The Florida Legislature enacted Section 717.1382, F.S., to provide for a circuit court procedure for escheating to the state of Florida unclaimed United States savings bonds registered in the name of Florida residents. Once the bonds have been ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Unclaimed Property

RULE NO.:RULE TITLE:

69G-20.0030Claims for United States Savings Bonds

PURPOSE AND EFFECT: The Florida Legislature enacted Section 717.1382, F.S., to provide for a circuit court procedure for escheating to the state of Florida unclaimed United States savings bonds registered in the name of Florida residents. Once the bonds have been escheated to the state of Florida, the Department of Financial Services may request that the United States Treasury remit the bond proceeds to the Department. The Florida Legislature also enacted Section 717.1383, F.S., which provides that the Department may approve a claim for the escheated bonds upon the claimant providing sufficient proof of the validity of the person’s claim.

SUMMARY: The proposed rule specifies the requirements for a person to qualify to receive either the physical United States savings bond (where the proceeds thereof have not yet been remitted to the Department) or the proceeds of the bonds that have been paid by the United States Treasury to the Department.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION:

The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule. A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Department conducted an economic analysis of the potential impact of the proposed rule and determined that there will be no adverse economic impact or regulatory increases that would require legislative ratification.

Any person who wishes to provide information regarding a statement of estimated regulatory costs, or provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 717.124, 717.138, FS.

LAW IMPLEMENTED: 92.525, 117.05, 717.124, 717.12404, 717.12405, 717.1242, 717.1243, 717.126, 717.1261, 717.1262, 717.135, 717.1351,717.1382, 717.1383, 731.201, 732.102, 732.103, 733.103, 733.815, 735.301, FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE,TIME AND PLACE SHOWN BELOW(IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: March 1, 2017, 9:30 a.m.

PLACE: Room B103, Fletcher Building, 101 Gaines Street, Tallahassee, Florida

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Phillip Carlton, telephone: [phone], email: [e-mail].. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800)955-8771 (TDD) or 1(800)955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE IS: Phillip Carlton, Assistant Director, Division of Unclaimed Property, address: 200 E. Gaines Street, Tallahassee, FL 32399, telephone: [phone], email: [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69G-20.0030 Claims for United States Savings Bonds.

(1) A claim for a United States savings bond, or the proceeds from such bond, may be approved if the claimant is able to provide sufficient proof of the validity of the claim.

(a) If no beneficiary or pay-on-death recipient is indicated on the bond:

1. By any person whose name appears on the bond; or

2. By the beneficiary as defined by section 731.201, F.S., or the personal representative of the estate of the person whose name appears on the bond who died last.

(b) If a beneficiary or pay-on-death recipient is indicated on the bond:

1. By any person (other than the beneficiary or pay-on-death recipient) whose name appears on the bond; or

2. By the beneficiary or pay-on-death recipient named on the bond, if all persons who are named on the bond (other than the beneficiary or pay-on-death recipient) are deceased; or

3. By the beneficiary as defined by section 731.201, F.S., or the personal representative of the estate of the person whose name appears on the bond who died last if the beneficiary or pay-on-death recipient named on the bond died before such person.

(2) Because the “and” form of registration is not authorized, any person (other than the beneficiary or pay-on-death recipient, if any) whose name appears on the bond may claim a United States savings bond or the proceeds from such bond.

(3) A claim for a United States savings bond by a person who leased the safe deposit box containing the United States savings bond shall be denied unless the person who leased the safe deposit box satisfies the requirements of subsection (1).

Rulemaking Authority 717.124, 717.138 FS. Law Implemented 92.525, 117.05, 717.124, 717.12404, 717.12405, 717.1242, 717.1243, 717.126, 717.1261, 717.1262, 717.135, 717.1351,717.1382, 717.1383, 731.201, 732.102, 732.103, 733.103, 733.815, 735.301 FS. History – New __________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Phillip Carlton, Assistant Director

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jeff Atwater, Chief Financial Officer

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: January 27, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: July 1, 2016