Florida Senate - 2016 COMMITTEE AMENDMENT
Bill No. SB 970
Ì888618RÎ888618
LEGISLATIVE ACTION
Senate . House
Comm: RCS .
02/09/2016 .
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The Committee on Banking and Insurance (Richter) recommended the
following:
1 Senate Substitute for Amendment (260196) (with title
2 amendment)
3
4 Delete everything after the enacting clause
5 and insert:
6 Section 1. Subsections (4), (8), and (13) of section
7 717.101, Florida Statutes, are amended, present subsection (24)
8 of that section is renumbered as subsection (25), and a new
9 subsection (24) is added to that section, to read:
10 717.101 Definitions.—As used in this chapter, unless the
11 context otherwise requires:
12 (4) “Business association” means any corporation (other
13 than a public corporation), joint stock company, investment
14 company, business trust, partnership, limited liability company,
15 or association of two or more individuals for business purposes
16 of two or more individuals, whether or not for profit or not for
17 profit, including a banking organization, financial
18 organization, insurance company, dissolved pension plan, or
19 utility.
20 (8) “Domicile” means the state of incorporation for, in the
21 case of a corporation incorporated under the laws of a state;,
22 or for unincorporated business associations, the state where the
23 business association is organized and the state of the principal
24 place of business, in the case of a person not incorporated
25 under the laws of a state.
26 (13) “Insurance company” means an association, a
27 corporation, or a fraternal or mutual benefit organization,
28 whether or not for profit or not for profit, which is engaged in
29 providing insurance coverage, including, by way of illustration
30 and not limitation, accident, burial, casualty, credit life,
31 contract performance, dental, fidelity, fire, health,
32 hospitalization, illness, life (including endowments and
33 annuities), malpractice, marine, mortgage, surety, and wage
34 protection insurance.
35 (24) “United States” means any state, district,
36 commonwealth, territory, insular possession, and any other area
37 subject to the legislative authority of the United States of
38 America.
39 Section 2. Section 717.1235, Florida Statutes, is created
40 to read:
41 717.1235 Dormant campaign accounts; report of unclaimed
42 property.—Unclaimed funds reported in the name of a campaign for
43 public office which is required to dispose of surplus funds in
44 its campaign account pursuant to s. 106.141 must be deposited
45 with the Chief Financial Officer to the credit of the State
46 School Trust Fund.
47 Section 3. Subsection (4) of section 717.1243, Florida
48 Statutes, is amended to read:
49 717.1243 Small estate accounts.—
50 (4) This section only applies if all of the unclaimed
51 property held by the department on behalf of the owner has an
52 aggregate value of $10,000 $5,000 or less and no probate
53 proceeding is pending.
54 Section 4. Section 717.1262, Florida Statutes, is amended
55 to read:
56 717.1262 Court documents.—Any person who claims entitlement
57 to unclaimed property by reason of a court document shall file a
58 certified copy of the court document with the department. The
59 person shall also file with the department certified copies of
60 all pleadings to obtain a court document establishing
61 entitlement which were filed with the court within 180 days
62 before the date the claim form was signed by the claimant or
63 claimant’s representative.
64 Section 5. Subsection (2) of section 717.1333, Florida
65 Statutes, is amended to read:
66 717.1333 Evidence; estimations; audit reports, examiner’s
67 worksheets, investigative reports, other related documents.—
68 (2) If the records of the holder which that are available
69 for the periods subject to this chapter are insufficient to
70 permit the preparation of a report of the unclaimed property due
71 and owing by a holder, or if the holder fails to provide records
72 after being requested to do so, the amount due to the department
73 may be reasonably estimated.
74 Section 6. Subsection (2) and paragraph (g) of subsection
75 (4) of section 717.135, Florida Statutes, are amended, present
76 subsections (5) and (6) of that section are renumbered as
77 subsections (6) and (7), respectively, and a new subsection (5)
78 is added to that section, to read:
79 717.135 Power of attorney to recover reported property in
80 the custody of the department.—
81 (2) A power of attorney described in subsection (1) must:
82 (a) Limit the fees and costs for services to 20 percent per
83 unclaimed property account held by the department. Fees and
84 costs for cash accounts shall be based on the value of the
85 property at the time the power of attorney is signed by the
86 claimant. Fees and costs for accounts containing securities or
87 other intangible ownership interests, which securities or
88 interests are not converted to cash, shall be based on the
89 purchase price of the security as quoted on a national exchange
90 or other market on which the property is regularly traded at the
91 time the securities or other ownership interest is remitted to
92 the claimant or the claimant’s representative. Fees and costs
93 for tangible property or safe-deposit box accounts shall be
94 based on the value of the tangible property or contents of the
95 safe-deposit box at the time the ownership interest is
96 transferred or remitted to the claimant. Total fees and costs on
97 any single account owned by a natural person residing in this
98 country must not exceed $1,000; or
99 (b) Fully disclose that the property is held by the Bureau
100 of Unclaimed Property of the Department of Financial Services
101 pursuant to this chapter, the mailing address of the bureau, the
102 Internet address of the bureau, the person or name of the entity
103 that held the property prior to the property becoming unclaimed,
104 the date of the holder’s last contact with the owner, if known,
105 and the approximate value of the property, and identify which of
106 the following categories of unclaimed property the claimant’s
107 representative is seeking to recover, as reported by the holder:
108 1. Cash accounts.
109 2. Stale dated checks.
110 3. Life insurance or annuity contract assets.
111 4. Utility deposits.
112 5. Securities or other interests in business associations.
113 6. Wages.
114 7. Accounts receivable.
115 8. Contents of safe-deposit boxes.
116
117 This subsection shall not apply if probate proceedings must be
118 initiated on behalf of the claimant for an estate that has never
119 been probated or if the unclaimed property is being claimed by a
120 person outside of the United States.
121 (4)
122 (g) This section does not prohibit the:
123 1. Use of bolding, italics, print of different colors, and
124 text borders as a means of highlighting or stressing certain
125 selected items within the text.
126 2. Placement of the name, address, and telephone number of
127 the representative’s firm or company in the top margin above the
128 words “POWER OF ATTORNEY.” No additional writing of any kind may
129 be placed in the top margin including, but not limited to,
130 logos, license numbers, Internet addresses, or slogans.
131 3. Placement of the word “pending” prior to the words “NET
132 AMOUNT TO BE PAID TO CLAIMANT,” if it is not yet possible to
133 determine the percentage interest of an heir or legatee prior to
134 a determination on the issue by the probate court.
135 4. Deletion of the words “Number of Shares of Stock (If
136 Applicable)” if the agreement does not relate to the recovery of
137 securities.
138 5. Deletion of the words “Percent to Be Paid as
139 Compensation to Claimant’s Representative” if the power of
140 attorney provides for a flat fee to be paid as compensation to
141 the claimant’s representative.
142 (5)(a) Any other authorization or agreement to recover
143 unclaimed property which is executed by or between a claimant’s
144 representative and claimant must be signed and personally dated
145 by the claimant. The date affixed to the authorization or
146 agreement by the claimant may not be earlier than the date
147 personally affixed by the claimant to the original limited power
148 of attorney under this section. A copy of the authorization or
149 agreement must be filed with the original claim submitted to the
150 department, along with the statutorily compliant original power
151 of attorney under this section.
152 (b) If the claimant’s representative’s fee for a document
153 described in this subsection exceeds 20 percent on any given
154 claim, s. 717.124(1)(d) applies.
155 Section 7. Subsections (2) and (4), paragraph (d) of
156 subsection (7), and subsection (8) of section 717.1351, Florida
157 Statutes, are amended to read:
158 717.1351 Acquisition of unclaimed property.—
159 (2) All contracts to acquire ownership of or entitlement to
160 unclaimed property from the person or persons entitled to the
161 unclaimed property must be in 10-point type or greater and must:
162 (a) Have a purchase price that discounts the value of the
163 unclaimed property at the time the agreement is executed by the
164 seller at no greater than 20 percent per account held by the
165 department. An unclaimed property account must not be discounted
166 in excess of $1,000. However, the $1,000 discount limitation
167 does not apply if probate proceedings must be initiated on
168 behalf of the seller for an estate that has never been probated
169 or if the seller of the unclaimed property is not a natural
170 person or is a person outside the United States; or
171 (b) Fully disclose that the property is held by the Bureau
172 of Unclaimed Property of the Department of Financial Services
173 pursuant to this chapter, the mailing address of the bureau, the
174 Internet address of the bureau, the person or name of the entity
175 that held the property prior to the property becoming unclaimed,
176 the date of the holder’s last contact with the owner, if known,
177 and the approximate value of the property, and identify which of
178 the following categories of unclaimed property the buyer is
179 seeking to purchase as reported by the holder:
180 1. Cash accounts.
181 2. Stale dated checks.
182 3. Life insurance or annuity contract assets.
183 4. Utility deposits.
184 5. Securities or other interests in business associations.
185 6. Wages.
186 7. Accounts receivable.
187 8. Contents of safe-deposit boxes.
188
189 The purchase agreement described in this paragraph must state in
190 12-point type or greater in the order indicated with the blank
191 spaces accurately completed:
192
193 FULL DISCLOSURE STATEMENT
194
195 The property is currently held by the State of Florida
196 Department of Financial Services, Bureau of Unclaimed
197 Property, pursuant to chapter 717, Florida Statutes.
198 The mailing address of the Bureau of Unclaimed
199 Property is ............. The Internet address of the
200 Bureau of Unclaimed Property is .............
201
202 The property was remitted by: .............
203
204 Date of last contact: .............
205
206 Property category: .............
207
208 Immediately above the signature line for the seller, the
209 purchase agreement described in this paragraph must state in 12
210 point type or greater:
211
212 Seller agrees, by signing below, that the FULL
213 DISCLOSURE STATEMENT has been read and fully
214 understood.
215
216 (4) Any contract to acquire ownership of or entitlement to
217 unclaimed property from the person or persons entitled to the
218 unclaimed property must provide for the purchase price to be
219 remitted to the seller or sellers within 30 10 days after the
220 execution of the contract by the seller or sellers. The contract
221 must specify the unclaimed property account number, the name of
222 the holder who reported the property to the department, the
223 category of unclaimed property, the value of the unclaimed
224 property account, and the number of shares of stock, if
225 applicable. Proof that the seller received of payment by check
226 must be filed with the department with the claim. If proof of
227 payment is not provided, the claim is void.
228 (7) This section does not prohibit the:
229 (d) Deletion of the words “Percent of Property to be Paid
230 to Buyer,” if the purchase agreement provides for a flat fee to
231 be paid as compensation to the buyer.
232 (8)(a) Any other authorization or agreement to purchase
233 unclaimed property which is executed by or between a registrant
234 and seller must be signed and personally dated by the seller.
235 The date affixed to the authorization or agreement by the seller
236 may not be earlier than the date personally affixed by the
237 seller to the original purchase agreement under this section. A
238 copy of the authorization or agreement must be filed with the
239 original claim submitted to the department, along with the
240 statutorily compliant original purchase agreement under this
241 section.
242 (b) If the claimant’s representative’s purchase price paid
243 to the seller on a document referred to in this subsection
244 reduces the purchase price by more than 20 percent on any given
245 claim, s. 717.124(1)(d) applies.
246 (c) This section does not supersede the licensing
247 requirements of chapter 493.
248 Section 8. Section 717.1381, Florida Statutes, is repealed.
249 Section 9. Section 717.139, Florida Statutes, is amended to
250 read:
251 717.139 Uniformity of application and construction.
252 Protecting the interests of owners of unclaimed property is
253 declared to be the public policy of this state. It is in the
254 best interests of the owners of unclaimed property that they
255 have the opportunity to receive the full amount of the unclaimed
256 property returned to them without deduction of any fees. This
257 chapter shall be applied and construed as to effectuate its
258 general purpose of protecting the interest of missing owners of
259 property, while providing that the benefit of all unclaimed and
260 abandoned property shall go to all the people of the state, and
261 to make uniform the law with respect to the subject of this
262 chapter among states enacting it.
263 Section 10. Subsections (1), (2), and (3) of section
264 717.1400, Florida Statutes, are amended to read:
265 717.1400 Registration.—
266 (1) In order to file claims as a claimant’s representative,
267 acquire ownership of or entitlement to unclaimed property,
268 receive a distribution of fees and costs from the department,
269 and obtain unclaimed property dollar amounts and, numbers of
270 reported shares of stock, and social security numbers held by
271 the department, a private investigator holding a Class “C”
272 individual license under chapter 493 must register with the
273 department on such form as the department shall prescribe by
274 rule, and must be verified by the applicant. To register with
275 the department, a private investigator must provide:
276 (a) A legible copy of the applicant’s Class “A” business
277 license under chapter 493 or that of the applicant’s firm or
278 employer which holds a Class “A” business license under chapter
279 493.
280 (b) A legible copy of the applicant’s Class “C” individual
281 license issued under chapter 493.
282 (c) The business address and telephone number of the
283 applicant’s private investigative firm or employer.
284 (d) The names of agents or employees, if any, who are
285 designated to act on behalf of the private investigator,
286 together with a legible copy of their photo identification
287 issued by an agency of the United States, or a state, or a
288 political subdivision thereof.
289 (e) Sufficient information to enable the department to
290 disburse funds by electronic funds transfer.
291 (f) The tax identification number of the private
292 investigator’s firm or employer which holds a Class “A” business
293 license under chapter 493.
294 (2) In order to file claims as a claimant’s representative,
295 acquire ownership of or entitlement to unclaimed property,
296 receive a distribution of fees and costs from the department,
297 and obtain unclaimed property dollar amounts and, numbers of
298 reported shares of stock, and social security numbers held by
299 the department, a Florida-certified public accountant must
300 register with the department on such form as the department
301 shall prescribe by rule, and must be verified by the applicant.
302 To register with the department a Florida-certified public
303 accountant must provide:
304 (a) The applicant’s Florida Board of Accountancy number.
305 (b) A legible copy of the applicant’s current driver
306 license showing the full name and current address of such
307 person. If a current driver license is not available, another
308 form of identification showing the full name and current address
309 of such person or persons shall be filed with the department.
310 (c) The business address and telephone number of the
311 applicant’s public accounting firm or employer.
312 (d) The names of agents or employees, if any, who are
313 designated to act on behalf of the Florida-certified public
314 accountant, together with a legible copy of their photo
315 identification issued by an agency of the United States, or a
316 state, or a political subdivision thereof.
317 (e) Sufficient information to enable the department to
318 disburse funds by electronic funds transfer.
319 (f) The tax identification number of the accountant’s
320 public accounting firm employer.
321 (3) In order to file claims as a claimant’s representative,
322 acquire ownership of or entitlement to unclaimed property,
323 receive a distribution of fees and costs from the department,
324 and obtain unclaimed property dollar amounts and, numbers of
325 reported shares of stock, and social security numbers held by
326 the department, an attorney licensed to practice in this state
327 must register with the department on such form as the department
328 shall prescribe by rule, and must be verified by the applicant.
329 To register with the department, such attorney must provide:
330 (a) The applicant’s Florida Bar number.
331 (b) A legible copy of the applicant’s current driver
332 license showing the full name and current address of such
333 person. If a current driver license is not available, another
334 form of identification showing the full name and current address
335 of such person or persons shall be filed with the department.
336 (c) The business address and telephone number of the
337 applicant’s firm or employer.
338 (d) The names of agents or employees, if any, who are
339 designated to act on behalf of the attorney, together with a
340 legible copy of their photo identification issued by an agency
341 of the United States, or a state, or a political subdivision
342 thereof.
343 (e) Sufficient information to enable the department to
344 disburse funds by electronic funds transfer.
345 (f) The tax identification number of the attorney’s firm or
346 employer.
347 Section 11. This act shall take effect July 1, 2016.
348
349 ================= T I T L E A M E N D M E N T ================
350 And the title is amended as follows:
351 Delete everything before the enacting clause
352 and insert:
353 A bill to be entitled
354 An act relating to unclaimed property; amending s.
355 717.101, F.S.; revising and providing definitions;
356 creating s. 717.1235, F.S.; requiring unclaimed funds
357 reported in the name of specified campaigns for public
358 office to be deposited with the Chief Financial
359 Officer to the credit of the State School Trust Fund;
360 amending s. 717.1243, F.S.; revising the aggregate
361 value that constitutes a small estate account;
362 amending s. 717.1262, F.S.; requiring certain persons
363 claiming entitlement to unclaimed property to file
364 certified copies of specified pleadings with the
365 Department of Financial Services; amending s.
366 717.1333, F.S.; revising requirements for the
367 estimation of certain amounts due to the department;
368 amending s. 717.135, F.S.; revising applicability;
369 deleting a provision that allows specified wording on
370 a certain power of attorney; providing requirements
371 for a certain authorization or agreement to recover
372 unclaimed property; requiring the department to deny a
373 claim under certain circumstances; amending s.
374 717.1351, F.S.; revising requirements and conditions
375 for contracts to acquire ownership of or entitlement
376 to property; deleting a provision that allows
377 specified wording on a purchase agreement; providing
378 requirements for a certain authorization or agreement
379 to purchase unclaimed property; requiring the
380 department to deny a claim under certain
381 circumstances; repealing s. 717.1381, F.S., relating
382 to void unclaimed property powers of attorney and
383 purchase agreements; amending s. 717.139, F.S.;
384 providing legislative intent; amending s. 717.1400,
385 F.S.; removing authorization for certain private
386 investigators, public accountants, and attorneys to
387 obtain social security numbers; providing an effective
388 date.