Florida Senate - 2021                        COMMITTEE AMENDMENT
       Bill No. SB 1434
       
       
       
       
       
       
                                Ì460696NÎ460696                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  03/30/2021           .                                
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       The Committee on Banking and Insurance (Wright) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Paragraph (e) is added to subsection (5) of
    6  section 717.119, Florida Statutes, to read:
    7         717.119 Payment or delivery of unclaimed property.—
    8         (5) All intangible and tangible property held in a safe
    9  deposit box or any other safekeeping repository reported under
   10  s. 717.117 shall not be delivered to the department until 120
   11  days after the report due date. The delivery of the property,
   12  through the United States mail or any other carrier, shall be
   13  insured by the holder at an amount equal to the estimated value
   14  of the property. Each package shall be clearly marked on the
   15  outside “Deliver Unopened.” A holder’s safe-deposit box contents
   16  shall be delivered to the department in a single shipment. In
   17  lieu of a single shipment, holders may provide the department
   18  with a single detailed shipping schedule that includes package
   19  tracking information for all packages being sent pursuant to
   20  this section.
   21         (e)If a will or trust instrument is included among the
   22  contents of a safe-deposit box or other safekeeping repository
   23  delivered to the department, the department must provide a copy
   24  of the will, trust, and any codicils or amendments to such will
   25  or trust instrument upon request to anyone who provides the
   26  department with evidence of the death of the testator or
   27  settlor.
   28         Section 2. Subsection (1), paragraphs (b) and (c) of
   29  subsection (4), and subsections (7) and (10) of section 717.124,
   30  Florida Statutes, are amended to read:
   31         717.124 Unclaimed property claims.—
   32         (1) Any person, excluding another state, claiming an
   33  interest in any property paid or delivered to the department
   34  under this chapter may file with the department a claim on a
   35  form prescribed by the department and verified by the claimant
   36  or the claimant’s representative. The claimant’s representative
   37  must be an attorney licensed to practice law in this state, a
   38  licensed Florida-certified public accountant, or a private
   39  investigator licensed under chapter 493. The claimant’s
   40  representative must be registered with the department under this
   41  chapter. The claimant, or the claimant’s representative, shall
   42  provide the department with a legible copy of a valid driver
   43  license of the claimant at the time the original claim form is
   44  filed. If the claimant has not been issued a valid driver
   45  license at the time the original claim form is filed, the
   46  department shall be provided with a legible copy of a
   47  photographic identification of the claimant issued by the United
   48  States, a state or territory of the United States, a foreign
   49  nation, or a political subdivision or agency thereof or other
   50  evidence deemed acceptable by the department by rule. In lieu of
   51  photographic identification, a notarized sworn statement by the
   52  claimant may be provided which affirms the claimant’s identity
   53  and states the claimant’s full name and address. The claimant
   54  must produce to the notary photographic identification of the
   55  claimant issued by the United States, a state or territory of
   56  the United States, a foreign nation, or a political subdivision
   57  or agency thereof or other evidence deemed acceptable by the
   58  department by rule. The notary shall indicate the notary’s full
   59  address on the notarized sworn statement. Any claim filed
   60  without the required identification or the sworn statement with
   61  the original claim form and the original Unclaimed Property
   62  Recovery Agreement or Unclaimed Property Purchase Agreement
   63  power of attorney or purchase agreement, if applicable, is void.
   64         (a) Within 90 days after receipt of a claim, the department
   65  may return any claim that provides for the receipt of fees and
   66  costs greater than that permitted under this chapter or that
   67  contains any apparent errors or omissions. The department may
   68  also request that the claimant or the claimant’s representative
   69  provide additional information. The department shall retain a
   70  copy or electronic image of the claim.
   71         (b) A claimant or the claimant’s representative shall be
   72  deemed to have withdrawn a claim is considered to have been
   73  withdrawn by a claimant or the claimant’s representative if no
   74  response to the department does not receive a response to its
   75  department’s request for additional information is received by
   76  the department within 60 days after the notification of any
   77  apparent errors or omissions.
   78         (c) Within 90 days after receipt of the claim, or the
   79  response of the claimant or the claimant’s representative to the
   80  department’s request for additional information, whichever is
   81  later, the department shall determine each claim. Such
   82  determination shall contain a notice of rights provided by ss.
   83  120.569 and 120.57. The 90-day period shall be extended by 60
   84  days if the department has good cause to need additional time or
   85  if the unclaimed property:
   86         1. Is owned by a person who has been a debtor in
   87  bankruptcy;
   88         2. Was reported with an address outside of the United
   89  States;
   90         3. Is being claimed by a person outside of the United
   91  States; or
   92         4. Contains documents filed in support of the claim that
   93  are not in the English language and have not been accompanied by
   94  an English language translation.
   95         (d)The department shall deny any claim under which the
   96  claimant’s representative has refused to authorize the
   97  department to reduce the fees and costs to the maximum permitted
   98  under this chapter.
   99         (4)
  100         (b) If an owner authorizes an attorney licensed to practice
  101  law in this state, a Florida-certified public accountant, or a
  102  private investigator licensed under chapter 493, and registered
  103  with the department under this chapter, to claim the unclaimed
  104  property on the owner’s behalf, the department is authorized to
  105  make distribution of the property or money in accordance with
  106  the Unclaimed Property Recovery Agreement or Unclaimed Property
  107  Purchase Agreement under s. 717.135 such power of attorney. The
  108  original Unclaimed Property Recovery Agreement or Unclaimed
  109  Property Purchase Agreement power of attorney must be executed
  110  by the claimant or seller owner and must be filed with the
  111  department.
  112         (c)1. Payments of approved claims for unclaimed cash
  113  accounts must shall be made to the owner after deducting any
  114  fees and costs authorized by the claimant under an Unclaimed
  115  Property Recovery Agreement pursuant to a written power of
  116  attorney. The contents of a safe-deposit box must shall be
  117  delivered directly to the claimant notwithstanding any power of
  118  attorney or agreement to the contrary.
  119         2. Payments of fees and costs authorized under an Unclaimed
  120  Property Recovery Agreement pursuant to a written power of
  121  attorney for approved claims must shall be made or issued to the
  122  law firm of the designated attorney licensed to practice law in
  123  this state, the public accountancy firm of the licensed Florida
  124  certified public accountant, or the designated employing private
  125  investigative agency licensed by this state. Such payments shall
  126  be made by electronic funds transfer and may be made on such
  127  periodic schedule as the department may define by rule, provided
  128  the payment intervals do not exceed 31 days. Payment made to an
  129  attorney licensed in this state, a Florida-certified public
  130  accountant, or a private investigator licensed under chapter
  131  493, operating individually or as a sole practitioner, must
  132  shall be to the attorney, certified public accountant, or
  133  private investigator.
  134         (7) The department may allow an apparent owner to
  135  electronically submit a claim for unclaimed property to the
  136  department. If a claim is submitted electronically for $2,000
  137  $1,000 or less, the department may use a method of identity
  138  verification other than a copy of a valid driver license, other
  139  government-issued photographic identification, or a sworn
  140  notarized statement. The department may adopt rules to implement
  141  this subsection.
  142         (10) Notwithstanding any other provision of this chapter,
  143  the department may develop a process by which a registered
  144  claimant’s representative or a buyer of unclaimed property may
  145  electronically submit to the department an electronic image of a
  146  completed claim and claims-related documents under pursuant to
  147  this chapter, including an Unclaimed Property Recovery Agreement
  148  or Unclaimed Property Purchase Agreement a limited power of
  149  attorney or purchase agreement that has been manually signed and
  150  dated by a claimant or seller under pursuant to s. 717.135 or s.
  151  717.1351, after the claimant’s representative or the buyer of
  152  unclaimed property receives the original documents provided by
  153  the claimant or the seller for any claim. Each claim filed by a
  154  registered claimant’s representative or a buyer of unclaimed
  155  property must include a statement by the claimant’s
  156  representative or the buyer of unclaimed property attesting that
  157  all documents are true copies of the original documents and that
  158  all original documents are physically in the possession of the
  159  claimant’s representative or the buyer of unclaimed property.
  160  All original documents must be kept in the original form, by
  161  claim number, under the secure control of the claimant’s
  162  representative or the buyer of unclaimed property and must be
  163  available for inspection by the department in accordance with s.
  164  717.1315. The department may adopt rules to implement this
  165  subsection.
  166         Section 3. Subsection (2) of section 717.12404, Florida
  167  Statutes, is amended to read:
  168         717.12404 Claims on behalf of a business entity or trust.—
  169         (2) Claims on behalf of a dissolved corporation, a business
  170  entity other than an active corporation, or a trust must include
  171  a legible copy of a valid driver license of the person acting on
  172  behalf of the dissolved corporation, business entity other than
  173  an active corporation, or trust. If the person has not been
  174  issued a valid driver license, the department shall be provided
  175  with a legible copy of a photographic identification of the
  176  person issued by the United States, a foreign nation, or a
  177  political subdivision or agency thereof. In lieu of photographic
  178  identification, a notarized sworn statement by the person may be
  179  provided which affirms the person’s identity and states the
  180  person’s full name and address. The person must produce his or
  181  her photographic identification issued by the United States, a
  182  state or territory of the United States, a foreign nation, or a
  183  political subdivision or agency thereof or other evidence deemed
  184  acceptable by the department by rule. The notary shall indicate
  185  the notary’s full address on the notarized sworn statement. Any
  186  claim filed without the required identification or the sworn
  187  statement with the original claim form and the original
  188  Unclaimed Property Recovery Agreement or Unclaimed Property
  189  Purchase Agreement power of attorney, if applicable, is void.
  190         Section 4. Subsection (1) of section 717.1315, Florida
  191  Statutes, is amended to read:
  192         717.1315 Retention of records by claimant’s representatives
  193  and buyers of unclaimed property.—
  194         (1) Every claimant’s representative and buyer of unclaimed
  195  property shall keep and use in his or her business such books,
  196  accounts, and records of the business conducted under this
  197  chapter to enable the department to determine whether such
  198  person is complying with this chapter and the rules adopted by
  199  the department under this chapter. Every claimant’s
  200  representative and buyer of unclaimed property shall preserve
  201  such books, accounts, and records, including every Unclaimed
  202  Property Recovery Agreement or Unclaimed Property Purchase
  203  Agreement power of attorney or agreement between the owner and
  204  such claimant’s representative or buyer, for at least 3 years
  205  after the date of the initial power of attorney or agreement.
  206         Section 5. Paragraph (j) of subsection (1) of section
  207  717.1322, Florida Statutes, is amended to read:
  208         717.1322 Administrative and civil enforcement.—
  209         (1) The following acts are violations of this chapter and
  210  constitute grounds for an administrative enforcement action by
  211  the department in accordance with the requirements of chapter
  212  120 and for civil enforcement by the department in a court of
  213  competent jurisdiction:
  214         (j) Requesting or receiving compensation for notifying a
  215  person of his or her unclaimed property or assisting another
  216  person in filing a claim for unclaimed property, unless the
  217  person is an attorney licensed to practice law in this state, a
  218  Florida-certified public accountant, or a private investigator
  219  licensed under chapter 493, or entering into, or making a
  220  solicitation to enter into, an agreement a power of attorney to
  221  file a claim for unclaimed property owned by another, or a
  222  contract or agreement to purchase unclaimed property, unless
  223  such person is registered with the department under pursuant to
  224  this chapter and an attorney licensed to practice law in this
  225  state in the regular practice of her or his profession, a
  226  Florida-certified public accountant who is acting within the
  227  scope of the practice of public accounting as defined in chapter
  228  473, or a private investigator licensed under chapter 493. This
  229  paragraph subsection does not apply to a person who has been
  230  granted a durable power of attorney to convey and receive all of
  231  the real and personal property of the owner, is the court
  232  appointed guardian of the owner, has been employed as an
  233  attorney or qualified representative to contest the department’s
  234  denial of a claim, or has been employed as an attorney to
  235  probate the estate of the owner or an heir or legatee of the
  236  owner.
  237         Section 6. Section 717.135, Florida Statutes, is amended to
  238  read:
  239         (Substantial rewording of section. See
  240         s. 717.135, F.S., for present text.)
  241         717.135 Recovery agreements and purchase agreements for
  242  claims filed by a claimant’s representative; fees and costs.—
  243         (1) In order to protect the interests of owners of
  244  unclaimed property, the department shall adopt by rule a form
  245  entitled “Unclaimed Property Recovery Agreement” and a form
  246  entitled “Unclaimed Property Purchase Agreement.”
  247         (2) The Unclaimed Property Recovery Agreement and the
  248  Unclaimed Property Purchase Agreement must include and disclose
  249  all of the following:
  250         (a) The total dollar amount of unclaimed property accounts
  251  claimed or sold.
  252         (b) The total percentage of all authorized fees and costs
  253  to be paid to the claimant’s representative or the percentage of
  254  the value of the property to be paid as net gain to the
  255  purchasing claimant’s representative.
  256         (c) The total dollar amount to be deducted and received
  257  from the claimant as fees and costs by the claimant’s
  258  representative or the total net dollar amount to be received by
  259  the purchasing claimant’s representative.
  260         (d) The net dollar amount to be received by the claimant or
  261  the seller.
  262         (e) For each account claimed, the unclaimed property
  263  account number.
  264         (f) For the Unclaimed Property Purchase Agreement, a
  265  statement that the amount of the purchase price will be remitted
  266  to the seller by the purchaser within 30 days after the
  267  execution of the agreement by the seller.
  268         (g) The name, address, e-mail address, phone number, and
  269  license number of the claimant’s representative.
  270         (h)1. The manual signature of the claimant or seller and
  271  the date signed, affixed on the agreement by the claimant or
  272  seller.
  273         2. Notwithstanding any other provision of this chapter to
  274  the contrary, the department may allow an apparent owner, who is
  275  also the claimant, to sign the agreement electronically for
  276  claims of $2,000 or less. All electronic signatures on the
  277  Unclaimed Property Recovery Agreement and the Unclaimed Property
  278  Purchase Agreement must be affixed on the agreement by the
  279  claimant or seller using the specific, exclusive eSignature
  280  product and protocol authorized by the department.
  281         (i) The social security number or taxpayer identification
  282  number of the claimant or seller, if a number has been issued to
  283  the claimant or seller.
  284         (j) The total fees and costs, or the total discount in the
  285  case of a purchase agreement, which may not exceed 30 percent of
  286  the claimed amount. If the total fees and costs exceed 30
  287  percent, the fee shall be reduced to 30 percent and the net
  288  balance shall be remitted directly by the department to the
  289  claimant.
  290         (3) For an Unclaimed Property Purchase Agreement form,
  291  proof that the purchaser has made payment must be filed with the
  292  department along with the claim. If proof of payment is not
  293  provided, the claim is void.
  294         (4) A claimant’s representative must use the Unclaimed
  295  Property Recovery Agreement or the Unclaimed Property Purchase
  296  Agreement as the exclusive means of engaging with a claimant or
  297  seller to file a claim with the department.
  298         (5) Fees and costs may be owed or paid to, or received by,
  299  a claimant’s representative only after a filed claim has been
  300  approved and if the claimant’s representative used an agreement
  301  authorized by this section.
  302         (6) A claimant’s representative may not use or distribute
  303  any other agreement, form, or other media with respect to the
  304  claimant or seller which relates, directly or indirectly, to
  305  unclaimed property accounts held by the department or the Chief
  306  Financial Officer other than the agreements authorized by this
  307  section. Any engagement, authorization, recovery, or fee
  308  agreement that is not authorized by this section is void. A
  309  claimant’s representative is subject to administrative and civil
  310  enforcement under s. 717.1322 if he or she uses an agreement
  311  that is not authorized by this section.
  312         (7) The Unclaimed Property Recovery Agreement and the
  313  Unclaimed Property Purchase Agreement may not contain language
  314  that makes the agreement irrevocable or that creates an
  315  assignment of any portion of unclaimed property held by the
  316  department.
  317         (8) When a claim is approved, the department may pay any
  318  additional account that is owned by the claimant but has not
  319  been claimed at the time of approval, provided that a subsequent
  320  claim has not been filed or is not pending for the claimant at
  321  the time of approval.
  322         (9) This section does not supersede s. 717.1241.
  323         Section 7. Section 717.1351, Florida Statutes, is repealed.
  324         Section 8. This act shall take effect upon becoming a law.
  325  
  326  ================= T I T L E  A M E N D M E N T ================
  327  And the title is amended as follows:
  328         Delete everything before the enacting clause
  329  and insert:
  330                        A bill to be entitled                      
  331         An act relating to disposition of unclaimed property;
  332         amending s. 717.119, F.S.; requiring the Department of
  333         Financial Services to provide copies of wills and
  334         trusts included in safe-deposit box contents under
  335         certain circumstances; amending s. 717.124, F.S.;
  336         requiring specified agreements for certain claims;
  337         removing provisions requiring the department to deny
  338         certain unclaimed property claims; increasing the
  339         threshold required to use a different method of
  340         identity verification for electronic claims;
  341         conforming provisions to changes made by the act;
  342         amending ss. 717.12404, 717.1315, and 717.1322, F.S.;
  343         conforming provisions to changes made by the act;
  344         amending s. 717.135, F.S.; requiring the department to
  345         adopt forms for an Unclaimed Property Recovery
  346         Agreement and an Unclaimed Property Purchase
  347         Agreement; providing requirements for such agreements;
  348         providing that the agreements are the exclusive means
  349         for a claimant’s representative to file a claim or to
  350         recover fees and costs; prohibiting a claimant’s
  351         representative from using or distributing any other
  352         form of agreement; providing administrative and civil
  353         penalties; authorizing the department to pay
  354         additional accounts under certain circumstances;
  355         providing applicability; repealing s. 717.1351, F.S.,
  356         relating to unclaimed property claims; providing an
  357         effective date.