The Florida Senate

717.135  Agreement to locate reported property.--

(1)  All agreements between an owner's representative and an owner for compensation to recover or assist in the recovery of property reported to the department under s. 717.117 shall either:

(a)  Limit the fees for services for each owner contract to $25 for all contracts relating to unclaimed property with a dollar value below $250. For all contracts relating to unclaimed property with a dollar value of $250 and above, fees shall be limited to 15 percent on property held by the department for 24 months or less and 25 percent on property held by the department for more than 24 months. Fees for cash accounts shall be based on the value of the property at the time the agreement for recovery is signed by the apparent owner. Fees for accounts containing securities or other intangible ownership interests, which securities or interests are not converted to cash, shall be based on the purchase price of the security as quoted on a national exchange or other market on which the ownership interest is regularly traded at the time the securities or other ownership interest is remitted to the owner or the owner's representative. Fees for tangible property or safe-deposit box accounts shall be based on the value of the tangible property or contents of the safe-deposit box at the time the ownership interest is transferred or remitted to the owner or the owner's representative; or

(b)  Disclose that the property is held by the Department of Banking and Finance pursuant to this chapter, the person or name of the entity that held the property prior to the property becoming unclaimed, the date of the holder's last contact with the owner, if known, and the approximate value of the property, and identify which of the following categories of unclaimed property the owner's representative is seeking to recover:

1.  Cash accounts.

2.  Stale dated checks.

3.  Life insurance or annuity contract assets.

4.  Utility deposits.

5.  Securities or other interests in business associations.

6.  Wages.

7.  Accounts receivable.

8.  Contents of safe-deposit boxes.

However, this section shall not apply to contracts made in connection with guardianship proceedings or the probate of an estate.

(2)(a)  Agreements for recovery of cash accounts shall state the dollar value of the unclaimed property account to be paid to the owner and shall also state the dollar value of compensation to be paid to the owner's representative.

(b)  Agreements for recovery of accounts containing securities, safe-deposit box accounts, other intangible or tangible ownership interests, or other types of accounts, except cash accounts, shall state the approximate value of the unclaimed property and the percentage value of compensation to be paid to the owner's representative.

(c)  All agreements shall include the name, address, and professional license number of the owner's representative, and, if available, the taxpayer identification number or social security number and telephone number of the owner. All such agreements to pay compensation shall be signed by the owner of the property and shall be filed by the owner's representative with the claim form.

History.--s. 36, ch. 87-105; s. 1, ch. 91-261; s. 2, ch. 94-191; s. 22, ch. 96-301; s. 30, ch. 2001-36.