Senate Bill sb0672
CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 672
By Senator Fasano
11-438-07
1 A bill to be entitled
2 An act relating to financial institutions;
3 creating s. 655.851, F.S.; providing that
4 credit balances resulting from the performance
5 of or participation in check-clearing functions
6 are not subject to certain reporting
7 requirements concerning unclaimed property;
8 providing for application of the act; providing
9 an effective date.
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11 Be It Enacted by the Legislature of the State of Florida:
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13 Section 1. Section 655.851, Florida Statutes, is
14 created to read:
15 655.851 Unclaimed credit balances.--Credit balances
16 held by a financial institution, credit union, or participant
17 as defined in 12 U.S.C. s. 4001(19) which result from the
18 performance of or participation in check-clearing functions,
19 whether pursuant to a contractual relationship between
20 financial institutions, credit unions, or participants;
21 through a clearinghouse as defined by s. 674.104; or through a
22 clearinghouse association as defined by 12 U.S.C. s. 4001(8),
23 are not subject to s. 717.117. This section is intended to
24 clarify existing law and to be remedial in nature and applies
25 to credit balances held before, on, or after July 1, 2007.
26 Section 2. This act shall take effect July 1, 2007.
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CODING: Words stricken are deletions; words underlined are additions.
Florida Senate - 2007 SB 672
11-438-07
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2 SENATE SUMMARY
3 Provides that credit balances held by financial
institutions which result from check-clearing functions
4 are not subject to reporting requirements concerning
unclaimed property. Provides that the act is remedial in
5 nature and intended to clarify existing law.
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CODING: Words stricken are deletions; words underlined are additions.