Bill Text: FL S0970 | 2016 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Unclaimed Property
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-03-04 - Laid on Table, companion bill(s) passed, see CS/CS/CS/HB 783 (Ch. 2016-90) [S0970 Detail]
Download: Florida-2016-S0970-Introduced.html
Bill Title: Unclaimed Property
Spectrum: Bipartisan Bill
Status: (Introduced - Dead) 2016-03-04 - Laid on Table, companion bill(s) passed, see CS/CS/CS/HB 783 (Ch. 2016-90) [S0970 Detail]
Download: Florida-2016-S0970-Introduced.html
Florida Senate - 2016 SB 970 By Senator Richter 23-01067A-16 2016970__ 1 A bill to be entitled 2 An act relating to unclaimed property; amending s. 3 45.034, F.S.; revising qualifications for a surplus 4 trustee; amending s. 717.101, F.S.; revising and 5 providing definitions; creating s. 717.1235, F.S.; 6 providing that certain unclaimed property shall 7 escheat to the state for certain purposes; amending s. 8 717.1243, F.S.; revising the aggregate value that 9 constitutes a small estate account; amending s. 10 717.1333, F.S.; revising requirements for the 11 estimation of certain amounts due; amending s. 12 717.135, F.S.; revising requirements for a power of 13 attorney used in the recovery of unclaimed property; 14 eliminating a maximum fee provision for such recovery; 15 revising applicability; amending s. 717.1351, F.S.; 16 revising requirements for contracts to acquire 17 ownership of or entitlement to property; deleting a 18 provision that allows certain wording on a purchase 19 agreement; repealing s. 717.1381, F.S., relating to 20 void unclaimed property powers of attorney and 21 purchase agreements; amending s. 717.1400, F.S.; 22 removing authority of certain private investigators to 23 obtain social security numbers; revising registration 24 requirements; providing retroactive applicability; 25 providing an effective date. 26 27 Be It Enacted by the Legislature of the State of Florida: 28 29 Section 1. Subsection (8) is added to section 45.034, 30 Florida Statutes, to read: 31 45.034 Qualifications and appointment of a surplus trustee 32 in foreclosure actions.— 33 (8)(a) A surplus trustee must not be an owner, shareholder, 34 officer, member, employee, or participant in more than one 35 surplus trustee company or corporation. 36 (b) Upon a finding by the Department of Financial Services 37 that a surplus trustee has violated this subsection, the surplus 38 trustee’s certification shall be suspended for 1 year. 39 Section 2. Subsection (24) of section 717.101, Florida 40 Statutes, is renumbered as subsection (25), a new subsection 41 (24) is added to that section, and subsections (4), (8), and 42 (13) of that section are amended, to read: 43 717.101 Definitions.—As used in this chapter, unless the 44 context otherwise requires: 45 (4) “Business association” means any corporation (other 46 than a public corporation), joint stock company, investment 47 company, business trust, partnership, limited liability company, 48 or association of two or more individuals for business purposes 49of two or more individuals, whetheror notfor profit or not for 50 profit, including a banking organization, financial51organization, insurance company, dissolved pension plan, or52utility. 53 (8) “Domicile” means the state of incorporation for, inthe54case ofa corporation incorporated under the laws of a state, 55andor the state whereofthe principal place of business is 56 located for unincorporated business associations, in the caseof57a person not incorporated under the laws of a state. 58 (13) “Insurance company” means an association, corporation, 59 or fraternal or mutual benefit organization, whetheror notfor 60 profit or not for profit, which is engaged in providing 61 insurance coverage, including, by way of illustrationand not62limitation, accident, burial, casualty, credit life,contract63performance, dental, fidelity, fire, health,hospitalization,64illness, life (including endowments andannuities), malpractice,65marine, mortgage, surety, and wageprotection insurance. 66 (24) “United States” means any state, district, 67 commonwealth, territory, insular possession, and any other area 68 subject to the legislative authority of the United States of 69 America. 70 Section 3. Section 717.1235, Florida Statutes, is created 71 to read: 72 717.1235 Candidate for public office; escheatment of 73 unclaimed property.—If the apparent owner of unclaimed property 74 is the campaign account of a candidate for public office, the 75 property, after being reported to the department, shall escheat 76 to the state. The proceeds from disposition of the property 77 shall be paid into the State School Fund. 78 Section 4. Subsection (4) of section 717.1243, Florida 79 Statutes, is amended to read: 80 717.1243 Small estate accounts.— 81 (4) This section only applies if all of the unclaimed 82 property held by the department on behalf of the owner has an 83 aggregate value of $10,000$5,000or less and no probate 84 proceeding is pending. 85 Section 5. Subsection (2) of section 717.1333, Florida 86 Statutes, is amended to read: 87 717.1333 Evidence; estimations; audit reports, examiner’s 88 worksheets, investigative reports, other related documents.— 89 (2) If the records of the holder that are available for the 90 periods subject to this chapter are insufficient to permit the 91 preparation of a report of the unclaimed property due and owing 92 by a holder, or if the holder fails to provide records after 93 being requested to do so, the amount due to the department may 94 be reasonably estimated, regardless of whether the holder is 95 incorporated, formed, or organized in this state. 96 Section 6. Subsection (2) of section 717.135, Florida 97 Statutes, is amended to read: 98 717.135 Power of attorney to recover reported property in 99 the custody of the department.— 100 (2) A power of attorney described in subsection (1) must: 101 (a) Limit the fees and costs for services to 20 percent per 102 unclaimed property account held by the department. Fees and 103 costs for cash accounts shall be based on the value of the 104 property at the time the power of attorney is signed by the 105 claimant. Fees and costs for accounts containing securities or 106 other intangible ownership interests, which securities or 107 interests are not converted to cash, shall be based on the 108 purchase price of the security as quoted on a national exchange 109 or other market on which the property is regularly traded at the 110 time the securities or other ownership interest is remitted to 111 the claimant or the claimant’s representative. Fees and costs 112 for tangible property or safe-deposit box accounts shall be 113 based on the value of the tangible property or contents of the 114 safe-deposit box at the time the ownership interest is 115 transferred or remitted to the claimant. Total fees and costs on116any single account owned by a natural person residing in this117country must not exceed $1,000; or 118 (b) Fully disclose that the property is held by the Bureau 119 of Unclaimed Property of the Department of Financial Services 120 pursuant to this chapter, the mailing address of the bureau, the 121 Internet address of the bureau, the person or name of the entity 122 that held the property prior to the property becoming unclaimed, 123 the date of the holder’s last contact with the owner, if known, 124 and the approximate value of the property, and identify which of 125 the following categories of unclaimed property the claimant’s 126 representative is seeking to recover, as reported by the holder: 127 1. Cash accounts. 128 2. Stale dated checks. 129 3. Life insurance or annuity contract assets. 130 4. Utility deposits. 131 5. Securities or other interests in business associations. 132 6. Wages. 133 7. Accounts receivable. 134 8. Contents of safe-deposit boxes. 135 136This subsection shall not apply if probate proceedings must be137initiated on behalf of the claimant for an estate that has never138been probated or if the unclaimed property is being claimed by a139person outside of the United States.140 Section 7. Paragraph (a) of subsection (2) and paragraph 141 (d) of subsection (7) of section 717.1351, Florida Statutes, are 142 amended to read: 143 717.1351 Acquisition of unclaimed property.— 144 (2) All contracts to acquire ownership of or entitlement to 145 unclaimed property from the person or persons entitled to the 146 unclaimed property must be in 10-point type or greater and must: 147 (a) Have a purchase price that discounts the value of the 148 unclaimed property at the time the agreement is executed by the 149 seller at no greater than 20 percent per account held by the 150 department. An unclaimed property account must not be discounted151in excess of $1,000. However, the $1,000 discount limitation152does not apply if probate proceedings must be initiated on153behalf of the seller for an estate that has never been probated154or if the seller of the unclaimed property is not a natural155person or is a person outside the United States; or 156 (7) This section does not prohibit the: 157(d)Deletion of the words “Percent of Property to be Paid158to Buyer,” if the purchase agreement provides for a flat fee to159be paid as compensation to the buyer.160 Section 8. Section 717.1381, Florida Statutes, is repealed. 161 Section 9. Section 717.1400, Florida Statutes, is amended 162 to read: 163 717.1400 Registration.— 164 (1) In order to file claims as a claimant’s representative, 165 acquire ownership of or entitlement to unclaimed property, 166 receive a distribution of fees and costs from the department, 167 and obtain unclaimed property dollar amounts and,numbers of 168 reported shares of stock, and social security numbersheld by 169 the department, a private investigator holding a Class “C” 170 individual license under chapter 493 must register with the 171 department on such form as the department prescribesshall172prescribeby rule,and must be verified by the applicant. To 173 register with the department, a private investigator must 174 provide: 175 (a) A legible copy of the applicant’s Class “A” business 176 license under chapter 493 or that of the applicant’s firm or 177 employer which holds a Class “A” business license under chapter 178 493. 179 (b) A legible copy of the applicant’s Class “C” individual 180 license issued under chapter 493. 181 (c) The business address and telephone number of the 182 applicant’s private investigative firm or employer. 183 (d) The names of agents or employees, if any, who are 184 designated to act on behalf of the private investigator, 185 together with a legible copy of their photo identification 186 issued by an agency of the United States, or a state, or a 187 political subdivision thereof. 188 (e) Sufficient information to enable the department to 189 disburse funds by electronic funds transfer. 190 (f) The tax identification number of the private 191 investigator’s firm or employer which holds a Class “A” business 192 license under chapter 493. 193 (2) In order to file claims as a claimant’s representative, 194 acquire ownership of or entitlement to unclaimed property, 195 receive a distribution of fees and costs from the department, 196 and obtain unclaimed property dollar amounts and,numbers of 197 reported shares of stock, and social security numbersheld by 198 the department, a Florida-certified public accountant must 199 register with the department on such form as the department 200 prescribesshall prescribeby rule,and must be verified by the 201 applicant. To register with the department, a Florida-certified 202 public accountant must provide: 203 (a) The applicant’s Florida Board of Accountancy number. 204 (b) A legible copy of the applicant’s current driver 205 license showing the full name and current address of such 206 person. If a current driver license is not available, another 207 form of identification showing the full name and current address 208 of such person or persons shall be filed with the department. 209 (c) The business address and telephone number of the 210 applicant’s public accounting firm or employer. 211 (d) The names of agents or employees, if any, who are 212 designated to act on behalf of the Florida-certified public 213 accountant, together with a legible copy of their photo 214 identification issued by an agency of the United States, or a 215 state, or a political subdivision thereof. 216 (e) Sufficient information to enable the department to 217 disburse funds by electronic funds transfer. 218 (f) The tax identification number of the accountant’s 219 public accounting firm employer. 220 (3) In order to file claims as a claimant’s representative, 221 acquire ownership of or entitlement to unclaimed property, 222 receive a distribution of fees and costs from the department, 223 and obtain unclaimed property dollar amounts and,numbers of 224 reported shares of stock, and social security numbersheld by 225 the department, an attorney licensed to practice in this state 226 must register with the department on such form as the department 227 prescribesshall prescribeby rule,and must be verified by the 228 applicant. To register with the department, such attorney must 229 provide: 230 (a) The applicant’s Florida Bar number. 231 (b) A legible copy of the applicant’s current driver 232 license showing the full name and current address of such 233 person. If a current driver license is not available, another 234 form of identification showing the full name and current address 235 of such person or persons shall be filed with the department. 236 (c) The business address and telephone number of the 237 applicant’s firm or employer. 238 (d) The names of agents or employees, if any, who are 239 designated to act on behalf of the attorney, together with a 240 legible copy of their photo identification issued by an agency 241 of the United States, or a state, or a political subdivision 242 thereof. 243 (e) Sufficient information to enable the department to 244 disburse funds by electronic funds transfer. 245 (f) The tax identification number of the attorney’s firm or 246 employer. 247 (4) Information and documents already on file with the 248 department beforeprior tothe effective date of this provision 249 need not be resubmitted in order to complete the registration. 250 (5) If a material change in the status of a registration 251 occurs, a registrant must, within 30 days, provide the 252 department with the updated documentation and information in 253 writing. Material changes include, but are not limited to: a 254 designated agent or employee ceasing to act on behalf of the 255 designating person, a surrender, suspension, or revocation of a 256 license, or a license renewal. 257 (a) If a designated agent or employee ceases to act on 258 behalf of the person who has designated the agent or employee to 259 act on such person’s behalf, the designating person must, within 260 30 days, inform the Bureau of Unclaimed Property in writing of 261 the termination of agency or employment. 262 (b) If a registrant surrenders the registrant’s license or 263 the license is suspended or revoked, the registrant must, within 264 30 days, inform the bureau in writing of the surrender, 265 suspension, or revocation. 266 (c) If a private investigator’s Class “C” individual 267 license under chapter 493 or a private investigator’s employer’s 268 Class “A” business license under chapter 493 is renewed, the 269 private investigator must provide a copy of the renewed license 270 to the department within 30 days after the receipt of the 271 renewed license by the private investigator or the private 272 investigator’s employer. 273 (6) A registrant’s firm or employer may not have a name 274 that might lead another person to conclude that the registrant’s 275 firm or employer is affiliated or associated with the United 276 States, or an agency thereof, or a state or an agency or 277 political subdivision of a state. The department shall deny an 278 application for registration or revoke a registration if the 279 applicant’s or registrant’s firm or employer has a name that 280 might lead another person to conclude that the firm or employer 281 is affiliated or associated with the United States, or an agency 282 thereof, or a state or an agency or political subdivision of a 283 state. Names that might lead another person to conclude that the 284 firm or employer is affiliated or associated with the United 285 States, or an agency thereof, or a state or an agency or 286 political subdivision of a state, include, but are not limited 287 to, the words United States, Florida, state, bureau, division, 288 department, or government. 289 (7) A registrant must submit a $500 application fee with 290 his or her application for registration and submit a $250 291 renewal fee on or before July 1 of each year thereafter. A 292 registrant who fails to pay the renewal fee shall lose 293 privileges afforded by this section until his or her fees are 294 paid. A registrant who fails to renew his or her registration by 295 December 31 must reapply for registration. 296 (8)(7)The licensing and other requirements of this section 297 must be maintained as a condition of registration with the 298 department. 299 Section 10. The amendments made by this act to s. 717.1333, 300 Florida Statutes, are remedial in nature and apply retroactively 301 to unclaimed property existing before July 1, 2016. 302 Section 11. This act shall take effect July 1, 2016.