Bill Text: FL S1434 | 2021 | Regular Session | Comm Sub
Bill Title: Disposition of Unclaimed Property
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2021-04-21 - Laid on Table, companion bill(s) passed, see CS/HB 425 (Ch. 2021-144) [S1434 Detail]
Download: Florida-2021-S1434-Comm_Sub.html
Florida Senate - 2021 CS for SB 1434 By the Committee on Banking and Insurance; and Senator Wright 597-03593-21 20211434c1 1 A bill to be entitled 2 An act relating to disposition of unclaimed property; 3 amending s. 717.119, F.S.; requiring the Department of 4 Financial Services to provide copies of wills and 5 trusts included in safe-deposit box contents under 6 certain circumstances; amending s. 717.124, F.S.; 7 requiring specified agreements for certain claims; 8 removing provisions requiring the department to deny 9 certain unclaimed property claims; increasing the 10 threshold required to use a different method of 11 identity verification for electronic claims; 12 conforming provisions to changes made by the act; 13 amending ss. 717.12404, 717.1315, and 717.1322, F.S.; 14 conforming provisions to changes made by the act; 15 amending s. 717.135, F.S.; requiring the department to 16 adopt forms for an Unclaimed Property Recovery 17 Agreement and an Unclaimed Property Purchase 18 Agreement; providing requirements for such agreements; 19 providing that the agreements are the exclusive means 20 for a claimant’s representative to file a claim or to 21 recover fees and costs; prohibiting a claimant’s 22 representative from using or distributing any other 23 form of agreement; providing administrative and civil 24 penalties; authorizing the department to pay 25 additional accounts under certain circumstances; 26 providing applicability; repealing s. 717.1351, F.S., 27 relating to unclaimed property claims; providing an 28 effective date. 29 30 Be It Enacted by the Legislature of the State of Florida: 31 32 Section 1. Paragraph (e) is added to subsection (5) of 33 section 717.119, Florida Statutes, to read: 34 717.119 Payment or delivery of unclaimed property.— 35 (5) All intangible and tangible property held in a safe 36 deposit box or any other safekeeping repository reported under 37 s. 717.117 shall not be delivered to the department until 120 38 days after the report due date. The delivery of the property, 39 through the United States mail or any other carrier, shall be 40 insured by the holder at an amount equal to the estimated value 41 of the property. Each package shall be clearly marked on the 42 outside “Deliver Unopened.” A holder’s safe-deposit box contents 43 shall be delivered to the department in a single shipment. In 44 lieu of a single shipment, holders may provide the department 45 with a single detailed shipping schedule that includes package 46 tracking information for all packages being sent pursuant to 47 this section. 48 (e) If a will or trust instrument is included among the 49 contents of a safe-deposit box or other safekeeping repository 50 delivered to the department, the department must provide a copy 51 of the will, trust, and any codicils or amendments to such will 52 or trust instrument upon request to anyone who provides the 53 department with evidence of the death of the testator or 54 settlor. 55 Section 2. Subsection (1), paragraphs (b) and (c) of 56 subsection (4), and subsections (7) and (10) of section 717.124, 57 Florida Statutes, are amended to read: 58 717.124 Unclaimed property claims.— 59 (1) Any person, excluding another state, claiming an 60 interest in any property paid or delivered to the department 61 under this chapter may file with the department a claim on a 62 form prescribed by the department and verified by the claimant 63 or the claimant’s representative. The claimant’s representative 64 must be an attorney licensed to practice law in this state, a 65 licensed Florida-certified public accountant, or a private 66 investigator licensed under chapter 493. The claimant’s 67 representative must be registered with the department under this 68 chapter. The claimant, or the claimant’s representative, shall 69 provide the department with a legible copy of a valid driver 70 license of the claimant at the time the original claim form is 71 filed. If the claimant has not been issued a valid driver 72 license at the time the original claim form is filed, the 73 department shall be provided with a legible copy of a 74 photographic identification of the claimant issued by the United 75 States, a state or territory of the United States, a foreign 76 nation, or a political subdivision or agency thereof or other 77 evidence deemed acceptable by the department by rule. In lieu of 78 photographic identification, a notarized sworn statement by the 79 claimant may be provided which affirms the claimant’s identity 80 and states the claimant’s full name and address. The claimant 81 must produce to the notary photographic identification of the 82 claimant issued by the United States, a state or territory of 83 the United States, a foreign nation, or a political subdivision 84 or agency thereof or other evidence deemed acceptable by the 85 department by rule. The notary shall indicate the notary’s full 86 address on the notarized sworn statement. Any claim filed 87 without the required identification or the sworn statement with 88 the original claim form and the original Unclaimed Property 89 Recovery Agreement or Unclaimed Property Purchase Agreement 90power of attorney or purchase agreement, if applicable, is void. 91 (a) Within 90 days after receipt of a claim, the department 92 may return any claim that provides for the receipt of fees and 93 costs greater than that permitted under this chapter or that 94 contains any apparent errors or omissions. The department may 95 also request that the claimant or the claimant’s representative 96 provide additional information. The department shall retain a 97 copy or electronic image of the claim. 98 (b) Aclaimant or the claimant’s representative shall be99deemed to have withdrawn aclaim is considered to have been 100 withdrawn by a claimant or the claimant’s representative ifno101response tothe department does not receive a response to its 102department’srequest for additional informationis received by103the departmentwithin 60 days after the notification of any 104 apparent errors or omissions. 105 (c) Within 90 days after receipt of the claim, or the 106 response of the claimant or the claimant’s representative to the 107 department’s request for additional information, whichever is 108 later, the department shall determine each claim. Such 109 determination shall contain a notice of rights provided by ss. 110 120.569 and 120.57. The 90-day period shall be extended by 60 111 days if the department has good cause to need additional time or 112 if the unclaimed property: 113 1. Is owned by a person who has been a debtor in 114 bankruptcy; 115 2. Was reported with an address outside of the United 116 States; 117 3. Is being claimed by a person outside of the United 118 States; or 119 4. Contains documents filed in support of the claim that 120 are not in the English language and have not been accompanied by 121 an English language translation. 122(d)The department shall deny any claim under which the123claimant’s representative has refused to authorize the124department to reduce the fees and costs to the maximum permitted125under this chapter.126 (4) 127 (b) If an owner authorizes an attorney licensed to practice 128 law in this state, a Florida-certified public accountant, or a 129 private investigator licensed under chapter 493, and registered 130 with the department under this chapter, to claim the unclaimed 131 property on the owner’s behalf, the department is authorized to 132 make distribution of the property or money in accordance with 133 the Unclaimed Property Recovery Agreement or Unclaimed Property 134 Purchase Agreement under s. 717.135such power of attorney. The 135 original Unclaimed Property Recovery Agreement or Unclaimed 136 Property Purchase Agreementpower of attorneymust be executed 137 by the claimant or sellerownerand must be filed with the 138 department. 139 (c)1. Payments of approved claims for unclaimed cash 140 accounts mustshallbe made to the owner after deducting any 141 fees and costs authorized by the claimant under an Unclaimed 142 Property Recovery Agreementpursuant to a written power of143attorney. The contents of a safe-deposit box mustshallbe 144 delivered directly to the claimantnotwithstanding any power of145attorney or agreement to the contrary. 146 2. Payments of fees and costs authorized under an Unclaimed 147 Property Recovery Agreementpursuant to a written power of148attorneyfor approved claims mustshallbe made or issued to the 149 law firm of the designated attorney licensed to practice law in 150 this state, the public accountancy firm of the licensed Florida 151 certified public accountant, or the designated employing private 152 investigative agency licensed by this state. Such payments shall 153 be made by electronic funds transfer and may be made on such 154 periodic schedule as the department may define by rule, provided 155 the payment intervals do not exceed 31 days. Payment made to an 156 attorney licensed in this state, a Florida-certified public 157 accountant, or a private investigator licensed under chapter 158 493, operating individually or as a sole practitioner, must 159shallbe to the attorney, certified public accountant, or 160 private investigator. 161 (7) The department may allow an apparent owner to 162 electronically submit a claim for unclaimed property to the 163 department. If a claim is submitted electronically for $2,000 164$1,000or less, the department may use a method of identity 165 verification other than a copy of a valid driver license, other 166 government-issued photographic identification, or a sworn 167 notarized statement. The department may adopt rules to implement 168 this subsection. 169 (10) Notwithstanding any other provision of this chapter, 170 the department may develop a process by which aregistered171 claimant’s representative or a buyer of unclaimed property may 172 electronically submit to the department an electronic image of a 173 completed claim and claims-related documents underpursuant to174 this chapter, including an Unclaimed Property Recovery Agreement 175 or Unclaimed Property Purchase Agreementalimited power of176attorney or purchase agreementthat has beenmanuallysigned and 177 dated by a claimant or seller underpursuant tos. 717.135or s.178717.1351, after the claimant’s representative or the buyer of 179 unclaimed property receives the original documents provided by 180 the claimant or the seller for any claim. Each claim filed by a 181registeredclaimant’s representative or a buyer of unclaimed 182 property must include a statement by the claimant’s 183 representative or the buyer of unclaimed property attesting that 184 all documents are true copies of the original documents and that 185 all original documents are physically in the possession of the 186 claimant’s representative or the buyer of unclaimed property. 187 All original documents must be kept in the original form, by 188 claim number, under the secure control of the claimant’s 189 representative or the buyer of unclaimed property and must be 190 available for inspection by the department in accordance with s. 191 717.1315. The department may adopt rules to implement this 192 subsection. 193 Section 3. Subsection (2) of section 717.12404, Florida 194 Statutes, is amended to read: 195 717.12404 Claims on behalf of a business entity or trust.— 196 (2) Claims on behalf of a dissolved corporation, a business 197 entity other than an active corporation, or a trust must include 198 a legible copy of a valid driver license of the person acting on 199 behalf of the dissolved corporation, business entity other than 200 an active corporation, or trust. If the person has not been 201 issued a valid driver license, the department shall be provided 202 with a legible copy of a photographic identification of the 203 person issued by the United States, a foreign nation, or a 204 political subdivision or agency thereof. In lieu of photographic 205 identification, a notarized sworn statement by the person may be 206 provided which affirms the person’s identity and states the 207 person’s full name and address. The person must produce his or 208 her photographic identification issued by the United States, a 209 state or territory of the United States, a foreign nation, or a 210 political subdivision or agency thereof or other evidence deemed 211 acceptable by the department by rule. The notary shall indicate 212 the notary’s full address on the notarized sworn statement. Any 213 claim filed without the required identification or the sworn 214 statement with the original claim form and the original 215 Unclaimed Property Recovery Agreement or Unclaimed Property 216 Purchase Agreementpower of attorney, if applicable, is void. 217 Section 4. Subsection (1) of section 717.1315, Florida 218 Statutes, is amended to read: 219 717.1315 Retention of records by claimant’s representatives 220 and buyers of unclaimed property.— 221 (1) Every claimant’s representative and buyer of unclaimed 222 property shall keep and use in his or her business such books, 223 accounts, and records of the business conducted under this 224 chapter to enable the department to determine whether such 225 person is complying with this chapter and the rules adopted by 226 the department under this chapter. Every claimant’s 227 representative and buyer of unclaimed property shall preserve 228 such books, accounts, and records, including every Unclaimed 229 Property Recovery Agreement or Unclaimed Property Purchase 230 Agreementpower of attorney or agreementbetween the owner and 231 such claimant’s representative or buyer, for at least 3 years 232 after the date of the initialpower of attorney oragreement. 233 Section 5. Paragraph (j) of subsection (1) of section 234 717.1322, Florida Statutes, is amended to read: 235 717.1322 Administrative and civil enforcement.— 236 (1) The following acts are violations of this chapter and 237 constitute grounds for an administrative enforcement action by 238 the department in accordance with the requirements of chapter 239 120 and for civil enforcement by the department in a court of 240 competent jurisdiction: 241 (j) Requesting or receiving compensation for notifying a 242 person of his or her unclaimed property or assisting another 243 person in filing a claim for unclaimed property, unless the 244 person is an attorney licensed to practice law in this state, a 245 Florida-certified public accountant, or a private investigator 246 licensed under chapter 493, or entering into, or making a 247 solicitation to enter into, an agreementa power of attorneyto 248 file a claim for unclaimed property owned by another, or a 249 contract or agreement to purchase unclaimed property, unless 250 such person is registered with the department underpursuant to251 this chapter and an attorney licensed to practice law in this 252 state in the regular practice of her or his profession, a 253 Florida-certified public accountant who is acting within the 254 scope of the practice of public accounting as defined in chapter 255 473, or a private investigator licensed under chapter 493. This 256 paragraphsubsectiondoes not apply to a person who has been 257 granted a durable power of attorney to convey and receive all of 258 the real and personal property of the owner, is the court 259 appointed guardian of the owner, has been employed as an 260 attorney or qualified representative to contest the department’s 261 denial of a claim, or has been employed as an attorney to 262 probate the estate of the owner or an heir or legatee of the 263 owner. 264 Section 6. Section 717.135, Florida Statutes, is amended to 265 read: 266 (Substantial rewording of section. See 267 s. 717.135, F.S., for present text.) 268 717.135 Recovery agreements and purchase agreements for 269 claims filed by a claimant’s representative; fees and costs.— 270 (1) In order to protect the interests of owners of 271 unclaimed property, the department shall adopt by rule a form 272 entitled “Unclaimed Property Recovery Agreement” and a form 273 entitled “Unclaimed Property Purchase Agreement.” 274 (2) The Unclaimed Property Recovery Agreement and the 275 Unclaimed Property Purchase Agreement must include and disclose 276 all of the following: 277 (a) The total dollar amount of unclaimed property accounts 278 claimed or sold. 279 (b) The total percentage of all authorized fees and costs 280 to be paid to the claimant’s representative or the percentage of 281 the value of the property to be paid as net gain to the 282 purchasing claimant’s representative. 283 (c) The total dollar amount to be deducted and received 284 from the claimant as fees and costs by the claimant’s 285 representative or the total net dollar amount to be received by 286 the purchasing claimant’s representative. 287 (d) The net dollar amount to be received by the claimant or 288 the seller. 289 (e) For each account claimed, the unclaimed property 290 account number. 291 (f) For the Unclaimed Property Purchase Agreement, a 292 statement that the amount of the purchase price will be remitted 293 to the seller by the purchaser within 30 days after the 294 execution of the agreement by the seller. 295 (g) The name, address, e-mail address, phone number, and 296 license number of the claimant’s representative. 297 (h)1. The manual signature of the claimant or seller and 298 the date signed, affixed on the agreement by the claimant or 299 seller. 300 2. Notwithstanding any other provision of this chapter to 301 the contrary, the department may allow an apparent owner, who is 302 also the claimant, to sign the agreement electronically for 303 claims of $2,000 or less. All electronic signatures on the 304 Unclaimed Property Recovery Agreement and the Unclaimed Property 305 Purchase Agreement must be affixed on the agreement by the 306 claimant or seller using the specific, exclusive eSignature 307 product and protocol authorized by the department. 308 (i) The social security number or taxpayer identification 309 number of the claimant or seller, if a number has been issued to 310 the claimant or seller. 311 (j) The total fees and costs, or the total discount in the 312 case of a purchase agreement, which may not exceed 30 percent of 313 the claimed amount. If the total fees and costs exceed 30 314 percent, the fee shall be reduced to 30 percent and the net 315 balance shall be remitted directly by the department to the 316 claimant. 317 (3) For an Unclaimed Property Purchase Agreement form, 318 proof that the purchaser has made payment must be filed with the 319 department along with the claim. If proof of payment is not 320 provided, the claim is void. 321 (4) A claimant’s representative must use the Unclaimed 322 Property Recovery Agreement or the Unclaimed Property Purchase 323 Agreement as the exclusive means of engaging with a claimant or 324 seller to file a claim with the department. 325 (5) Fees and costs may be owed or paid to, or received by, 326 a claimant’s representative only after a filed claim has been 327 approved and if the claimant’s representative used an agreement 328 authorized by this section. 329 (6) A claimant’s representative may not use or distribute 330 any other agreement, form, or other media with respect to the 331 claimant or seller which relates, directly or indirectly, to 332 unclaimed property accounts held by the department or the Chief 333 Financial Officer other than the agreements authorized by this 334 section. Any engagement, authorization, recovery, or fee 335 agreement that is not authorized by this section is void. A 336 claimant’s representative is subject to administrative and civil 337 enforcement under s. 717.1322 if he or she uses an agreement 338 that is not authorized by this section. 339 (7) The Unclaimed Property Recovery Agreement and the 340 Unclaimed Property Purchase Agreement may not contain language 341 that makes the agreement irrevocable or that creates an 342 assignment of any portion of unclaimed property held by the 343 department. 344 (8) When a claim is approved, the department may pay any 345 additional account that is owned by the claimant but has not 346 been claimed at the time of approval, provided that a subsequent 347 claim has not been filed or is not pending for the claimant at 348 the time of approval. 349 (9) This section does not supersede s. 717.1241. 350 Section 7. Section 717.1351, Florida Statutes, is repealed. 351 Section 8. This act shall take effect upon becoming a law.