Senate Bill sb0672er

    ENROLLED

    2007 Legislature                                        SB 672



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  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.