Florida Senate - 2016                              CS for SB 970
       
       
        
       By the Committee on Banking and Insurance; and Senator Richter
       
       597-03219-16                                           2016970c1
    1                        A bill to be entitled                      
    2         An act relating to unclaimed property; amending s.
    3         717.101, F.S.; revising and providing definitions;
    4         creating s. 717.1235, F.S.; requiring unclaimed funds
    5         reported in the name of specified campaigns for public
    6         office to be deposited with the Chief Financial
    7         Officer to the credit of the State School Trust Fund;
    8         amending s. 717.1243, F.S.; revising the aggregate
    9         value that constitutes a small estate account;
   10         amending s. 717.1262, F.S.; requiring certain persons
   11         claiming entitlement to unclaimed property to file
   12         certified copies of specified pleadings with the
   13         Department of Financial Services; amending s.
   14         717.1333, F.S.; revising requirements for the
   15         estimation of certain amounts due to the department;
   16         amending s. 717.135, F.S.; revising applicability;
   17         deleting a provision that allows specified wording on
   18         a certain power of attorney; providing requirements
   19         for a certain authorization or agreement to recover
   20         unclaimed property; requiring the department to deny a
   21         claim under certain circumstances; amending s.
   22         717.1351, F.S.; revising requirements and conditions
   23         for contracts to acquire ownership of or entitlement
   24         to property; deleting a provision that allows
   25         specified wording on a purchase agreement; providing
   26         requirements for a certain authorization or agreement
   27         to purchase unclaimed property; requiring the
   28         department to deny a claim under certain
   29         circumstances; repealing s. 717.1381, F.S., relating
   30         to void unclaimed property powers of attorney and
   31         purchase agreements; amending s. 717.139, F.S.;
   32         providing legislative intent; amending s. 717.1400,
   33         F.S.; removing authorization for certain private
   34         investigators, public accountants, and attorneys to
   35         obtain social security numbers; providing an effective
   36         date.
   37          
   38  Be It Enacted by the Legislature of the State of Florida:
   39  
   40         Section 1. Subsections (4), (8), and (13) of section
   41  717.101, Florida Statutes, are amended, present subsection (24)
   42  of that section is renumbered as subsection (25), and a new
   43  subsection (24) is added to that section, to read:
   44         717.101 Definitions.—As used in this chapter, unless the
   45  context otherwise requires:
   46         (4) “Business association” means any corporation (other
   47  than a public corporation), joint stock company, investment
   48  company, business trust, partnership, limited liability company,
   49  or association of two or more individuals for business purposes
   50  of two or more individuals, whether or not for profit or not for
   51  profit, including a banking organization, financial
   52  organization, insurance company, dissolved pension plan, or
   53  utility.
   54         (8) “Domicile” means the state of incorporation for, in the
   55  case of a corporation incorporated under the laws of a state;,
   56  or for unincorporated business associations, the state where the
   57  business association is organized and the state of the principal
   58  place of business, in the case of a person not incorporated
   59  under the laws of a state.
   60         (13) “Insurance company” means an association, a
   61  corporation, or a fraternal or mutual benefit organization,
   62  whether or not for profit or not for profit, which is engaged in
   63  providing insurance coverage, including, by way of illustration
   64  and not limitation, accident, burial, casualty, credit life,
   65  contract performance, dental, fidelity, fire, health,
   66  hospitalization, illness, life (including endowments and
   67  annuities), malpractice, marine, mortgage, surety, and wage
   68  protection insurance.
   69         (24) “United States” means any state, district,
   70  commonwealth, territory, insular possession, and any other area
   71  subject to the legislative authority of the United States of
   72  America.
   73         Section 2. Section 717.1235, Florida Statutes, is created
   74  to read:
   75         717.1235 Dormant campaign accounts; report of unclaimed
   76  property.—Unclaimed funds reported in the name of a campaign for
   77  public office which is required to dispose of surplus funds in
   78  its campaign account pursuant to s. 106.141 must be deposited
   79  with the Chief Financial Officer to the credit of the State
   80  School Trust Fund.
   81         Section 3. Subsection (4) of section 717.1243, Florida
   82  Statutes, is amended to read:
   83         717.1243 Small estate accounts.—
   84         (4) This section only applies if all of the unclaimed
   85  property held by the department on behalf of the owner has an
   86  aggregate value of $10,000 $5,000 or less and no probate
   87  proceeding is pending.
   88         Section 4. Section 717.1262, Florida Statutes, is amended
   89  to read:
   90         717.1262 Court documents.—Any person who claims entitlement
   91  to unclaimed property by reason of a court document shall file a
   92  certified copy of the court document with the department. The
   93  person shall also file with the department certified copies of
   94  all pleadings to obtain a court document establishing
   95  entitlement which were filed with the court within 180 days
   96  before the date the claim form was signed by the claimant or
   97  claimant’s representative.
   98         Section 5. Subsection (2) of section 717.1333, Florida
   99  Statutes, is amended to read:
  100         717.1333 Evidence; estimations; audit reports, examiner’s
  101  worksheets, investigative reports, other related documents.—
  102         (2) If the records of the holder which that are available
  103  for the periods subject to this chapter are insufficient to
  104  permit the preparation of a report of the unclaimed property due
  105  and owing by a holder, or if the holder fails to provide records
  106  after being requested to do so, the amount due to the department
  107  may be reasonably estimated.
  108         Section 6. Subsection (2) and paragraph (g) of subsection
  109  (4) of section 717.135, Florida Statutes, are amended, present
  110  subsections (5) and (6) of that section are renumbered as
  111  subsections (6) and (7), respectively, and a new subsection (5)
  112  is added to that section, to read:
  113         717.135 Power of attorney to recover reported property in
  114  the custody of the department.—
  115         (2) A power of attorney described in subsection (1) must:
  116         (a) Limit the fees and costs for services to 20 percent per
  117  unclaimed property account held by the department. Fees and
  118  costs for cash accounts shall be based on the value of the
  119  property at the time the power of attorney is signed by the
  120  claimant. Fees and costs for accounts containing securities or
  121  other intangible ownership interests, which securities or
  122  interests are not converted to cash, shall be based on the
  123  purchase price of the security as quoted on a national exchange
  124  or other market on which the property is regularly traded at the
  125  time the securities or other ownership interest is remitted to
  126  the claimant or the claimant’s representative. Fees and costs
  127  for tangible property or safe-deposit box accounts shall be
  128  based on the value of the tangible property or contents of the
  129  safe-deposit box at the time the ownership interest is
  130  transferred or remitted to the claimant. Total fees and costs on
  131  any single account owned by a natural person residing in this
  132  country must not exceed $1,000; or
  133         (b) Fully disclose that the property is held by the Bureau
  134  of Unclaimed Property of the Department of Financial Services
  135  pursuant to this chapter, the mailing address of the bureau, the
  136  Internet address of the bureau, the person or name of the entity
  137  that held the property prior to the property becoming unclaimed,
  138  the date of the holder’s last contact with the owner, if known,
  139  and the approximate value of the property, and identify which of
  140  the following categories of unclaimed property the claimant’s
  141  representative is seeking to recover, as reported by the holder:
  142         1. Cash accounts.
  143         2. Stale dated checks.
  144         3. Life insurance or annuity contract assets.
  145         4. Utility deposits.
  146         5. Securities or other interests in business associations.
  147         6. Wages.
  148         7. Accounts receivable.
  149         8. Contents of safe-deposit boxes.
  150  
  151  This subsection shall not apply if probate proceedings must be
  152  initiated on behalf of the claimant for an estate that has never
  153  been probated or if the unclaimed property is being claimed by a
  154  person outside of the United States.
  155         (4)
  156         (g) This section does not prohibit the:
  157         1. Use of bolding, italics, print of different colors, and
  158  text borders as a means of highlighting or stressing certain
  159  selected items within the text.
  160         2. Placement of the name, address, and telephone number of
  161  the representative’s firm or company in the top margin above the
  162  words “POWER OF ATTORNEY.” No additional writing of any kind may
  163  be placed in the top margin including, but not limited to,
  164  logos, license numbers, Internet addresses, or slogans.
  165         3. Placement of the word “pending” prior to the words “NET
  166  AMOUNT TO BE PAID TO CLAIMANT,” if it is not yet possible to
  167  determine the percentage interest of an heir or legatee prior to
  168  a determination on the issue by the probate court.
  169         4. Deletion of the words “Number of Shares of Stock (If
  170  Applicable)” if the agreement does not relate to the recovery of
  171  securities.
  172         5. Deletion of the words “Percent to Be Paid as
  173  Compensation to Claimant’s Representative” if the power of
  174  attorney provides for a flat fee to be paid as compensation to
  175  the claimant’s representative.
  176         (5)(a) Any other authorization or agreement to recover
  177  unclaimed property which is executed by or between a claimant’s
  178  representative and claimant must be signed and personally dated
  179  by the claimant. The date affixed to the authorization or
  180  agreement by the claimant may not be earlier than the date
  181  personally affixed by the claimant to the original limited power
  182  of attorney under this section. A copy of the authorization or
  183  agreement must be filed with the original claim submitted to the
  184  department, along with the statutorily compliant original power
  185  of attorney under this section.
  186         (b)If the claimant’s representative’s fee for a document
  187  described in this subsection exceeds 20 percent on any given
  188  claim, s. 717.124(1)(d) applies.
  189         Section 7. Subsections (2) and (4), paragraph (d) of
  190  subsection (7), and subsection (8) of section 717.1351, Florida
  191  Statutes, are amended to read:
  192         717.1351 Acquisition of unclaimed property.—
  193         (2) All contracts to acquire ownership of or entitlement to
  194  unclaimed property from the person or persons entitled to the
  195  unclaimed property must be in 10-point type or greater and must:
  196         (a) Have a purchase price that discounts the value of the
  197  unclaimed property at the time the agreement is executed by the
  198  seller at no greater than 20 percent per account held by the
  199  department. An unclaimed property account must not be discounted
  200  in excess of $1,000. However, the $1,000 discount limitation
  201  does not apply if probate proceedings must be initiated on
  202  behalf of the seller for an estate that has never been probated
  203  or if the seller of the unclaimed property is not a natural
  204  person or is a person outside the United States; or
  205         (b) Fully disclose that the property is held by the Bureau
  206  of Unclaimed Property of the Department of Financial Services
  207  pursuant to this chapter, the mailing address of the bureau, the
  208  Internet address of the bureau, the person or name of the entity
  209  that held the property prior to the property becoming unclaimed,
  210  the date of the holder’s last contact with the owner, if known,
  211  and the approximate value of the property, and identify which of
  212  the following categories of unclaimed property the buyer is
  213  seeking to purchase as reported by the holder:
  214         1. Cash accounts.
  215         2. Stale dated checks.
  216         3. Life insurance or annuity contract assets.
  217         4. Utility deposits.
  218         5. Securities or other interests in business associations.
  219         6. Wages.
  220         7. Accounts receivable.
  221         8. Contents of safe-deposit boxes.
  222  
  223  The purchase agreement described in this paragraph must state in
  224  12-point type or greater in the order indicated with the blank
  225  spaces accurately completed:
  226  
  227                      FULL DISCLOSURE STATEMENT                    
  228  
  229         The property is currently held by the State of Florida
  230         Department of Financial Services, Bureau of Unclaimed
  231         Property, pursuant to chapter 717, Florida Statutes.
  232         The mailing address of the Bureau of Unclaimed
  233         Property is ............. The Internet address of the
  234         Bureau of Unclaimed Property is .............
  235  
  236         The property was remitted by: .............
  237  
  238         Date of last contact: .............
  239  
  240         Property category: .............
  241  
  242  Immediately above the signature line for the seller, the
  243  purchase agreement described in this paragraph must state in 12
  244  point type or greater:
  245  
  246         Seller agrees, by signing below, that the FULL
  247         DISCLOSURE STATEMENT has been read and fully
  248         understood.
  249  
  250         (4) Any contract to acquire ownership of or entitlement to
  251  unclaimed property from the person or persons entitled to the
  252  unclaimed property must provide for the purchase price to be
  253  remitted to the seller or sellers within 30 10 days after the
  254  execution of the contract by the seller or sellers. The contract
  255  must specify the unclaimed property account number, the name of
  256  the holder who reported the property to the department, the
  257  category of unclaimed property, the value of the unclaimed
  258  property account, and the number of shares of stock, if
  259  applicable. Proof that the seller received of payment by check
  260  must be filed with the department with the claim. If proof of
  261  payment is not provided, the claim is void.
  262         (7) This section does not prohibit the:
  263         (d) Deletion of the words “Percent of Property to be Paid
  264  to Buyer,” if the purchase agreement provides for a flat fee to
  265  be paid as compensation to the buyer.
  266         (8)(a) Any other authorization or agreement to purchase
  267  unclaimed property which is executed by or between a registrant
  268  and seller must be signed and personally dated by the seller.
  269  The date affixed to the authorization or agreement by the seller
  270  may not be earlier than the date personally affixed by the
  271  seller to the original purchase agreement under this section. A
  272  copy of the authorization or agreement must be filed with the
  273  original claim submitted to the department, along with the
  274  statutorily compliant original purchase agreement under this
  275  section.
  276         (b)If the claimant’s representatives purchase price paid
  277  to the seller on a document referred to in this subsection
  278  reduces the purchase price by more than 20 percent on any given
  279  claim, s. 717.124(1)(d) applies.
  280         (c) This section does not supersede the licensing
  281  requirements of chapter 493.
  282         Section 8. Section 717.1381, Florida Statutes, is repealed.
  283         Section 9. Section 717.139, Florida Statutes, is amended to
  284  read:
  285         717.139 Uniformity of application and construction.
  286  Protecting the interests of owners of unclaimed property is
  287  declared to be the public policy of this state. It is in the
  288  best interests of the owners of unclaimed property that they
  289  have the opportunity to receive the full amount of the unclaimed
  290  property returned to them without deduction of any fees. This
  291  chapter shall be applied and construed as to effectuate its
  292  general purpose of protecting the interest of missing owners of
  293  property, while providing that the benefit of all unclaimed and
  294  abandoned property shall go to all the people of the state, and
  295  to make uniform the law with respect to the subject of this
  296  chapter among states enacting it.
  297         Section 10. Subsections (1), (2), and (3) of section
  298  717.1400, Florida Statutes, are amended to read:
  299         717.1400 Registration.—
  300         (1) In order to file claims as a claimant’s representative,
  301  acquire ownership of or entitlement to unclaimed property,
  302  receive a distribution of fees and costs from the department,
  303  and obtain unclaimed property dollar amounts and, numbers of
  304  reported shares of stock, and social security numbers held by
  305  the department, a private investigator holding a Class “C”
  306  individual license under chapter 493 must register with the
  307  department on such form as the department shall prescribe by
  308  rule, and must be verified by the applicant. To register with
  309  the department, a private investigator must provide:
  310         (a) A legible copy of the applicant’s Class “A” business
  311  license under chapter 493 or that of the applicant’s firm or
  312  employer which holds a Class “A” business license under chapter
  313  493.
  314         (b) A legible copy of the applicant’s Class “C” individual
  315  license issued under chapter 493.
  316         (c) The business address and telephone number of the
  317  applicant’s private investigative firm or employer.
  318         (d) The names of agents or employees, if any, who are
  319  designated to act on behalf of the private investigator,
  320  together with a legible copy of their photo identification
  321  issued by an agency of the United States, or a state, or a
  322  political subdivision thereof.
  323         (e) Sufficient information to enable the department to
  324  disburse funds by electronic funds transfer.
  325         (f) The tax identification number of the private
  326  investigator’s firm or employer which holds a Class “A” business
  327  license under chapter 493.
  328         (2) In order to file claims as a claimant’s representative,
  329  acquire ownership of or entitlement to unclaimed property,
  330  receive a distribution of fees and costs from the department,
  331  and obtain unclaimed property dollar amounts and, numbers of
  332  reported shares of stock, and social security numbers held by
  333  the department, a Florida-certified public accountant must
  334  register with the department on such form as the department
  335  shall prescribe by rule, and must be verified by the applicant.
  336  To register with the department a Florida-certified public
  337  accountant must provide:
  338         (a) The applicant’s Florida Board of Accountancy number.
  339         (b) A legible copy of the applicant’s current driver
  340  license showing the full name and current address of such
  341  person. If a current driver license is not available, another
  342  form of identification showing the full name and current address
  343  of such person or persons shall be filed with the department.
  344         (c) The business address and telephone number of the
  345  applicant’s public accounting firm or employer.
  346         (d) The names of agents or employees, if any, who are
  347  designated to act on behalf of the Florida-certified public
  348  accountant, together with a legible copy of their photo
  349  identification issued by an agency of the United States, or a
  350  state, or a political subdivision thereof.
  351         (e) Sufficient information to enable the department to
  352  disburse funds by electronic funds transfer.
  353         (f) The tax identification number of the accountant’s
  354  public accounting firm employer.
  355         (3) In order to file claims as a claimant’s representative,
  356  acquire ownership of or entitlement to unclaimed property,
  357  receive a distribution of fees and costs from the department,
  358  and obtain unclaimed property dollar amounts and, numbers of
  359  reported shares of stock, and social security numbers held by
  360  the department, an attorney licensed to practice in this state
  361  must register with the department on such form as the department
  362  shall prescribe by rule, and must be verified by the applicant.
  363  To register with the department, such attorney must provide:
  364         (a) The applicant’s Florida Bar number.
  365         (b) A legible copy of the applicant’s current driver
  366  license showing the full name and current address of such
  367  person. If a current driver license is not available, another
  368  form of identification showing the full name and current address
  369  of such person or persons shall be filed with the department.
  370         (c) The business address and telephone number of the
  371  applicant’s firm or employer.
  372         (d) The names of agents or employees, if any, who are
  373  designated to act on behalf of the attorney, together with a
  374  legible copy of their photo identification issued by an agency
  375  of the United States, or a state, or a political subdivision
  376  thereof.
  377         (e) Sufficient information to enable the department to
  378  disburse funds by electronic funds transfer.
  379         (f) The tax identification number of the attorney’s firm or
  380  employer.
  381         Section 11. This act shall take effect July 1, 2016.