Loading chat...
FL S1434
Bill
Status
2/18/2021
Primary Sponsor
Banking and Insurance
Click for details
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