HB 0853 2003
1	CHAMBER ACTION
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6	The Committee on Commerce recommends the following:
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8	Committee Substitute
9	Remove the entire bill and insert:
10	A bill to be entitled
11	An act relating to unclaimed property; amending s.
12	717.101, F.S.; revising a definition; creating s.
13	717.1071, F.S.; providing for determining when certain
14	property of a demutualized insurance company is unclaimed;
15	amending s. 717.1101, F.S.; revising provisions for
16	determining when certain equity and debt of a business
17	association is unclaimed; providing for reversing such
18	determination; deleting an application provision; amending
19	s. 717.119, F.S.; providing for disposition of certain
20	unclaimed firearms or ammunition; providing duties of the
21	Department of Financial Services; specifying absence of
22	liability of the department for certain actions; providing
23	an effective date.
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25	Be It Enacted by the Legislature of the State of Florida:
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27	Section 1. Paragraph (d) of subsection (12) of section
28	717.101, Florida Statutes, is amended to read:
29	717.101 Definitions.--As used in this chapter, unless the
30	context otherwise requires:
31	(12) "Intangible property" includes, by way of
32	illustration and not limitation:
33	(d) Moneys deposited to redeem stocks, bonds, bearer
34	bonds, original issue discount bonds,coupons, and other
35	securities, or to make distributions.
36	Section 2. Section 717.1071, Florida Statutes, is created
37	to read:
38	717.1071 Unclaimed demutualization proceeds.--Unclaimed
39	property payable or distributable in the course of a
40	demutualization of an insurance company is presumed unclaimed 5
41	years after the earlier of the date of last contact with the
42	policyholder or the date the property became payable or
43	distributable.
44	providing requirements relating to regional emergency
45	elevator access; requiring elevators in certain newly
46	constructed or substantially renovated buildings to be keyed
47	alike within each of the state emergency response regions;
48	providing for these requirements to be phased in for certain
49	existing buildings; restricting the duplication and issuance of
50	master elevator keys; requiring the labeling of master elevator
51	keys; providing an exemption; allowing local fire marshals to
52	allow substitute emergency measures for elevator access in
53	certain circumstances; providing for appeal of the local fire
54	marshal's decision; providing for the State Fire Marshal to
55	enforce these provisions; encouraging builders to use applicable
56	new technology to provide regional emergency elevator access
57	Section 3. Section 717.1101, Florida Statutes, is amended
58	to read:
59	717.1101 Unclaimed equity and debt ofStock and other
60	intangible interests inbusiness associations.--
61	(1)(a) Stock or other equity interest in a business
62	association is presumed unclaimed 5 years after the earliest of:
63	1. The date of the most recent dividend, stock split, or
64	other distribution unclaimed by the apparent owner;
65	2. The date of a statement of account or other
66	notification or communication that was returned as
67	undeliverable; or
68	3. The date the holder discontinued mailings,
69	notifications, or communications to the apparent owner.
70	(b) Unmatured or unredeemed debt, other than a bearer bond
71	or an original issue discount bond, is presumed unclaimed 5
72	years after the date of the most recent interest payment
73	unclaimed by the owner.
74	(c) Matured or redeemed debt is presumed unclaimed 5 years
75	after the date of maturity or redemptionExcept as provided in
76	subsections (2) and (5), any stock or other intangible ownership
77	interest in a business association, the existence of which is
78	evidenced by record available to the association, is presumed
79	unclaimed and, with respect to the interest, the association is
80	the holder, if a dividend, distribution, or other sum payable as
81	a result of the interest is not claimed for 5 years by the owner
82	and the owner has not within 5 years:
83	(a) Communicated 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	(b) Otherwise communicated 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	(2) At the expiration of a 5-year period following the
91	failure of the owner to claim a dividend, distribution, or other
92	sum payable to the owner as a result of the interest, the
93	interest shall not be presumed unclaimed unless there have been
94	at least five dividends, distributions, or other sums paid
95	during the period, none of which has been claimed. If five
96	dividends, distributions, or other sums are paid during the 5-
97	year period, the period leading to a presumption that the
98	interest is unclaimed commences on the date payment of the first
99	such unclaimed dividend, distribution, or other sum became due
100	and payable. If five dividends, distributions, or other sums are
101	not paid during the presumptive period, the period continues to
102	run until there have been five consecutive dividends,
103	distributions, or other sums that have not been claimed by the
104	owner.
105	(2)(3) The running of such 5-year period ceases if the
106	person:
107	(a)1. Communicates in writing with the association or its
108	agent regarding the interest or a dividend, distribution, or
109	other sum payable as a result of the interest; or
110	2. Otherwise communicates with the association regarding
111	the interest or a dividend, distribution, or other sum payable
112	as a result of the interest, as evidenced by a memorandum or
113	other record on file with the association or its agent.
114	(b) Presents an instrument issued to pay interest or a
115	dividend or other cash distributionimmediately upon the
116	occurrence of one or more of the conditions referred to in
117	subsection (1). If any future dividend, distribution, or other
118	sum payable to the owner as a result of the interest is
119	subsequently not claimed by the owner, a new period in which the
120	property is presumed unclaimed commences and relates back only
121	to the time a subsequent dividend, distribution, or other sum
122	became due and payable.
123	(3)(4)At the same time any interest is presumed unclaimed
124	under this section, any dividend, distribution, or other sum
125	then held for or owing to the owner as a result of the interest,
126	is presumed unclaimed.
127	(5) This chapter shall not apply to any stock or other
128	intangible ownership interest enrolled in a plan that provides
129	for the automatic reinvestment of dividends, distributions, or
130	other sums payable as a result of the interest unless the
131	records available to the administrator of the plan show:
132	(a) With respect to any intangible ownership interest not
133	enrolled in the reinvestment plan, that the owner has not within
134	5 years satisfied any of the conditions referred to in
135	subsection (1); or
136	(b) The holder has reason to believe the owner has not
137	received statements or other mailings for a 5-year period.
138	Section 4. Subsection (5) of section 717.119, Florida
139	Statutes, is amended to read:
140	717.119 Payment or delivery of unclaimed property.--
141	(5) All intangible and tangible property held in a safe-
142	deposit box or any other safekeeping repository reported under
143	s. 717.117 shall not be delivered to the department until 120
144	days after the report due date.
145	(a)Holders may remit the value of cash and coins found in
146	unclaimed safe-deposit boxes to the department by cashier's
147	check or by electronic funds transfer, unless the cash or coins
148	have a value above face value. The department shall identify by
149	rule those cash and coin items having a numismatic value. Cash
150	and coin items identified as having a numismatic value shall be
151	remitted to the department in their original form.
152	(b) Any firearm or ammunition found in an unclaimed safe-
153	deposit box or any other safekeeping repository shall be
154	delivered by the holder to a law enforcement agency for
155	disposal. However, the department is authorized to make a
156	reasonable attempt to ascertain the historical value to
157	collectors of any firearm that has been delivered to the
158	department. Any firearm appearing to have historical value to
159	collectors may be sold by the department pursuant to s. 717.122
160	to a person having a federal firearms license. Any firearm which
161	is not sold pursuant to s. 717.122 shall be delivered by the
162	department to a law enforcement agency in this state for
163	disposal. The department shall not be administratively, civilly,
164	or criminally liable for any firearm delivered by the department
165	to a law enforcement agency in this state for disposal.
166	(c)(a)If such property is not paid or delivered to the
167	department on or before the applicable payment or delivery date,
168	the holder shall pay to the department a penalty of $10 for each
169	safe-deposit box received late, but such penalty shall not
170	exceed $1,000.
171	(d)(b)The department may waive any penalty due with
172	appropriate justification, as provided by rule.
173	(e)(c)Upon written request by any person required to
174	deliver safe-deposit box contents, the department may postpone
175	the delivery.
176	Section 5. This act shall take effect upon becoming a law.