Section 717.117, F.S., requires that every person holding funds or other property, tangible or intangible, presumed unclaimed and subject to custody as unclaimed property under chapter 717, F.S., shall report to the department on such forms as the ...

 

DEPARTMENT OF FINANCIAL SERVICES

Division of Unclaimed Property

RULE NO.:RULE TITLE:

69G-20.041DIVISION OF UNCLAIMED PROPERTY REPORTING INSTRUCTIONS

PURPOSE AND EFFECT: Section 717.117, F.S., requires that every person holding funds or other property, tangible or intangible, presumed unclaimed and subject to custody as unclaimed property under chapter 717, F.S., shall report to the department on such forms as the department may prescribe by rule. In lieu of forms, a report identifying 25 or more different apparent owners must be submitted by the holder via electronic medium as the department may prescribe by rule. The report must include the information specified in paragraphs 717.117(1)(a) through (h), F.S. The Department has adopted an instructions manual that holders must follow when reporting and remitting unclaimed property to the Department.

SUMMARY: The proposed amendments to the Division of Unclaimed Property Reporting Instructions Manual will update and clarify the requirements for reporting unclaimed property to the Division and include a new electronic report format option for entities submitting their report of unclaimed property through the Holder Reporting Online System.

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’s economic analysis of the potential impact of the proposed rule amendments determined that there will be no adverse economic impact or increased regulatory costs 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: 717.117(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: April 24, 2020, 10:00 a.m. to 12:00 Noon

PLACE: This hearing, if requested, will only be held by telephone conference call. The call- in phone number is [phone] and the conference ID number is 69472.

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 at [phone] or [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, 200 East Gaines Street, Tallahassee, FL 32399-0358, [phone] or [e-mail].

 

THE FULL TEXT OF THE PROPOSED RULE IS:

 

69G-20.041 Division of Unclaimed Property Reporting Instructions Manual for Unclaimed Property.

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 comply with Florida’s Unclaimed Property Law. When reporting and remitting unclaimed property to the Department, holders must follow the procedures in Form DFS-P1-0001 DFS-A4-1992, http://www.flrules.org/Gateway/reference.asp?No=Ref-08599, Florida Division of Unclaimed Property Reporting Instructions Manual, revised July 2019 2017, which is hereby incorporated by reference and available from the Florida Department of Financial Services, Division of Unclaimed Property’s website at: www.FLTreasureHunt.gov; and may be viewed on the following link: <insert DOS website link>.

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 9-20-17, __________.

 

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

NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jimmy Patronis, Chief Financial Officer

DATE PROPOSED RULE APPROVED BY AGENCY HEAD: March 24, 2020

DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: September 16, 2019