Bill Text: FL S0970 | 2016 | Regular Session | Comm Sub
Bill Title: Unclaimed Property
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 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-Comm_Sub.html
Florida Senate - 2016 CS for SB 970 By the Committee on Banking and Insurance; and Senator Richter 597-03219-16 2016970c1 1 A bill to be entitled 2 An act relating to unclaimed property; amending s. 3 717.101, F.S.; revising and providing definitions; 4 creating s. 717.1235, F.S.; requiring unclaimed funds 5 reported in the name of specified campaigns for public 6 office to be deposited with the Chief Financial 7 Officer to the credit of the State School Trust Fund; 8 amending s. 717.1243, F.S.; revising the aggregate 9 value that constitutes a small estate account; 10 amending s. 717.1262, F.S.; requiring certain persons 11 claiming entitlement to unclaimed property to file 12 certified copies of specified pleadings with the 13 Department of Financial Services; amending s. 14 717.1333, F.S.; revising requirements for the 15 estimation of certain amounts due to the department; 16 amending s. 717.135, F.S.; revising applicability; 17 deleting a provision that allows specified wording on 18 a certain power of attorney; providing requirements 19 for a certain authorization or agreement to recover 20 unclaimed property; requiring the department to deny a 21 claim under certain circumstances; amending s. 22 717.1351, F.S.; revising requirements and conditions 23 for contracts to acquire ownership of or entitlement 24 to property; deleting a provision that allows 25 specified wording on a purchase agreement; providing 26 requirements for a certain authorization or agreement 27 to purchase unclaimed property; requiring the 28 department to deny a claim under certain 29 circumstances; repealing s. 717.1381, F.S., relating 30 to void unclaimed property powers of attorney and 31 purchase agreements; amending s. 717.139, F.S.; 32 providing legislative intent; amending s. 717.1400, 33 F.S.; removing authorization for certain private 34 investigators, public accountants, and attorneys to 35 obtain social security numbers; providing an effective 36 date. 37 38 Be It Enacted by the Legislature of the State of Florida: 39 40 Section 1. Subsections (4), (8), and (13) of section 41 717.101, Florida Statutes, are amended, present subsection (24) 42 of that section is renumbered as subsection (25), and a new 43 subsection (24) is added to that section, to read: 44 717.101 Definitions.—As used in this chapter, unless the 45 context otherwise requires: 46 (4) “Business association” means any corporation (other 47 than a public corporation), joint stock company, investment 48 company, business trust, partnership, limited liability company, 49 or association of two or more individuals for business purposes 50of two or more individuals, whetheror notfor profit or not for 51 profit, including a banking organization, financial52organization, insurance company, dissolved pension plan, or53utility. 54 (8) “Domicile” means the state of incorporation for, in the55case ofa corporation incorporated under the laws of a state;,56 or for unincorporated business associations, the state where the 57 business association is organizedand the state of the principal58place of business, in the case of a person not incorporated59under the laws of a state. 60 (13) “Insurance company” means an association, a 61 corporation, or a fraternal or mutual benefit organization, 62 whetheror notfor profit or not for profit, which is engaged in 63 providing insurance coverage, including, by way of illustration64and not limitation, accident, burial, casualty, credit life,65contract performance, dental, fidelity, fire, health,66hospitalization, illness, life (including endowments and67annuities), malpractice, marine, mortgage, surety, and wage68protection insurance. 69 (24) “United States” means any state, district, 70 commonwealth, territory, insular possession, and any other area 71 subject to the legislative authority of the United States of 72 America. 73 Section 2. Section 717.1235, Florida Statutes, is created 74 to read: 75 717.1235 Dormant campaign accounts; report of unclaimed 76 property.—Unclaimed funds reported in the name of a campaign for 77 public office which is required to dispose of surplus funds in 78 its campaign account pursuant to s. 106.141 must be deposited 79 with the Chief Financial Officer to the credit of the State 80 School Trust Fund. 81 Section 3. Subsection (4) of section 717.1243, Florida 82 Statutes, is amended to read: 83 717.1243 Small estate accounts.— 84 (4) This section only applies if all of the unclaimed 85 property held by the department on behalf of the owner has an 86 aggregate value of $10,000$5,000or less and no probate 87 proceeding is pending. 88 Section 4. Section 717.1262, Florida Statutes, is amended 89 to read: 90 717.1262 Court documents.—Any person who claims entitlement 91 to unclaimed property by reason of a court document shall file a 92 certified copy of the court document with the department. The 93 person shall also file with the department certified copies of 94 all pleadings to obtain a court document establishing 95 entitlement which were filed with the court within 180 days 96 before the date the claim form was signed by the claimant or 97 claimant’s representative. 98 Section 5. Subsection (2) of section 717.1333, Florida 99 Statutes, is amended to read: 100 717.1333 Evidence; estimations; audit reports, examiner’s 101 worksheets, investigative reports, other related documents.— 102 (2) If the records of the holder whichthatare available 103 for the periods subject to this chapter are insufficient to 104 permit the preparation of a report of the unclaimed property due 105 and owing by a holder, or if the holder fails to provide records 106 after being requested to do so, the amount due to the department 107 may be reasonably estimated. 108 Section 6. Subsection (2) and paragraph (g) of subsection 109 (4) of section 717.135, Florida Statutes, are amended, present 110 subsections (5) and (6) of that section are renumbered as 111 subsections (6) and (7), respectively, and a new subsection (5) 112 is added to that section, to read: 113 717.135 Power of attorney to recover reported property in 114 the custody of the department.— 115 (2) A power of attorney described in subsection (1) must: 116 (a) Limit the fees and costs for services to 20 percent per 117 unclaimed property account held by the department. Fees and 118 costs for cash accounts shall be based on the value of the 119 property at the time the power of attorney is signed by the 120 claimant. Fees and costs for accounts containing securities or 121 other intangible ownership interests, which securities or 122 interests are not converted to cash, shall be based on the 123 purchase price of the security as quoted on a national exchange 124 or other market on which the property is regularly traded at the 125 time the securities or other ownership interest is remitted to 126 the claimant or the claimant’s representative. Fees and costs 127 for tangible property or safe-deposit box accounts shall be 128 based on the value of the tangible property or contents of the 129 safe-deposit box at the time the ownership interest is 130 transferred or remitted to the claimant. Total fees and costs on 131 any single account owned by a natural person residing in this 132 country must not exceed $1,000; or 133 (b) Fully disclose that the property is held by the Bureau 134 of Unclaimed Property of the Department of Financial Services 135 pursuant to this chapter, the mailing address of the bureau, the 136 Internet address of the bureau, the person or name of the entity 137 that held the property prior to the property becoming unclaimed, 138 the date of the holder’s last contact with the owner, if known, 139 and the approximate value of the property, and identify which of 140 the following categories of unclaimed property the claimant’s 141 representative is seeking to recover, as reported by the holder: 142 1. Cash accounts. 143 2. Stale dated checks. 144 3. Life insurance or annuity contract assets. 145 4. Utility deposits. 146 5. Securities or other interests in business associations. 147 6. Wages. 148 7. Accounts receivable. 149 8. Contents of safe-deposit boxes. 150 151This subsection shall not apply if probate proceedings must be152initiated on behalf of the claimant for an estate that has never153been probated or if the unclaimed property is being claimed by a154person outside of the United States.155 (4) 156 (g) This section does not prohibit the: 157 1. Use of bolding, italics, print of different colors, and 158 text borders as a means of highlighting or stressing certain 159 selected items within the text. 160 2. Placement of the name, address, and telephone number of 161 the representative’s firm or company in the top margin above the 162 words “POWER OF ATTORNEY.” No additional writing of any kind may 163 be placed in the top margin including, but not limited to, 164 logos, license numbers, Internet addresses, or slogans. 165 3. Placement of the word “pending” prior to the words “NET 166 AMOUNT TO BE PAID TO CLAIMANT,” if it is not yet possible to 167 determine the percentage interest of an heir or legatee prior to 168 a determination on the issue by the probate court. 169 4. Deletion of the words “Number of Shares of Stock (If 170 Applicable)” if the agreement does not relate to the recovery of 171 securities. 1725. Deletion of the words “Percent to Be Paid as173Compensation to Claimant’s Representative” if the power of174attorney provides for a flat fee to be paid as compensation to175the claimant’s representative.176 (5)(a) Any other authorization or agreement to recover 177 unclaimed property which is executed by or between a claimant’s 178 representative and claimant must be signed and personally dated 179 by the claimant. The date affixed to the authorization or 180 agreement by the claimant may not be earlier than the date 181 personally affixed by the claimant to the original limited power 182 of attorney under this section. A copy of the authorization or 183 agreement must be filed with the original claim submitted to the 184 department, along with the statutorily compliant original power 185 of attorney under this section. 186 (b) If the claimant’s representative’s fee for a document 187 described in this subsection exceeds 20 percent on any given 188 claim, s. 717.124(1)(d) applies. 189 Section 7. Subsections (2) and (4), paragraph (d) of 190 subsection (7), and subsection (8) of section 717.1351, Florida 191 Statutes, are amended to read: 192 717.1351 Acquisition of unclaimed property.— 193 (2) All contracts to acquire ownership of or entitlement to 194 unclaimed property from the person or persons entitled to the 195 unclaimed property must be in 10-point type or greater and must: 196 (a) Have a purchase price that discounts the value of the 197 unclaimed property at the time the agreement is executed by the 198 seller at no greater than 20 percent per account held by the 199 department. An unclaimed property account must not be discounted 200 in excess of $1,000. However, the $1,000 discount limitation201does not apply if probate proceedings must be initiated on202behalf of the seller for an estate that has never been probated203or if the seller of the unclaimed property is not a natural204person or is a person outside the United States; or 205 (b) Fully disclose that the property is held by the Bureau 206 of Unclaimed Property of the Department of Financial Services 207 pursuant to this chapter, the mailing address of the bureau, the 208 Internet address of the bureau, the person or name of the entity 209 that held the property prior to the property becoming unclaimed, 210 the date of the holder’s last contact with the owner, if known, 211 and the approximate value of the property, and identify which of 212 the following categories of unclaimed property the buyer is 213 seeking to purchase as reported by the holder: 214 1. Cash accounts. 215 2. Stale dated checks. 216 3. Life insurance or annuity contract assets. 217 4. Utility deposits. 218 5. Securities or other interests in business associations. 219 6. Wages. 220 7. Accounts receivable. 221 8. Contents of safe-deposit boxes. 222 223 The purchase agreement described in this paragraph must state in 224 12-point type or greater in the order indicated with the blank 225 spaces accurately completed: 226 227 FULL DISCLOSURE STATEMENT 228 229 The property is currently held by the State of Florida 230 Department of Financial Services, Bureau of Unclaimed 231 Property, pursuant to chapter 717, Florida Statutes. 232 The mailing address of the Bureau of Unclaimed 233 Property is ............. The Internet address of the 234 Bureau of Unclaimed Property is ............. 235 236 The property was remitted by: ............. 237 238 Date of last contact: ............. 239 240 Property category: ............. 241 242 Immediately above the signature line for the seller, the 243 purchase agreement described in this paragraph must state in 12 244 point type or greater: 245 246 Seller agrees, by signing below, that the FULL 247 DISCLOSURE STATEMENT has been read and fully 248 understood. 249 250 (4) Any contract to acquire ownership of or entitlement to 251 unclaimed property from the person or persons entitled to the 252 unclaimed property must provide for the purchase price to be 253 remitted to the seller or sellers within 3010days after the 254 execution of the contract by the seller or sellers. The contract 255 must specify the unclaimed property account number, the name of 256 the holder who reported the property to the department, the 257 category of unclaimed property, the value of the unclaimed 258 property account, and the number of shares of stock, if 259 applicable. Proof that the seller receivedofpaymentby check260 must be filed with the department with the claim. If proof of 261 payment is not provided, the claim is void. 262 (7) This section does not prohibit the: 263(d) Deletion of the words “Percent of Property to be Paid264to Buyer,” if the purchase agreement provides for a flat fee to265be paid as compensation to the buyer.266 (8)(a) Any other authorization or agreement to purchase 267 unclaimed property which is executed by or between a registrant 268 and seller must be signed and personally dated by the seller. 269 The date affixed to the authorization or agreement by the seller 270 may not be earlier than the date personally affixed by the 271 seller to the original purchase agreement under this section. A 272 copy of the authorization or agreement must be filed with the 273 original claim submitted to the department, along with the 274 statutorily compliant original purchase agreement under this 275 section. 276 (b) If the claimant’s representative’s purchase price paid 277 to the seller on a document referred to in this subsection 278 reduces the purchase price by more than 20 percent on any given 279 claim, s. 717.124(1)(d) applies. 280 (c) This section does not supersede the licensing 281 requirements of chapter 493. 282 Section 8. Section 717.1381, Florida Statutes, is repealed. 283 Section 9. Section 717.139, Florida Statutes, is amended to 284 read: 285 717.139 Uniformity of application and construction. 286 Protecting the interests of owners of unclaimed property is 287 declared to be the public policy of this state. It is in the 288 best interests of the owners of unclaimed property that they 289 have the opportunity to receive the full amount of the unclaimed 290 property returned to them without deduction of any fees. This 291 chapter shall be applied and construed as to effectuate its 292 general purpose of protecting the interest of missing owners of 293 property, while providing that the benefit of all unclaimed and 294 abandoned property shall go to all the people of the state, and 295 to make uniform the law with respect to the subject of this 296 chapter among states enacting it. 297 Section 10. Subsections (1), (2), and (3) of section 298 717.1400, Florida Statutes, are amended to read: 299 717.1400 Registration.— 300 (1) In order to file claims as a claimant’s representative, 301 acquire ownership of or entitlement to unclaimed property, 302 receive a distribution of fees and costs from the department, 303 and obtain unclaimed property dollar amounts and,numbers of 304 reported shares of stock, and social security numbersheld by 305 the department, a private investigator holding a Class “C” 306 individual license under chapter 493 must register with the 307 department on such form as the department shall prescribe by 308 rule, and must be verified by the applicant. To register with 309 the department, a private investigator must provide: 310 (a) A legible copy of the applicant’s Class “A” business 311 license under chapter 493 or that of the applicant’s firm or 312 employer which holds a Class “A” business license under chapter 313 493. 314 (b) A legible copy of the applicant’s Class “C” individual 315 license issued under chapter 493. 316 (c) The business address and telephone number of the 317 applicant’s private investigative firm or employer. 318 (d) The names of agents or employees, if any, who are 319 designated to act on behalf of the private investigator, 320 together with a legible copy of their photo identification 321 issued by an agency of the United States, or a state, or a 322 political subdivision thereof. 323 (e) Sufficient information to enable the department to 324 disburse funds by electronic funds transfer. 325 (f) The tax identification number of the private 326 investigator’s firm or employer which holds a Class “A” business 327 license under chapter 493. 328 (2) In order to file claims as a claimant’s representative, 329 acquire ownership of or entitlement to unclaimed property, 330 receive a distribution of fees and costs from the department, 331 and obtain unclaimed property dollar amounts and,numbers of 332 reported shares of stock, and social security numbersheld by 333 the department, a Florida-certified public accountant must 334 register with the department on such form as the department 335 shall prescribe by rule, and must be verified by the applicant. 336 To register with the department a Florida-certified public 337 accountant must provide: 338 (a) The applicant’s Florida Board of Accountancy number. 339 (b) A legible copy of the applicant’s current driver 340 license showing the full name and current address of such 341 person. If a current driver license is not available, another 342 form of identification showing the full name and current address 343 of such person or persons shall be filed with the department. 344 (c) The business address and telephone number of the 345 applicant’s public accounting firm or employer. 346 (d) The names of agents or employees, if any, who are 347 designated to act on behalf of the Florida-certified public 348 accountant, together with a legible copy of their photo 349 identification issued by an agency of the United States, or a 350 state, or a political subdivision thereof. 351 (e) Sufficient information to enable the department to 352 disburse funds by electronic funds transfer. 353 (f) The tax identification number of the accountant’s 354 public accounting firm employer. 355 (3) In order to file claims as a claimant’s representative, 356 acquire ownership of or entitlement to unclaimed property, 357 receive a distribution of fees and costs from the department, 358 and obtain unclaimed property dollar amounts and,numbers of 359 reported shares of stock, and social security numbersheld by 360 the department, an attorney licensed to practice in this state 361 must register with the department on such form as the department 362 shall prescribe by rule, and must be verified by the applicant. 363 To register with the department, such attorney must provide: 364 (a) The applicant’s Florida Bar number. 365 (b) A legible copy of the applicant’s current driver 366 license showing the full name and current address of such 367 person. If a current driver license is not available, another 368 form of identification showing the full name and current address 369 of such person or persons shall be filed with the department. 370 (c) The business address and telephone number of the 371 applicant’s firm or employer. 372 (d) The names of agents or employees, if any, who are 373 designated to act on behalf of the attorney, together with a 374 legible copy of their photo identification issued by an agency 375 of the United States, or a state, or a political subdivision 376 thereof. 377 (e) Sufficient information to enable the department to 378 disburse funds by electronic funds transfer. 379 (f) The tax identification number of the attorney’s firm or 380 employer. 381 Section 11. This act shall take effect July 1, 2016.