The purpose of the proposed rule is to update and clarify the requirements for reporting and remitting unclaimed property to the Department.

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Unclaimed Property

RULE NO.: RULE TITLE:

69G-20.041: DIVISION OF UNCLAIMED PROPERTY REPORTING INSTRUCTIONS

PURPOSE AND EFFECT: The purpose of the proposed rule is to update and clarify the requirements for reporting and remitting unclaimed property to the Department.

SUMMARY: The proposed rule incorporates the change from the “Bureau of Unclaimed Property” to the “Division of Unclaimed Property.” The proposed rule also revises the Florida Unclaimed Property Reporting Instructions Manual, including the remittance instructions and other minor revisions intended to clarify requirements for the entities reporting unclaimed property.

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 Division of Unclaimed Property conducted an analysis of the proposed rule’s potential economic impact and determined that it did not exceed any of the criteria established in subsection 120.541(1), F.S., and it therefore does not require legislative ratification pursuant to subsection 120.541(3), F.S.

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: 717.117(1), 717.138, FS.

LAW IMPLEMENTED: 717.101, 717.102, 717.103, 717.1035, 717.104, 717.1045, 717.105, 717.106, 717.107, 717.1071, 717.108, 717.109, 717.1101, 717.111, 717.112, 717.1125, 717.113, 717.115, 717.116, 717.117, 717.119, 717.129, 717.1311, 717.134, 717.138, 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: Tuesday, July 11, 2017, 10:00 a.m.to 12:00 p.m.

PLACE: Fletcher Building, Room B103, 101 Gaines Street, Tallahassee, Florida 32399

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, Department of Financial Services, address: 200 East Gaines Street, Tallahassee, Florida 32399-0356, telephone: [phone], email: [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69G-20.041 Division of Unclaimed Property Reporting Instructions.

The Department’s mission is to collect and return unclaimed property to its rightful owners in accordance with the Florida Disposition of Unclaimed Property Act, Chapter 717, F.S. To accomplish this mission, all holders must achieve these results, the Department is encouraging holders inside and outside the State of Florida that are in possession of unclaimed property to comply with Florida’s Unclaimed Property Law. When reporting and remitting unclaimed property to the Department, hHolders must follow the procedures in Form DFS-UPA4-1992, Florida Unclaimed Property Reporting Instructions Manual, revised 4-11-17 7-1-15, which is hereby incorporated by reference and available from the Florida Department of Financial Services, Division of Unclaimed Property’s website at www.myfloridacfo.com.

Rulemaking Authority 717.117(1), 717.138 FS. Law Implemented 717.101, 717.102, 717.103, 717.1035, 717.104, 717.1045, 717.105, 717.106, 717.107, 717.1071, 717.108, 717.109, 717.1101, 717.111, 717.112, 717.1125, 717.113, 717.115, 717.116, 717.117, 717.119, 717.129, 717.1311, 717.134, 717.138 FS. History–New 5-3-10, Amended 4-20-16, Formerly 69I-20.041, Amended_________.

 

NAME OF PERSON ORIGINATING PROPOSED RULE: Phillip Carlton, Assistant Director, Division of Unclaimed Property, Department of Financial Services

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

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: June 7, 2017

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: April 24, 2017