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FL S1434

Bill

Status

Introduced

2/18/2021

Primary Sponsor

Banking and Insurance

Click for details

Origin

Senate

2021 Regular Session

AI Summary

  • Requires the Department of Financial Services to provide copies of wills, trusts, and amendments found in safe-deposit boxes to anyone presenting evidence of the testator's or settlor's death.

  • Establishes mandatory "Unclaimed Property Recovery Agreement" and "Unclaimed Property Purchase Agreement" forms that claimant's representatives must exclusively use, with requirements to disclose account amounts, fees, percentages, and net amounts to be received.

  • Caps fees and costs for claimant's representatives at 30 percent of the claimed amount, with any excess automatically reduced and the balance remitted directly to the claimant by the department.

  • Increases the electronic claims threshold from $1,000 to $2,000 for using alternative identity verification methods, and allows electronic signatures for claims of $2,000 or less using department-authorized eSignature protocols.

  • Prohibits claimant's representatives from using any agreement other than the two authorized forms, with violations subject to administrative and civil enforcement penalties; permits the department to pay additional unclaimed property accounts owned by an approved claimant.

Legislative Description

Disposition of Unclaimed Property

Last Action

Laid on Table, companion bill(s) passed, see CS/HB 425 (Ch. 2021-144)

4/21/2021

Committee Referrals

Rules4/2/2021
Banking and Insurance2/24/2021

Full Bill Text

No bill text available