Bill Amendment: FL S0970 | 2016 | Regular Session

NOTE: For additional amemendments please see the Bill Drafting List

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Bill Title: Unclaimed Property

Status: 2016-03-04 - Laid on Table, companion bill(s) passed, see CS/CS/CS/HB 783 (Ch. 2016-90) [S0970 Detail]

Download: Florida-2016-S0970-Senate_Committee_Amendment_260196.html

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       Florida Senate - 2016                        COMMITTEE AMENDMENT
       Bill No. SB 970
       
       
       
       
       
       
                                Ì2601968Î260196                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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       The Committee on Banking and Insurance (Richter) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete everything after the enacting clause
    4  and insert:
    5         Section 1. Subsections (4), (8), and (13) of section
    6  717.101, Florida Statutes, are amended, present subsection (24)
    7  of that section is renumbered as subsection (25), and a new
    8  subsection (24) is added to that section, to read:
    9         717.101 Definitions.—As used in this chapter, unless the
   10  context otherwise requires:
   11         (4) “Business association” means any corporation (other
   12  than a public corporation), joint stock company, investment
   13  company, business trust, partnership, limited liability company,
   14  or association of two or more individuals for business purposes
   15  of two or more individuals, whether or not for profit or not for
   16  profit, including a banking organization, financial
   17  organization, insurance company, dissolved pension plan, or
   18  utility.
   19         (8) “Domicile” means the state of incorporation for, in the
   20  case of a corporation incorporated under the laws of a state;,
   21  or for unincorporated business associations, the state where the
   22  business association is organized and the state of the principal
   23  place of business, in the case of a person not incorporated
   24  under the laws of a state.
   25         (13) “Insurance company” means an association, a
   26  corporation, or a fraternal or mutual benefit organization,
   27  whether or not for profit or not for profit, which is engaged in
   28  providing insurance coverage, including, by way of illustration
   29  and not limitation, accident, burial, casualty, credit life,
   30  contract performance, dental, fidelity, fire, health,
   31  hospitalization, illness, life (including endowments and
   32  annuities), malpractice, marine, mortgage, surety, and wage
   33  protection insurance.
   34         (24) “United States” means any state, district,
   35  commonwealth, territory, insular possession, and any other area
   36  subject to the legislative authority of the United States of
   37  America.
   38         Section 2. Section 717.1235, Florida Statutes, is created
   39  to read:
   40         717.1235 Dormant campaign accounts; report of unclaimed
   41  property.—Unclaimed funds reported in the name of a campaign for
   42  public office which is required to dispose of surplus funds in
   43  its campaign account pursuant to s. 106.141 must be deposited
   44  with the Chief Financial Officer to the credit of the State
   45  School Trust Fund.
   46         Section 3. Subsection (4) of section 717.1243, Florida
   47  Statutes, is amended to read:
   48         717.1243 Small estate accounts.—
   49         (4) This section only applies if all of the unclaimed
   50  property held by the department on behalf of the owner has an
   51  aggregate value of $10,000 $5,000 or less and no probate
   52  proceeding is pending.
   53         Section 4. Section 717.1262, Florida Statutes, is amended
   54  to read:
   55         717.1262 Court documents.—Any person who claims entitlement
   56  to unclaimed property by reason of a court document shall file a
   57  certified copy of the court document with the department. The
   58  person shall also file with the department certified copies of
   59  all pleadings to obtain a court document establishing
   60  entitlement which were filed with the court within 180 days
   61  before the date the claim form was signed by the claimant or
   62  claimant’s representative.
   63         Section 5. Subsection (2) of section 717.1333, Florida
   64  Statutes, is amended to read:
   65         717.1333 Evidence; estimations; audit reports, examiner’s
   66  worksheets, investigative reports, other related documents.—
   67         (2) If the records of the holder which that are available
   68  for the periods subject to this chapter are insufficient to
   69  permit the preparation of a report of the unclaimed property due
   70  and owing by a holder, or if the holder fails to provide records
   71  after being requested to do so, the amount due to the department
   72  may be reasonably estimated.
   73         Section 6. Subsection (2) and paragraph (g) of subsection
   74  (4) of section 717.135, Florida Statutes, are amended, present
   75  subsections (5) and (6) of that section are renumbered as
   76  subsections (6) and (7), respectively, and a new subsection (5)
   77  is added to that section, to read:
   78         717.135 Power of attorney to recover reported property in
   79  the custody of the department.—
   80         (2) A power of attorney described in subsection (1) must:
   81         (a) Limit the fees and costs for services to 20 percent per
   82  unclaimed property account held by the department. Fees and
   83  costs for cash accounts shall be based on the value of the
   84  property at the time the power of attorney is signed by the
   85  claimant. Fees and costs for accounts containing securities or
   86  other intangible ownership interests, which securities or
   87  interests are not converted to cash, shall be based on the
   88  purchase price of the security as quoted on a national exchange
   89  or other market on which the property is regularly traded at the
   90  time the securities or other ownership interest is remitted to
   91  the claimant or the claimant’s representative. Fees and costs
   92  for tangible property or safe-deposit box accounts shall be
   93  based on the value of the tangible property or contents of the
   94  safe-deposit box at the time the ownership interest is
   95  transferred or remitted to the claimant. Total fees and costs on
   96  any single account owned by a natural person residing in this
   97  country must not exceed $1,000; or
   98         (b) Fully disclose that the property is held by the Bureau
   99  of Unclaimed Property of the Department of Financial Services
  100  pursuant to this chapter, the mailing address of the bureau, the
  101  Internet address of the bureau, the person or name of the entity
  102  that held the property prior to the property becoming unclaimed,
  103  the date of the holder’s last contact with the owner, if known,
  104  and the approximate value of the property, and identify which of
  105  the following categories of unclaimed property the claimant’s
  106  representative is seeking to recover, as reported by the holder:
  107         1. Cash accounts.
  108         2. Stale dated checks.
  109         3. Life insurance or annuity contract assets.
  110         4. Utility deposits.
  111         5. Securities or other interests in business associations.
  112         6. Wages.
  113         7. Accounts receivable.
  114         8. Contents of safe-deposit boxes.
  115  
  116  This subsection shall not apply if probate proceedings must be
  117  initiated on behalf of the claimant for an estate that has never
  118  been probated or if the unclaimed property is being claimed by a
  119  person outside of the United States.
  120         (4)
  121         (g) This section does not prohibit the:
  122         1. Use of bolding, italics, print of different colors, and
  123  text borders as a means of highlighting or stressing certain
  124  selected items within the text.
  125         2. Placement of the name, address, and telephone number of
  126  the representative’s firm or company in the top margin above the
  127  words “POWER OF ATTORNEY.” No additional writing of any kind may
  128  be placed in the top margin including, but not limited to,
  129  logos, license numbers, Internet addresses, or slogans.
  130         3. Placement of the word “pending” prior to the words “NET
  131  AMOUNT TO BE PAID TO CLAIMANT,” if it is not yet possible to
  132  determine the percentage interest of an heir or legatee prior to
  133  a determination on the issue by the probate court.
  134         4. Deletion of the words “Number of Shares of Stock (If
  135  Applicable)” if the agreement does not relate to the recovery of
  136  securities.
  137         5. Deletion of the words “Percent to Be Paid as
  138  Compensation to Claimant’s Representative” if the power of
  139  attorney provides for a flat fee to be paid as compensation to
  140  the claimant’s representative.
  141         (5) Any other authorization or agreement to recover
  142  unclaimed property which is executed by or between a claimant’s
  143  representative and claimant must be signed and personally dated
  144  by the claimant. The date affixed to the authorization or
  145  agreement by the claimant may not be earlier than the date
  146  personally affixed by the claimant to the original limited power
  147  of attorney under this section. A copy of the authorization or
  148  agreement must be filed with the original claim submitted to the
  149  department, along with the statutorily compliant original power
  150  of attorney under this section.
  151         Section 7. Subsection (4), paragraph (d) of subsection (7),
  152  and subsection (8) of section 717.1351, Florida Statutes, are
  153  amended to read:
  154         717.1351 Acquisition of unclaimed property.—
  155         (4) Any contract to acquire ownership of or entitlement to
  156  unclaimed property from the person or persons entitled to the
  157  unclaimed property must provide for the purchase price to be
  158  remitted to the seller or sellers within 30 10 days after the
  159  execution of the contract by the seller or sellers. The contract
  160  must specify the unclaimed property account number, the name of
  161  the holder who reported the property to the department, the
  162  category of unclaimed property, the value of the unclaimed
  163  property account, and the number of shares of stock, if
  164  applicable. Proof that the seller received of payment by check
  165  must be filed with the department with the claim. If proof of
  166  payment is not provided, the claim is void.
  167         (7) This section does not prohibit the:
  168         (d) Deletion of the words “Percent of Property to be Paid
  169  to Buyer,” if the purchase agreement provides for a flat fee to
  170  be paid as compensation to the buyer.
  171         (8)(a) Any other authorization or agreement to purchase
  172  unclaimed property which is executed by or between a registrant
  173  and seller must be signed and personally dated by the seller.
  174  The date affixed to the authorization or agreement by the seller
  175  may not be earlier than the date personally affixed by the
  176  seller to the original purchase agreement under this section. A
  177  copy of the authorization or agreement must be filed with the
  178  original claim submitted to the department, along with the
  179  statutorily compliant original purchase agreement under this
  180  section.
  181         (b) If the registrant’s fee on a document referred to in
  182  this subsection reduces the amount a seller will receive as a
  183  purchase price by more than 20 percent on any given claim, the
  184  department shall deny the claim pursuant to s. 717.124(1)(d).
  185         (c) This section does not supersede the licensing
  186  requirements of chapter 493.
  187         Section 8. Section 717.1381, Florida Statutes, is repealed.
  188         Section 9. Section 717.139, Florida Statutes, is amended to
  189  read:
  190         717.139 Uniformity of application and construction.
  191  Protecting the interests of owners of unclaimed property is
  192  declared to be the public policy of this state. It is in the
  193  best interests of the owners of unclaimed property that they
  194  have the opportunity to receive the full amount of the unclaimed
  195  property returned to them without deduction of any fees. This
  196  chapter shall be applied and construed as to effectuate its
  197  general purpose of protecting the interest of missing owners of
  198  property, while providing that the benefit of all unclaimed and
  199  abandoned property shall go to all the people of the state, and
  200  to make uniform the law with respect to the subject of this
  201  chapter among states enacting it.
  202         Section 10. Subsections (1), (2), and (3) of section
  203  717.1400, Florida Statutes, are amended to read:
  204         717.1400 Registration.—
  205         (1) In order to file claims as a claimant’s representative,
  206  acquire ownership of or entitlement to unclaimed property,
  207  receive a distribution of fees and costs from the department,
  208  and obtain unclaimed property dollar amounts and, numbers of
  209  reported shares of stock, and social security numbers held by
  210  the department, a private investigator holding a Class “C”
  211  individual license under chapter 493 must register with the
  212  department on such form as the department shall prescribe by
  213  rule, and must be verified by the applicant. To register with
  214  the department, a private investigator must provide:
  215         (a) A legible copy of the applicant’s Class “A” business
  216  license under chapter 493 or that of the applicant’s firm or
  217  employer which holds a Class “A” business license under chapter
  218  493.
  219         (b) A legible copy of the applicant’s Class “C” individual
  220  license issued under chapter 493.
  221         (c) The business address and telephone number of the
  222  applicant’s private investigative firm or employer.
  223         (d) The names of agents or employees, if any, who are
  224  designated to act on behalf of the private investigator,
  225  together with a legible copy of their photo identification
  226  issued by an agency of the United States, or a state, or a
  227  political subdivision thereof.
  228         (e) Sufficient information to enable the department to
  229  disburse funds by electronic funds transfer.
  230         (f) The tax identification number of the private
  231  investigator’s firm or employer which holds a Class “A” business
  232  license under chapter 493.
  233         (2) In order to file claims as a claimant’s representative,
  234  acquire ownership of or entitlement to unclaimed property,
  235  receive a distribution of fees and costs from the department,
  236  and obtain unclaimed property dollar amounts and, numbers of
  237  reported shares of stock, and social security numbers held by
  238  the department, a Florida-certified public accountant must
  239  register with the department on such form as the department
  240  shall prescribe by rule, and must be verified by the applicant.
  241  To register with the department a Florida-certified public
  242  accountant must provide:
  243         (a) The applicant’s Florida Board of Accountancy number.
  244         (b) A legible copy of the applicant’s current driver
  245  license showing the full name and current address of such
  246  person. If a current driver license is not available, another
  247  form of identification showing the full name and current address
  248  of such person or persons shall be filed with the department.
  249         (c) The business address and telephone number of the
  250  applicant’s public accounting firm or employer.
  251         (d) The names of agents or employees, if any, who are
  252  designated to act on behalf of the Florida-certified public
  253  accountant, together with a legible copy of their photo
  254  identification issued by an agency of the United States, or a
  255  state, or a political subdivision thereof.
  256         (e) Sufficient information to enable the department to
  257  disburse funds by electronic funds transfer.
  258         (f) The tax identification number of the accountant’s
  259  public accounting firm employer.
  260         (3) In order to file claims as a claimant’s representative,
  261  acquire ownership of or entitlement to unclaimed property,
  262  receive a distribution of fees and costs from the department,
  263  and obtain unclaimed property dollar amounts and, numbers of
  264  reported shares of stock, and social security numbers held by
  265  the department, an attorney licensed to practice in this state
  266  must register with the department on such form as the department
  267  shall prescribe by rule, and must be verified by the applicant.
  268  To register with the department, such attorney must provide:
  269         (a) The applicant’s Florida Bar number.
  270         (b) A legible copy of the applicant’s current driver
  271  license showing the full name and current address of such
  272  person. If a current driver license is not available, another
  273  form of identification showing the full name and current address
  274  of such person or persons shall be filed with the department.
  275         (c) The business address and telephone number of the
  276  applicant’s firm or employer.
  277         (d) The names of agents or employees, if any, who are
  278  designated to act on behalf of the attorney, together with a
  279  legible copy of their photo identification issued by an agency
  280  of the United States, or a state, or a political subdivision
  281  thereof.
  282         (e) Sufficient information to enable the department to
  283  disburse funds by electronic funds transfer.
  284         (f) The tax identification number of the attorney’s firm or
  285  employer.
  286         Section 11. This act shall take effect July 1, 2016.
  287  
  288  ================= T I T L E  A M E N D M E N T ================
  289  And the title is amended as follows:
  290         Delete everything before the enacting clause
  291  and insert:
  292                        A bill to be entitled                      
  293         An act relating to unclaimed property; amending s.
  294         717.101, F.S.; revising and providing definitions;
  295         creating s. 717.1235, F.S.; requiring unclaimed funds
  296         reported in the name of specified campaigns for public
  297         office to be deposited with the Chief Financial
  298         Officer to the credit of the State School Trust Fund;
  299         amending s. 717.1243, F.S.; revising the aggregate
  300         value that constitutes a small estate account;
  301         amending s. 717.1262, F.S.; requiring certain persons
  302         claiming entitlement to unclaimed property to file
  303         certified copies of specified pleadings with the
  304         Department of Financial Services; amending s.
  305         717.1333, F.S.; revising requirements for the
  306         estimation of certain amounts due to the department;
  307         amending s. 717.135, F.S.; removing a cap on fees and
  308         costs for services on specified unclaimed property
  309         accounts; revising applicability; deleting a provision
  310         that allows specified wording on a certain power of
  311         attorney; providing requirements for a certain
  312         authorization or agreement to recover unclaimed
  313         property; amending s. 717.1351, F.S.; revising
  314         requirements and conditions for contracts to acquire
  315         ownership of or entitlement to property; deleting a
  316         provision that allows specified wording on a purchase
  317         agreement; providing requirements for a certain
  318         authorization or agreement to purchase unclaimed
  319         property; requiring the department to deny a claim
  320         under certain circumstances; repealing s. 717.1381,
  321         F.S., relating to void unclaimed property powers of
  322         attorney and purchase agreements; amending s. 717.139,
  323         F.S.; providing legislative intent; amending s.
  324         717.1400, F.S.; removing authorization for certain
  325         private investigators, public accountants, and
  326         attorneys to obtain social security numbers; providing
  327         an effective date.