| 1 | A bill to be entitled |
| 2 | An act relating to judgment interest; amending s. 55.03, |
| 3 | F.S.; requiring quarterly adjustments to the rate of |
| 4 | interest payable on judgments; revising the calculation of |
| 5 | the interest rate; amending s. 717.1341, F.S.; conforming |
| 6 | provisions to changes made by the act; providing an |
| 7 | effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Subsection (1) of section 55.03, Florida |
| 12 | Statutes, is amended to read: |
| 13 | 55.03 Judgments; rate of interest, generally.- |
| 14 | (1) On December 1 of each year, the Chief Financial |
| 15 | Officer shall set the rate of interest that shall be payable on |
| 16 | judgments or decrees for the year beginning January 1 and adjust |
| 17 | the rate quarterly on April 1, July 1, and October 1 by |
| 18 | averaging the discount rate of the Federal Reserve Bank of New |
| 19 | York for the preceding 12 months year, then adding 300 500 basis |
| 20 | points to the averaged federal discount rate. The Chief |
| 21 | Financial Officer shall inform the clerk of the courts and chief |
| 22 | judge for each judicial circuit of the rate that has been |
| 23 | established for the upcoming year. The interest rate established |
| 24 | by the Chief Financial Officer shall take effect on January 1 of |
| 25 | each following year. Judgments obtained on or after January 1, |
| 26 | 1995, shall use the previous statutory rate for time periods |
| 27 | before January 1, 1995, for which interest is due and shall |
| 28 | apply the rate set by the Chief Financial Officer for time |
| 29 | periods after January 1, 1995, for which interest is due. |
| 30 | Nothing contained herein shall affect a rate of interest |
| 31 | established by written contract or obligation. |
| 32 | Section 2. Subsection (1) of section 717.1341, Florida |
| 33 | Statutes, is amended to read: |
| 34 | 717.1341 Invalid claims, recovery of property, interest |
| 35 | and penalties.- |
| 36 | (1)(a) No person shall receive unclaimed property that the |
| 37 | person is not entitled to receive. Any person who receives, or |
| 38 | assists another person to receive, unclaimed property that the |
| 39 | person is not entitled to receive is strictly, jointly, |
| 40 | personally, and severally liable for the unclaimed property and |
| 41 | shall immediately return the property, or the reasonable value |
| 42 | of the property if the property has been damaged or disposed of, |
| 43 | to the department plus interest at the rate set annually in |
| 44 | accordance with s. 55.03(1). Assisting another person to receive |
| 45 | unclaimed property includes executing a claim form on the |
| 46 | person's behalf. |
| 47 | (b)1. In the case of stocks or bonds which have been sold, |
| 48 | the proceeds from the sale shall be returned to the department |
| 49 | plus any dividends or interest received thereon plus an amount |
| 50 | equal to the brokerage fee plus interest at a rate set annually |
| 51 | in accordance with s. 55.03(1) on the proceeds from the sale of |
| 52 | the stocks or bonds, the dividends or interest received, and the |
| 53 | brokerage fee. |
| 54 | 2. In the case of stocks or bonds which have not been |
| 55 | sold, the stocks or bonds and any dividends or interest received |
| 56 | thereon shall be returned to the department, together with |
| 57 | interest on the dividends or interest received, at a rate set |
| 58 | annually in accordance with s. 55.03(1) of the value of the |
| 59 | property. |
| 60 | Section 3. This act shall take effect July 1, 2011. |