The Florida Senate

717.1351  Acquisition of unclaimed property.--

(1)  A person desiring to acquire ownership of or entitlement to property reported to the department under s. 717.117 must be an attorney licensed to practice law in this state, a licensed Florida-certified public accountant, a private investigator licensed under chapter 493, or an employer of a licensed private investigator which employer possesses a Class "A" license under chapter 493 and must be registered with the department under this chapter.

(2)  All contracts to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must be in 10-point type or greater and must:

(a)  Have a purchase price that discounts the value of the unclaimed property at the time the agreement is executed by the seller at no greater than 20 percent per account held by the department; or

(b)  Disclose, on such form as the department shall prescribe by rule, that the property is held by the Bureau of Unclaimed Property of the Department of Financial Services pursuant to this chapter, the person or name of the entity that held the property prior to the property becoming unclaimed, the date of the holder's last contact with the owner, if known, and the approximate value of the property, and identify which of the following categories of unclaimed property the buyer is seeking to purchase as reported by the holder:

1.  Cash accounts.

2.  Stale dated checks.

3.  Life insurance or annuity contract assets.

4.  Utility deposits.

5.  Securities or other interests in business associations.

6.  Wages.

7.  Accounts receivable.

8.  Contents of safe-deposit boxes.

Such disclosure shall be on a page signed and dated by the seller of the unclaimed property.

(3)  The originals of all such disclosures and agreements to transfer ownership of or entitlement to unclaimed property shall be signed and dated by the seller and shall be filed with the claim form. The claimant shall provide the department with a legible copy of a valid driver's license of the seller at the time the original claim form is filed. If a seller has not been issued a valid driver's license at the time the original claim form is filed, the department shall be provided with a legible copy of a photographic identification of the seller issued by the United States or a foreign nation, a state or territory of the United States or a foreign nation, or a political subdivision or agency thereof. In lieu of photographic identification, a notarized sworn statement by the seller may be provided which affirms the seller's identity and states the seller's full name and address. If a claim is filed without the required identification or the sworn statement with the original claim form and the original agreement to acquire ownership of or entitlement to the unclaimed property, the claim is void.

(4)  Any contract to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must provide for the purchase price to be remitted to the seller or sellers within 10 days after the execution of the contract by the seller or sellers. The contract must specify the unclaimed property account number, the value of the unclaimed property account, and the number of shares of stock, if applicable. Proof of payment by check must be filed with the department with the claim.

(5)  All agreements to purchase unclaimed property from an owner, who is a natural person, a trust, or a dissolved corporation must use the following form on 8 and ¹/₂-inch by 11-inch paper or on 8 and ¹/₂-inch by 14-inch paper with all of the text on one side of the paper and with the other side of the paper left blank; except that, at the option of the owner representative, the department disclosure form may be placed on the reverse side of the agreement. The agreement must be accurately completed and executed. No other writing or information shall be printed on the agreement. The title of the agreement shall be in bold 14-point type and underlined. The rest of the agreement shall be in 10-point type or greater. All unclaimed property accounts to be purchased must be identified on the agreement. The agreement must state:

PURCHASE AGREEMENT


$__________ = APPROXIMATE DOLLAR VALUE OF THE UNCLAIMED PROPERTY

PROPERTY ACCOUNT NUMBER(S):

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NUMBER OF SHARES OF STOCK TO BE RECOVERED (IF APPLICABLE):__________

__________ PERCENT OF UNCLAIMED PROPERTY TO BE PAID TO THE BUYER

$__________ = NET AMOUNT TO BE PAID TO OWNER

$__________ = AMOUNT TO BE PAID TO BUYER

THIS AGREEMENT is between: _______________ (hereinafter, OWNER) and _______________ (hereinafter, BUYER) who agree that the OWNER transfers to the BUYER for a purchase price of $__________ all rights to the above identified unclaimed property accounts.

Original Signature of OWNER:

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DATE:

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OWNER'S Social Security Number or FEID number:

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Within 10 days after the execution of this Purchase Agreement by the Owner, Buyer shall remit the OWNER'S check payable to:

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Mail check to this address:

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The OWNER'S telephone number is:

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Original Signature of BUYER:

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FEID Number of BUYER: __________

DATE: __________

Address of BUYER:

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Telephone number of BUYER:

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Professional license number of BUYER:

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(6)  This section does not supersede the licensing requirements of chapter 493.

History.--s. 140, ch. 2004-390.