costs and attorney's fees.
24 Section 20. Section 717.1333, Florida Statutes, is
25 amended to read:
26 717.1333 Evidence; estimations, audit reports,
27 examiner's worksheets, investigative reports, other related
28 documents.--
29 (1) In any proceeding involving a holder under ss.
30 120.569 and 120.57 in which an auditor, examiner, or
31 investigator acting under authority of this chapter is
28
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 available for cross-examination, any official written report,
2 worksheet, or other related paper, or copy thereof, compiled,
3 prepared, drafted, or otherwise made or received by the
4 auditor, examiner, or investigator, after being duly
5 authenticated by the auditor, examiner, or investigator, may
6 be admitted as competent evidence upon the oath of the
7 auditor, examiner, or investigator that the report, worksheet,
8 or related paper was prepared or received as a result of an
9 audit, examination, or investigation of the books and records
10 of the person audited, examined, or investigated, or the agent
11 thereof.
12 (2) If the records of the holder which are available
13 for the periods subject to this chapter are insufficient to
14 permit the preparation of a report of the unclaimed property
15 due and owing by a holder, the amount due may be reasonably
16 estimated.
17 Section 21. Section 717.135, Florida Statutes, is
18 amended to read:
19 717.135 Power of attorney Agreement to recover
20 reported property in the custody of the department.--
21 (1) A power of attorney executed by a claimant to All
22 agreements between a claimant's representative and a claimant
23 for compensation to recover or assist in the recovery of
24 property reported to the department under s. 717.117 shall be
25 in 10-point 11-point type or greater. and:
26 (2) A power of attorney described in subsection (1)
27 must:
28 (a) Limit the fees and costs for services to 20
29 percent per unclaimed property account held by the department.
30 Fees and costs for cash accounts shall be based on the value
31 of the property at the time the power of attorney agreement
29
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 for recovery is signed by the claimant. Fees and costs for
2 accounts containing securities or other intangible ownership
3 interests, which securities or interests are not converted to
4 cash, shall be based on the purchase price of the security as
5 quoted on a national exchange or other market on which the
6 property is regularly traded at the time the securities or
7 other ownership interest is remitted to the claimant or the
8 claimant's representative. Fees and costs for tangible
9 property or safe-deposit box accounts shall be based on the
10 value of the tangible property or contents of the safe-deposit
11 box at the time the ownership interest is transferred or
12 remitted to the claimant. Total fees and costs on any one
13 account owned by a natural person residing in this country
14 must not exceed $1,000; or
15 (b) Fully disclose, on such form as the department
16 shall prescribe by rule, that the property is held by the
17 State of Florida Bureau of Unclaimed Property of the
18 Department of Financial Services, Bureau of Unclaimed
19 Property, pursuant to this chapter, the mailing address of the
20 Bureau of Unclaimed Property, the Internet address of the
21 Bureau of Unclaimed Property, the person or name of the entity
22 that held the property prior to the property becoming
23 unclaimed, the date of the holder's last contact with the
24 owner, if known, and the approximate value of the property,
25 and identify which of the following categories of unclaimed
26 property the claimant's owner's representative is seeking to
27 recover, as reported by the holder:
28 1. Cash accounts.
29 2. Stale dated checks.
30 3. Life insurance or annuity contract assets.
31 4. Utility deposits.
30
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 5. Securities or other interests in business
2 associations.
3 6. Wages.
4 7. Accounts receivable.
5 8. Contents of safe-deposit boxes.
6
7 This subsection Such disclosure shall be on a page signed and
8 dated by the person asserting entitlement to the unclaimed
9 property. However, paragraph (a) or paragraph (b) shall not
10 apply if probate proceedings must be initiated on behalf of
11 the claimant for an estate that has never been probated or if
12 the unclaimed property is being claimed by a person outside
13 the United States.
14 (3)(a) A power of attorney described in paragraph
15 (2)(b) must state in 12-point type or greater in the order
16 indicated with the blank spaces accurately completed:
17
18 FULL DISCLOSURE STATEMENT
19
20 The Property is Currently held by the State of
21 Florida Department of Financial Services,
22 Bureau of Unclaimed Property, pursuant to
23 Chapter 717, Florida Statutes. The Mailing
24 Address of the Bureau of Unclaimed Property
25 is_______________. The Internet Address of the
26 Bureau of the Unclaimed Property
27 is_______________.
28
29 The Property was Remitted by:______________.
30
31 Date of Last Contact:______________________.
31
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1
2 Property Category:_________________________.
3
4 (b) Immediately above the signature line for the
5 claimant, a power of attorney described in paragraph (2)(b)
6 must state in 12-point type or greater:
7
8 Claimant agrees, by signing below, that the
9 FULL DISCLOSURE STATEMENT has been read and
10 fully understood.
11 (4)(2)(a) Powers of attorney Agreements for recovery
12 of cash accounts shall state the value of the unclaimed
13 property and, the unclaimed property account number, and the
14 percentage value of the unclaimed property account to be paid
15 to the claimant and shall also state the percentage value of
16 compensation to be paid to the claimant's representative, if
17 applicable.
18 (b) Powers of attorney Agreements for recovery of
19 accounts containing securities, safe-deposit box accounts,
20 other intangible or tangible ownership interests, or other
21 types of accounts, except cash accounts, shall state the
22 unclaimed property account number, the number of shares of
23 stock, if applicable, the approximate value of the unclaimed
24 property, and the percentage value of compensation to be paid
25 to the claimant's representative, if applicable.
26 (c) All powers of attorney disclosures and agreements
27 shall include the:
28 1. Name, address, and professional license number of
29 the claimant's representative., and,
30 2. The name, address, and telephone number of the
31 claimant's representative's firm or employer.
32
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 3. The name, address, and telephone number of the
2 claimant.
3 4. If available, the taxpayer identification number or
4 social security number, address, and telephone number of the
5 claimant.
6 5. The name and address to whom the warrant is to be
7 issued, if different than the claimant's name and address.
8 (d) The original of all such disclosures and powers of
9 attorney agreements to pay compensation shall be signed and
10 dated by the claimant of the property and shall be filed with
11 the claim form.
12 (e)(d) All powers of attorney executed by a claimant
13 to agreements between a claimant's representative and a
14 claimant, who is a natural person, trust, or a dissolved
15 corporation, for compensation to recover or assist in the
16 recovery of property reported to the department under s.
17 717.117 must use the following form on 8 and 1/2 -inch by
18 11-inch paper or on 8 and 1/2 -inch by 14-inch paper with all
19 of the text on one side of the paper and with the other side
20 of the paper left blank; except that, at the option of the
21 owner representative, the department disclosure form may be
22 placed on the reverse side of the agreement. The power of
23 attorney agreement must be accurately completed and executed.
24 No other writing or information shall be printed on the
25 agreement. The title of the power of attorney agreement shall
26 be in bold 14-point type or greater and underlined. Except as
27 otherwise provided in this section, the rest of the power of
28 attorney agreement shall be in 10-point type or greater. All
29 unclaimed property accounts claimed must be identified on the
30 power of attorney by account number agreement. The power of
31
33
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 attorney agreement must state in bold 12-point type or greater
2 at the top of the power of attorney in the order indicated:
3
4 LIMITED POWER OF ATTORNEY
5
6 $_______________= Approximate Dollar Value of the Property
7
8 ________________= Number of Shares of Stock (If Applicable)
9
10 ________________= Percent to be Paid as Compensation to
11 Claimant's Representative
12
13 $_______________= Amount to be Paid to Claimant's
14 Representative
15
16 $_______________= Net Amount to be Paid to Claimant
17
18 Property Account Number(s):_____
19
20 RECOVERY AGREEMENT
21
22 $........ = APPROXIMATE DOLLAR VALUE OF UNCLAIMED PROPERTY
23 NUMBER OF SHARES OF STOCK TO BE RECOVERED (IF
24 APPLICABLE):........
25 PROPERTY ACCOUNT NUMBERS:........
26 ........ PERCENT TO BE PAID AS COMPENSATION TO THE CLAIMANT'S
27 REPRESENTATIVE
28 $........ = NET AMOUNT TO BE PAID TO CLAIMANT
29 $........ = AMOUNT TO BE PAID TO CLAIMANT'S REPRESENTATIVE
30
31
34
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 THIS AGREEMENT is between: ............ (hereinafter,
2 CLAIMANT) and ............ (hereinafter, CLAIMANT'S
3 REPRESENTATIVE) who agree to the following:
4
5 (1) As consideration for the research efforts in
6 locating and identifying assets due to the CLAIMANT and for
7 assistance in procuring payment of the assets to the CLAIMANT,
8 the CLAIMANT authorizes the government to pay to the
9 CLAIMANT'S REPRESENTATIVE a fee of either:
10 (a) ........ percent of all assets recovered, or
11 (b) A flat fee of $ ........ to recover the unclaimed
12 property account identified above.
13 NO FEES ARE TO BE PAID IN ADVANCE.
14 (2) I have read this agreement and in consideration
15 thereof, do hereby grant the CLAIMANT'S REPRESENTATIVE a
16 limited power of attorney to demand, collect, recover and
17 receive the above compensation from the government in
18 accordance with this agreement.
19 (3) IT IS HEREBY ACKNOWLEDGED BY ALL PARTIES TO THIS
20 AGREEMENT THAT UNLESS THESE ASSETS ARE RECOVERED, NO FEES, NO
21 COSTS OR CHARGES ARE DUE TO THE CLAIMANT'S REPRESENTATIVE, ITS
22 AGENTS OR ATTORNEYS, AND THIS AGREEMENT WILL BECOME NULL AND
23 VOID.
24 Original Signature of CLAIMANT:...............................
25 DATE:.........................................................
26 CLAIMANT'S Social Security Number or FEID number:.............
27 Make the CLAIMANT'S check payable to:.........................
28 Mail check to this address:...................................
29 ..............................................................
30 The CLAIMANT'S telephone number is:...........................
31 Original Signature of CLAIMANT'S REPRESENTATIVE:..............
35
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 FEID Number of CLAIMANT'S REPRESENTATIVE:.....................
2 DATE:.........................................................
3 Address of CLAIMANT'S REPRESENTATIVE:.........................
4 ..............................................................
5 Telephone number of CLAIMANT'S REPRESENTATIVE:................
6 Professional license number of CLAIMANT'S REPRESENTATIVE:
7 ..............................................................
8 (f)(e) All fees, whether expressed as a percentage or
9 as a flat fee, are subject to the limitations and requirements
10 of subsection (1).
11 (g) This section does not prohibit:
12 1. Use of bolding, italics, print of different colors,
13 or text borders as a means of highlighting or stressing
14 certain selected items within the text.
15 2. Placement of the name, address, and telephone
16 number of the representative's firm or company in the top
17 margin above the words "POWER OF ATTORNEY." No additional
18 writing of any kind may be placed in the top margin,
19 including, but not limited to, logos, license numbers,
20 Internet addresses, or slogans.
21 3. Placement of the word "pending" prior to the words
22 "NET AMOUNT TO BE PAID CLAIMANT", if it is not yet possible to
23 determine the percentage interest of an heir or legatee prior
24 to a determination on the issue by the probate court.
25 4. Deletion of the words "Number of Shares of Stock
26 (If Applicable)," if the agreement does not relate to the
27 recovery of securities.
28 5. Deletion of the words "Percent to be Paid as
29 Compensation to Claimant's Representative," if the power of
30 attorney provides for a flat fee to be paid as compensation to
31 the claimant's representative.
36
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (5)(3) As used in this section, "claimant" means the
2 person on whose behalf a claim is filed.
3 (6)(4) This section does not supersede the licensing
4 requirements of chapter 493.
5 Section 22. Section 717.1351, Florida Statutes, is
6 amended to read:
7 717.1351 Acquisition of unclaimed property.--
8 (1) A person desiring to acquire ownership of or
9 entitlement to property reported to the department under s.
10 717.117 must be an attorney licensed to practice law in this
11 state, a licensed Florida-certified public accountant, a
12 private investigator licensed under chapter 493, or an
13 employer of a licensed private investigator which employer
14 possesses a Class "A" license under chapter 493 and must be
15 registered with the department under this chapter.
16 (2) All contracts to acquire ownership of or
17 entitlement to unclaimed property from the person or persons
18 entitled to the unclaimed property must be in 10-point type or
19 greater and must:
20 (a) Have a purchase price that discounts the value of
21 the unclaimed property at the time the agreement is executed
22 by the seller at no greater than 20 percent per account held
23 by the department. An unclaimed property account must not be
24 discounted in excess of $1,000. However, the $1,000 discount
25 limitation does not apply if probate proceedings must be
26 initiated on behalf of the seller for an estate that has never
27 been probated or if the seller of the unclaimed property is
28 not a natural person or is a person outside the United States;
29 or
30 (b) Fully disclose, on such form as the department
31 shall prescribe by rule, that the property is held by the
37
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 Bureau of Unclaimed Property of the State of Florida
2 Department of Financial Services, Bureau of Unclaimed
3 Property, pursuant to this chapter, the mailing address of the
4 Bureau of Unclaimed Property, the Internet address of the
5 Bureau of Unclaimed Property, the person or name of the entity
6 that held the property prior to the property becoming
7 unclaimed, the date of the holder's last contact with the
8 owner, if known, and the approximate value of the property,
9 and identify which of the following categories of unclaimed
10 property the buyer is seeking to purchase as reported by the
11 holder:
12 1. Cash accounts.
13 2. Stale dated checks.
14 3. Life insurance or annuity contract assets.
15 4. Utility deposits.
16 5. Securities or other interests in business
17 associations.
18 6. Wages.
19 7. Accounts receivable.
20 8. Contents of safe-deposit boxes.
21
22 The purchase agreement described in this paragraph must state
23 in 12-point type or greater in the order indicated with the
24 blank spaces accurately completed:
25
26 FULL DISCLOSURE STATEMENT
27
28 The Property is Currently held by the State of
29 Florida Department of Financial Services,
30 Bureau of Unclaimed Property, pursuant to
31 Chapter 717, Florida Statutes. The Mailing
38
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 Address of the Bureau of Unclaimed Property
2 is_______________. The Internet Address of the
3 Bureau of the Unclaimed Property
4 is_______________.
5
6 The Property was Remitted by:______________.
7
8 Date of Last Contact:______________________.
9
10 Property Category:_________________________.
11
12 Immediately above the signature line for the seller, the
13 purchase agreement described in this paragraph must state in
14 12-point type or greater:
15
16 Seller agrees, by signing below, that the FULL
17 DISCLOSURE STATEMENT has been read and fully
18 understood.
19
20 Such disclosure shall be on a page signed and dated by the
21 seller of the unclaimed property.
22 (3) The originals of all such disclosures and
23 agreements to transfer ownership of or entitlement to
24 unclaimed property shall be signed and dated by the seller and
25 shall be filed with the claim form. The claimant shall provide
26 the department with a legible copy of a valid driver's license
27 of the seller at the time the original claim form is filed. If
28 a seller has not been issued a valid driver's license at the
29 time the original claim form is filed, the department shall be
30 provided with a legible copy of a photographic identification
31 of the seller issued by the United States or a foreign nation,
39
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 a state or territory of the United States or a foreign nation,
2 or a political subdivision or agency thereof. In lieu of
3 photographic identification, a notarized sworn statement by
4 the seller may be provided which affirms the seller's identity
5 and states the seller's full name and address. The seller must
6 produce to the notary his or her photographic identification
7 issued by the United States or a state or territory of the
8 United States, a foreign nation, or a political subdivision or
9 agency thereof, or other evidence deemed acceptable by
10 department rule. The notary shall indicate the notary's full
11 address on the notarized sworn statement. If a claim is filed
12 without the required identification or the sworn statement
13 with the original claim form and the original agreement to
14 acquire ownership of or entitlement to the unclaimed property,
15 the claim is void.
16 (4) Any contract to acquire ownership of or
17 entitlement to unclaimed property from the person or persons
18 entitled to the unclaimed property must provide for the
19 purchase price to be remitted to the seller or sellers within
20 10 days after the execution of the contract by the seller or
21 sellers. The contract must specify the unclaimed property
22 account number, the name of the holder who reported the
23 property to the department, the category of unclaimed
24 property, the value of the unclaimed property account, and the
25 number of shares of stock, if applicable. Proof of payment by
26 check must be filed with the department with the claim.
27 (5) All agreements to purchase unclaimed property from
28 an owner, who is a natural person, a trust, or a dissolved
29 corporation must use the following form on 8 and 1/2 -inch by
30 11-inch paper or on 8 and 1/2 -inch by 14-inch paper with all
31 of the text on one side of the paper and with the other side
40
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 of the paper left blank; except that, at the option of the
2 owner representative, the department disclosure form may be
3 placed on the reverse side of the agreement. The agreement
4 must be accurately completed and executed. No other writing or
5 information shall be printed on the agreement. The title of
6 the agreement shall be in bold 14-point type or greater and
7 underlined. Except as otherwise provided in this section, the
8 rest of the agreement shall be in 10-point type or greater.
9 All unclaimed property accounts to be purchased must be
10 identified on the agreement by account number. The agreement
11 must state in bold 12-point type or greater at the top of the
12 agreement in the order indicated:
13
14 PURCHASE AGREEMENT
15
16 $_______________= Approximate Dollar Value of the Property
17
18 ________________= Number of Shares of Stock (If Applicable)
19
20 ________________= Percent of Property to be Paid to Buyer
21
22 $_______________= Amount to be Paid to Buyer
23
24 $_______________= Net Amount to be Paid to Seller
25
26 Property Account Number(s):_____
27 (6) All agreements shall include:
28 (a) The name and professional license number of the
29 registrant.
30 (b) The name, address, and telephone number of the
31 registrant's firm or employer.
41
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (c) The name, address, and telephone number of the
2 seller.
3 (d) If available, the taxpayer identification number
4 or social security number of the seller.
5 (e) The name and address to whom the warrant is to be
6 issued if it is different from the seller's name and address.
7 (f) The original signature of the registrant and the
8 date signed by the registrant.
9
10 $........ = APPROXIMATE DOLLAR VALUE OF THE UNCLAIMED PROPERTY
11 PROPERTY ACCOUNT NUMBER(S):...................................
12 NUMBER OF SHARES OF STOCK TO BE RECOVERED (IF
13 APPLICABLE):........
14 ........ PERCENT OF UNCLAIMED PROPERTY TO BE PAID TO THE BUYER
15 $........ = NET AMOUNT TO BE PAID TO OWNER
16 $........ = AMOUNT TO BE PAID TO BUYER
17 THIS AGREEMENT is between: ............ (hereinafter, OWNER)
18 and ............ (hereinafter, BUYER) who agree that the OWNER
19 transfers to the BUYER for a purchase price of $........ all
20 rights to the above identified unclaimed property accounts.
21 Original Signature of OWNER: .................................
22 DATE:.........................................................
23 OWNER'S Social Security Number or FEID number:................
24 Within 10 days after the execution of this Purchase Agreement
25 by the Owner, Buyer shall remit the OWNER'S check payable to:
26 ..............................................................
27 Mail check to this address:...................................
28 ..............................................................
29 ..............................................................
30 The OWNER'S telephone number is: .............................
31 Original Signature of BUYER: .................................
42
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 FEID Number of BUYER: ........ DATE: ........
2 Address of BUYER: ............................................
3 ..............................................................
4 Telephone number of BUYER: ...................................
5 Professional license number of BUYER: ........................
6 (7) This section does not prohibit:
7 (a) Use of bolding, italics, print of different
8 colors, or text borders as a means of highlighting or
9 stressing certain selected items within the text.
10 (b) Placement of the name, address, and telephone
11 number of the registrant's firm or company in the top margin
12 above the words "PURCHASE AGREEMENT." No additional writing of
13 any kind may be placed in the top margin, including, but not
14 limited to, logos, license numbers, Internet addresses, or
15 slogans.
16 (c) Deletion of the words "Number of Shares of Stock,
17 (If Applicable)," if the agreement does not relate to the
18 recovery of securities.
19 (d) Deletion of the words "Percent of Property to be
20 Paid to Buyer," if the purchase agreement provides for a flat
21 fee to be paid as compensation to the buyer.
22 (8)(6) This section does not supersede the licensing
23 requirements of chapter 493.
24 Section 23. Section 717.1381, Florida Statutes, is
25 created to read:
26 717.1381 Void unclaimed property; powers of attorney;
27 and purchase agreements.--
28 (1) Protecting the interests of owners of unclaimed
29 property is declared to be the public policy of this state. It
30 is in the best interests of the owners of unclaimed property
31 that they have the opportunity to receive the full amount of
43
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 the unclaimed property returned to them without deduction of
2 any fees. Further, it is specifically recognized that the
3 Legislature has mandated and the state has an obligation to
4 make meaningful and active efforts to notify owners concerning
5 their unclaimed property. The state recognizes that this
6 policy and obligation cannot be fulfilled without providing
7 the state with the first opportunity to notify the owners of
8 unclaimed property that they may file a claim for their
9 property with the department. In furtherance of this policy
10 and obligation:
11 (a) Any oral or written agreement or power of attorney
12 for compensation or gain or in the expectation of compensation
13 or gain which includes an unclaimed property account valued at
14 more than $250, which has been made on or before 45 days after
15 the holder or examination report was processed and added to
16 the unclaimed property data base, subsequent to a
17 determination that the report was accurate and that the
18 reported property was the same as the remitted property, is
19 void as contrary to public policy.
20 (b) Any oral or written purchase agreements that
21 include an unclaimed property account valued at more than
22 $250, owned by another made on or before 45 days after the
23 holder or examination report was processed and added to the
24 unclaimed property database, subsequent to a determination
25 that the report was accurate and that the reported property
26 was the same as the remitted property, is void as contrary to
27 public policy.
28 (2) A person may not enter into a power of attorney or
29 agreement, or make a solicitation to enter into a power of
30 attorney or agreement, which is void under this section.
31
44
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 Section 24. Section 717.1400, Florida Statutes, is
2 amended to read:
3 717.1400 Registration.--
4 (1) In order to file claims as a claimant's
5 representative, acquire ownership of or entitlement to
6 unclaimed property, receive a distribution of fees and costs
7 from the department, and obtain unclaimed property dollar
8 amounts, numbers the number of reported shares of stock, and
9 the last four digits of social security numbers held by the
10 department, a private investigator holding a Class "C"
11 individual license under chapter 493 must register with the
12 department on such form as the department shall prescribe by
13 rule, and must be verified by the applicant. To register with
14 the department, a private investigator must provide:
15 (a) A legible copy of the applicant's Class "A"
16 business license under chapter 493 or that of the applicant's
17 firm or employer which holds a Class "A" business license
18 under chapter 493.
19 (b) A legible copy of the applicant's Class "C"
20 individual license issued under chapter 493.
21 (c) The applicant's business address and telephone
22 number of the applicant's private investigative firm or
23 employer.
24 (d) The names of agents or employees, if any, who are
25 designated to act on behalf of the private investigator,
26 together with a legible copy of their photo identification
27 issued by an agency of the United States, or a state, or a
28 political subdivision thereof.
29 (e) Sufficient information to enable the department to
30 disburse funds by electronic funds transfer.
31
45
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (f) The tax identification number of the private
2 investigator's firm or employer which holds a Class "A"
3 business license under chapter 493.
4 (2) In order to file claims as a claimant's
5 representative, acquire ownership of or entitlement to
6 unclaimed property, receive a distribution of fees and costs
7 from the department, and obtain unclaimed property dollar
8 amounts, numbers the number of reported shares of stock, and
9 the last four digits of social security numbers held by the
10 department, a Florida-certified public accountant must
11 register with the department on such form as the department
12 shall prescribe by rule, and must be verified by the
13 applicant. To register with the department a Florida-certified
14 public accountant must provide:
15 (a) The applicant's Florida Board of Accountancy
16 number.
17 (b) A legible copy of the applicant's current driver's
18 license showing the full name and current address of such
19 person. If a current driver's license is not available,
20 another form of identification showing the full name and
21 current address of such person or persons shall be filed with
22 the department.
23 (c) The applicant's business address and telephone
24 number of the applicant's public accounting firm or employer.
25 (d) The names of agents or employees, if any, who are
26 designated to act on behalf of the Florida-certified public
27 accountant, together with a legible copy of their photo
28 identification issued by an agency of the United States, or a
29 state, or a political subdivision thereof.
30 (e) Sufficient information to enable the department to
31 disburse funds by electronic funds transfer.
46
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (f) The tax identification number of the accountant's
2 public accounting firm employer.
3 (3) In order to file claims as a claimant's
4 representative, acquire ownership of or entitlement to
5 unclaimed property, receive a distribution of fees and costs
6 from the department, and obtain unclaimed property dollar
7 amounts, numbers the number of reported shares of stock, and
8 the last four digits of social security numbers held by the
9 department, an attorney licensed to practice in this state
10 must register with the department on such form as the
11 department shall prescribe by rule, and must be verified by
12 the applicant. To register with the department, such attorney
13 must provide:
14 (a) The applicant's Florida Bar number.
15 (b) A legible copy of the applicant's current driver's
16 license showing the full name and current address of such
17 person. If a current driver's license is not available,
18 another form of identification showing the full name and
19 current address of such person or persons shall be filed with
20 the department.
21 (c) The applicant's business address and telephone
22 number of the applicant's firm or employer.
23 (d) The names of agents or employees, if any, who are
24 designated to act on behalf of the attorney, together with a
25 legible copy of their photo identification issued by an agency
26 of the United States, or a state, or a political subdivision
27 thereof.
28 (e) Sufficient information to enable the department to
29 disburse funds by electronic funds transfer.
30 (f) The tax identification number of the attorney's
31 firm or employer lawyer's employer law firm.
47
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 (4) Information and documents already on file with the
2 department prior to the effective date of this provision need
3 not be resubmitted in order to complete the registration.
4 (5) If a material change in the status of a
5 registration occurs, a registrant must, within 30 days,
6 provide the department with the updated documentation and
7 information in writing. Material changes include, but are not
8 limited to: a designated agent or employee ceasing to act on
9 behalf of the designating person, a surrender, suspension, or
10 revocation of a license, or a license renewal.
11 (a) If a designated agent or employee ceases to act on
12 behalf of the person who has designated the agent or employee
13 to act on such person's behalf, the designating person must,
14 within 30 days, inform the Bureau of Unclaimed Property in
15 writing of the termination of agency or employment.
16 (b) If a registrant surrenders the registrant's
17 license or the license is suspended or revoked, the registrant
18 must, within 30 days, inform the bureau in writing of the
19 surrender, suspension, or revocation.
20 (c) If a private investigator's Class "C" individual
21 license under chapter 493 or a private investigator's
22 employer's Class "A" business license under chapter 493 is
23 renewed, the private investigator must provide a copy of the
24 renewed license to the department within 30 days after the
25 receipt of the renewed license by the private investigator or
26 the private investigator's employer.
27 (6) A registrant's firm or employer registrant or
28 applicant for registration may not have a name that might lead
29 another person to conclude that the registrant's firm or
30 employer registrant is affiliated or associated with the
31 United States, or an agency thereof, or a state or an agency
48
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2005 CS for SB 2494
597-2099-05
1 or political subdivision of a state. The department shall deny
2 an application for registration or revoke a registration if
3 the applicant's or registrant's firm or employer applicant or
4 registrant has a name that might lead another person to
5 conclude that the firm or employer applicant or registrant is
6 affiliated or associated with the United States, or an agency
7 thereof, or a state or an agency or political subdivision of a
8 state. Names that might lead another person to conclude that
9 the firm or employer applicant or registrant is affiliated or
10 associated with the United States, or an agency thereof, or a
11 state or an agency or political subdivision of a state,
12 include, but are not limited to, the words United States,
13 Florida, state, bureau, division, department, or government.
14 (7) The licensing and other requirements of this
15 section must be maintained as a condition of registration with
16 the department.
17 Section 25. This act shall take effect upon becoming a
18 law.
19
20 STATEMENT OF SUBSTANTIAL CHANGES CONTAINED IN
COMMITTEE SUBSTITUTE FOR
21 Senate Bill 2494
22
23 The committee substitute provides the following changes:
24 Presumes that stock, equity interests in a business,
dividends, profits, or other specified sums are unclaimed
25 after three (3) years with no contact from the owner, rather
than five (5) years. Prohibits entering false information on
26 the Bureau of Unclaimed Property website and eliminates
prohibition in SB 2494 against unauthorized parties obtaining
27 information from the website. Specifies that the Department of
Financial Services is entitled to costs and attorney's fees in
28 defending against certain probate challenges or writs of
garnishment if the department is the prevailing party in a
29 legal action.
30
31
49
CODING: Words stricken are deletions; words underlined are additions.