HOUSE AMENDMENT Bill No. CS/SB 366
1	CHAMBER ACTION
2	Senate House
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12	Representative Kyle offered the following:
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14	Amendment (with title amendment)
15	Remove everything after the enacting clause and insert:
16	Section 1. Paragraph (d) of subsection (12) of section
17	717.101, Florida Statutes, is amended to read:
18	717.101 Definitions.--As used in this chapter, unless the
19	context otherwise requires:
20	(12) "Intangible property" includes, by way of
21	illustration and not limitation:
22	(d) Moneys deposited to redeem stocks, bonds, bearer
23	bonds, original issue discount bonds,coupons, and other
24	securities, or to make distributions.
25	Section 2. Section 717.1071, Florida Statutes, is created
26	to read:
27	717.1071 Unclaimed demutualization proceeds.--Unclaimed
28	property payable or distributable in the course of a
29	demutualization of an insurance company is presumed unclaimed 5
30	years after the earlier of the date of last contact with the
31	policyholder or the date the property became payable or
32	distributable.
33	Section 3. Section 717.1101, Florida Statutes, is amended
34	to read:
35	717.1101 Unclaimed equity and debt ofStock and other
36	intangible interests inbusiness associations.--
37	(1)(a) Stock or other equity interest in a business
38	association is presumed unclaimed 5 years after the earliest of:
39	1. The date of the most recent dividend, stock split, or
40	other distribution unclaimed by the apparent owner;
41	2. The date of a statement of account or other
42	notification or communication that was returned as
43	undeliverable; or
44	3. The date the holder discontinued mailings,
45	notifications, or communications to the apparent owner.
46	(b) Unmatured or unredeemed debt, other than a bearer bond
47	or an original issue discount bond, is presumed unclaimed 5
48	years after the date of the most recent interest payment
49	unclaimed by the owner.
50	(c) Matured or redeemed debt is presumed unclaimed 5 years
51	after the date of maturity or redemptionExcept as provided in
52	subsections (2) and (5), any stock or other intangible ownership
53	interest in a business association, the existence of which is
54	evidenced by record available to the association, is presumed
55	unclaimed and, with respect to the interest, the association is
56	the holder, if a dividend, distribution, or other sum payable as
57	a result of the interest is not claimed for 5 years by the owner
58	and the owner has not within 5 years:
59	(a) Communicated in writing with the association or its
60	agent regarding the interest or a dividend, distribution, or
61	other sum payable as a result of the interest; or
62	(b) Otherwise communicated with the association regarding
63	the interest or a dividend, distribution, or other sum payable
64	as a result of the interest, as evidenced by a memorandum or
65	other record on file with the association or its agent.
66	(2) At the expiration of a 5-year period following the
67	failure of the owner to claim a dividend, distribution, or other
68	sum payable to the owner as a result of the interest, the
69	interest shall not be presumed unclaimed unless there have been
70	at least five dividends, distributions, or other sums paid
71	during the period, none of which has been claimed. If five
72	dividends, distributions, or other sums are paid during the 5-
73	year period, the period leading to a presumption that the
74	interest is unclaimed commences on the date payment of the first
75	such unclaimed dividend, distribution, or other sum became due
76	and payable. If five dividends, distributions, or other sums are
77	not paid during the presumptive period, the period continues to
78	run until there have been five consecutive dividends,
79	distributions, or other sums that have not been claimed by the
80	owner.
81	(2)(3) The running of such 5-year period ceases if the
82	person:
83	(a)1. Communicates in writing with the association or its
84	agent regarding the interest or a dividend, distribution, or
85	other sum payable as a result of the interest; or
86	2. Otherwise communicates with the association regarding
87	the interest or a dividend, distribution, or other sum payable
88	as a result of the interest, as evidenced by a memorandum or
89	other record on file with the association or its agent.
90	(b) Presents an instrument issued to pay interest or a
91	dividend or other cash distributionimmediately upon the
92	occurrence of one or more of the conditions referred to in
93	subsection (1). If any future dividend, distribution, or other
94	sum payable to the owner as a result of the interest is
95	subsequently not claimed by the owner, a new period in which the
96	property is presumed unclaimed commences and relates back only
97	to the time a subsequent dividend, distribution, or other sum
98	became due and payable.
99	(3)(4)At the same time any interest is presumed unclaimed
100	under this section, any dividend, distribution, or other sum
101	then held for or owing to the owner as a result of the interest,
102	is presumed unclaimed.
103	(5) This chapter shall not apply to any stock or other
104	intangible ownership interest enrolled in a plan that provides
105	for the automatic reinvestment of dividends, distributions, or
106	other sums payable as a result of the interest unless the
107	records available to the administrator of the plan show:
108	(a) With respect to any intangible ownership interest not
109	enrolled in the reinvestment plan, that the owner has not within
110	5 years satisfied any of the conditions referred to in
111	subsection (1); or
112	(b) The holder has reason to believe the owner has not
113	received statements or other mailings for a 5-year period.
114	Section 4. Subsection (5) of section 717.119, Florida
115	Statutes, is amended to read:
116	717.119 Payment or delivery of unclaimed property.--
117	(5) All intangible and tangible property held in a safe-
118	deposit box or any other safekeeping repository reported under
119	s. 717.117 shall not be delivered to the department until 120
120	days after the report due date.
121	(a)Holders may remit the value of cash and coins found in
122	unclaimed safe-deposit boxes to the department by cashier's
123	check or by electronic funds transfer, unless the cash or coins
124	have a value above face value. The department shall identify by
125	rule those cash and coin items having a numismatic value. Cash
126	and coin items identified as having a numismatic value shall be
127	remitted to the department in their original form.
128	(b) Any firearm or ammunition found in an unclaimed safe-
129	deposit box or any other safekeeping repository shall be
130	delivered by the holder to a law enforcement agency for
131	disposal. However, the department is authorized to make a
132	reasonable attempt to ascertain the historical value to
133	collectors of any firearm that has been delivered to the
134	department. Any firearm appearing to have historical value to
135	collectors may be sold by the department pursuant to s. 717.122
136	to a person having a federal firearms license. Any firearm which
137	is not sold pursuant to s. 717.122 shall be delivered by the
138	department to a law enforcement agency in this state for
139	disposal. The department shall not be administratively, civilly,
140	or criminally liable for any firearm delivered by the department
141	to a law enforcement agency in this state for disposal.
142	(c)(a)If such property is not paid or delivered to the
143	department on or before the applicable payment or delivery date,
144	the holder shall pay to the department a penalty of $10 for each
145	safe-deposit box received late, but such penalty shall not
146	exceed $1,000.
147	(d)(b)The department may waive any penalty due with
148	appropriate justification, as provided by rule.
149	(e)(c)Upon written request by any person required to
150	deliver safe-deposit box contents, the department may postpone
151	the delivery.
152	Section 5. It is the intent of the Legislature that any
153	additional funds arising from the provisions of this act be used
154	to increase the base student allocation contained in the Florida
155	Education Finance Program for fiscal year 2003-2004. If the
156	General Appropriations Act does not address the increased
157	funding in the State School Trust Fund in accordance with the
158	provisions of this act, the Department of Education is hereby
159	authorized to submit a budget amendment to make the necessary
160	adjustments.
161	Section 6. This act shall take effect upon becoming a law.
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163	================= T I T L E A M E N D M E N T =================
164	Remove the entire title and insert:
165	A bill to be entitled
166	An act relating to funding for K-12 programs; amending s.
167	717.101, F.S.; revising a definition; creating s.
168	717.1071, F.S.; providing for determining when certain
169	property of a demutualized insurance company is unclaimed;
170	amending s. 717.1101, F.S.; revising provisions for
171	determining when certain equity and debt of a business
172	association is unclaimed; providing for reversing such
173	determination; deleting an application provision; amending
174	s. 717.119, F.S.; providing for disposition of certain
175	unclaimed firearms or ammunition; providing duties of the
176	Department of Financial Services; specifying absence of
177	liability of the department for certain actions; providing
178	for funding of K-12 programs from the proceeds of this act
179	for the 2003-2004 fiscal year; providing an effective
180	date.