| 1 | A bill to be entitled |
| 2 | An act relating to financial institutions; creating s. |
| 3 | 655.851, F.S.; providing that unclaimed credit balances |
| 4 | resulting from the performance of or participation in |
| 5 | check-clearing functions are not subject to certain |
| 6 | reporting requirements concerning unclaimed property; |
| 7 | providing application; providing an effective date. |
| 8 |
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| 9 | Be It Enacted by the Legislature of the State of Florida: |
| 10 |
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| 11 | Section 1. Section 655.851, Florida Statutes, is created |
| 12 | to read: |
| 13 | 655.851 Unclaimed credit balances.--Unclaimed credit |
| 14 | balances held by a financial institution, credit union, or |
| 15 | participant as defined in 12 U.S.C. s. 4001(19) that result from |
| 16 | the performance of or participation in check-clearing functions, |
| 17 | whether pursuant to a contractual relationship between financial |
| 18 | institutions, credit unions, or participants; through a |
| 19 | clearinghouse as defined by s. 674.104; or through a |
| 20 | clearinghouse association as defined by 12 U.S.C. s. 4001(8), |
| 21 | are not subject to s. 717.117. This section is intended to |
| 22 | clarify existing law and to be remedial in nature and applies to |
| 23 | credit balances held before, on, or after July 1, 2007. |
| 24 | Section 2. This act shall take effect July 1, 2007. |