Bill Text: FL S0362 | 2015 | Regular Session | Comm Sub
Bill Title: Powers of Attorney
Spectrum: Bipartisan Bill
Status: (Failed) 2015-05-01 - Died in Children, Families, and Elder Affairs [S0362 Detail]
Download: Florida-2015-S0362-Comm_Sub.html
Florida Senate - 2015 CS for SB 362 By the Committee on Judiciary; and Senator Lee 590-01675-15 2015362c1 1 A bill to be entitled 2 An act relating to powers of attorney; amending s. 3 709.2105, F.S.; revising the qualifications of an 4 agent in the execution of power of attorney to include 5 certain not-for-profit corporations; providing an 6 effective date. 7 8 Be It Enacted by the Legislature of the State of Florida: 9 10 Section 1. Section 709.2105, Florida Statutes, is amended 11 to read: 12 709.2105 Qualifications of agent; execution of power of 13 attorney.— 14 (1) The agent must be one of the following: 15 (a) A natural person who is 18 years of age or older.or16 (b) A financial institution that has trust powers and, has17 a place of business in this state,and is authorized to conduct 18 trust business in this state. 19 (c) A not-for-profit corporation that: 20 1. Is organized for charitable or religious purposes in 21 this state; 22 2. Was qualified as a court-appointed guardian before 23 January 1, 1996; and 24 3. Is a tax-exempt organization under s. 501(c)(3) of the 25 Internal Revenue Code. However, this subparagraph applies only 26 to a corporation that acts through an individual listed in the 27 records of the Division of Corporations of the Department of 28 State as a current officer of the corporation and only upon the 29 occurrence of any of the following events: 30 a. Posting and maintenance by the corporation of a blanket 31 fiduciary bond of at least $250,000 with the clerk of the 32 circuit court in the county in which the corporation’s primary 33 place of business is located. The corporation shall provide 34 proof of the fiduciary bond to the clerk of each additional 35 circuit court in which the corporation is serving as agent for a 36 resident of that circuit. The bond must cover all principals for 37 whom the corporation has been appointed as an agent at any given 38 time. The liability of the provider of the bond is limited to 39 the face value of the bond, regardless of the number of 40 principals for whom the corporation is acting as an agent. The 41 terms of the bond must cover the acts or omissions of each agent 42 or employee of the corporation who has direct contact with the 43 principal or access to the principal’s assets. The bond must be 44 payable to the Governor and his or her successors in office and 45 be conditioned on the faithful performance of all duties of an 46 agent under this chapter. 47 b. Maintenance by the corporation of a liability insurance 48 policy that covers any losses sustained by the principal caused 49 by errors, omissions, or any intentional misconduct committed by 50 the corporation’s officers or agents. The policy must cover all 51 principals for whom the corporation is acting as an agent for 52 losses up to $250,000. The terms of the policy must cover acts 53 or omissions of each agent or employee of the corporation who 54 has direct contact with the principal or access to the 55 principal’s assets. 56 c. Signing by the principal of a separate written 57 instrument containing the following language in 14-point 58 uppercase type: 59 60 I HAVE BEEN ADVISED THAT OFFICERS OF THE NOT-FOR-PROFIT 61 CORPORATION HAVE DECLINED TO AGREE TO BE JOINTLY AND SEVERALLY 62 LIABLE WITH THE NOT-FOR-PROFIT CORPORATION FOR ACTS OR OMISSIONS 63 OCCURRING IN THE EXERCISE OF THE POWER OF ATTORNEY EXECUTED 64 UNDER CHAPTER 709, FLORIDA STATUTES. 65 66 I HAVE ALSO BEEN ADVISED THAT THE NOT-FOR-PROFIT CORPORATION 67 THAT I HAVE NAMED AS MY AGENT UNDER MY POWER OF ATTORNEY HAS 68 ELECTED NOT TO POST AND MAINTAIN A FIDUCIARY BOND OR MAINTAIN 69 INSURANCE IN ACCORDANCE WITH SECTION 709.2105(1)(c), FLORIDA 70 STATUTES. 71 72 I UNDERSTAND THAT THE ASSETS OF THE NOT-FOR-PROFIT CORPORATION 73 MAY NOT BE SUFFICIENT TO COVER LIABILITY ARISING FROM AN ERROR, 74 AN OMISSION, OR ANY INTENTIONAL MISCONDUCT COMMITTED BY AN 75 EMPLOYEE OR AGENT OF THE CORPORATION. 76 d. Designation of the corporation by a principal as an 77 agent under a power of attorney and the corporation acts as an 78 agent for the principal. However, each officer of the 79 corporation is jointly and severally liable with the corporation 80 for acts and omissions under the power of attorney and this 81 chapter which occur when there is no fiduciary bond as provided 82 in sub-subparagraph a., liability insurance as provided in sub 83 subparagraph b., or signed acknowledgement as provided in sub 84 subparagraph c. 85 (2) A power of attorney must be signed by the principal and 86 by two subscribing witnesses and be acknowledged by the 87 principal before a notary public or as otherwise provided in s. 88 695.03. 89 (3) If the principal is physically unable to sign the power 90 of attorney, the notary public before whom the principal’s oath 91 or acknowledgment is made may sign the principal’s name on the 92 power of attorney pursuant to s. 117.05(14). 93 Section 2. This act shall take effect July 1, 2015.