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FLORIDA STATUTES AND CODES

717.1351 Acquisition of unclaimed property.

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717.1351 Acquisition of unclaimed property.(1) A person desiring to acquire ownership of or entitlement to property reported to the department under s. 717.117 must be an attorney licensed to practice law in this state, a licensed Florida-certified public accountant, a private investigator licensed under chapter 493, or an employer of a licensed private investigator which employer possesses a Class “A” license under chapter 493 and must be registered with the department under this chapter. (2) All contracts to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must be in 10-point type or greater and must: (a) Have a purchase price that discounts the value of the unclaimed property at the time the agreement is executed by the seller at no greater than 20 percent per account held by the department. An unclaimed property account must not be discounted in excess of $1,000. However, the $1,000 discount limitation does not apply if probate proceedings must be initiated on behalf of the seller for an estate that has never been probated or if the seller of the unclaimed property is not a natural person or is a person outside the United States; or (b) Fully disclose that the property is held by the Bureau of Unclaimed Property of the Department of Financial Services pursuant to this chapter, the mailing address of the bureau, the Internet address of the bureau, the person or name of the entity that held the property prior to the property becoming unclaimed, the date of the holder’s last contact with the owner, if known, and the approximate value of the property, and identify which of the following categories of unclaimed property the buyer is seeking to purchase as reported by the holder: 1. Cash accounts. 2. Stale dated checks. 3. Life insurance or annuity contract assets. 4. Utility deposits. 5. Securities or other interests in business associations. 6. Wages. 7. Accounts receivable. 8. Contents of safe-deposit boxes.The purchase agreement described in this paragraph must state in 12-point type or greater in the order indicated with the blank spaces accurately completed:FULL DISCLOSURE STATEMENTThe property is currently held by the State of Florida Department of Financial Services, Bureau of Unclaimed Property, pursuant to chapter 717, Florida Statutes. The mailing address of the Bureau of Unclaimed Property is    . The Internet address of the Bureau of Unclaimed Property is    .The property was remitted by:    .Date of last contact:    .Property category:    .Immediately above the signature line for the seller, the purchase agreement described in this paragraph must state in 12-point type or greater:Seller agrees, by signing below, that the FULL DISCLOSURE STATEMENT has been read and fully understood. (3) The originals of all such disclosures and agreements to transfer ownership of or entitlement to unclaimed property shall be signed and dated by the seller and shall be filed with the claim form. The claimant shall provide the department with a legible copy of a valid driver’s license of the seller at the time the original claim form is filed. If a seller has not been issued a valid driver’s license at the time the original claim form is filed, the department shall be provided with a legible copy of a photographic identification of the seller issued by the United States or a foreign nation, a state or territory of the United States or a foreign nation, or a political subdivision or agency thereof. In lieu of photographic identification, a notarized sworn statement by the seller may be provided which affirms the seller’s identity and states the seller’s full name and address. The seller must produce to the notary his or her photographic identification issued by the United States, a state or territory of the United States, a foreign nation, or a political subdivision or agency thereof or other evidence deemed acceptable by department rule. The notary shall indicate the notary’s full address on the notarized sworn statement. If a claim is filed without the required identification or the sworn statement with the original claim form and the original agreement to acquire ownership of or entitlement to the unclaimed property, the claim is void. (4) Any contract to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must provide for the purchase price to be remitted to the seller or sellers within 10 days after the execution of the contract by the seller or sellers. The contract must specify the unclaimed property account number, the name of the holder who reported the property to the department, the category of unclaimed property, the value of the unclaimed property account, and the number of shares of stock, if applicable. Proof of payment by check must be filed with the department with the claim. (5) All agreements to purchase unclaimed property from an owner must use the following form on 8 and 1/2-inch by 11-inch paper or on 8 and 1/2-inch by 14-inch paper with all of the text on one side of the paper and with the other side of the paper left blank. The agreement must be accurately completed and executed. The title of the agreement shall be in bold 14-point type or greater and underlined. Except as otherwise provided in this section, the rest of the agreement shall be in 10-point type or greater. All unclaimed property accounts to be purchased must be identified on the agreement by account number. The agreement must state, in bold 12-point type or greater at the top of the agreement in the order indicated:PURCHASE AGREEMENT$   = Approximate Dollar Value of the Property    = Number of Shares of Stock (If Applicable)    = Percent of Property to be Paid to the Buyer$   = Amount to be Paid to Buyer$   = Net Amount to be Paid to SellerProperty Account Number(s):       (6) All agreements shall include: (a) The name and professional license number of the registrant. (b) The name, address, and telephone number of the registrant’s firm or employer. (c) The name, address, and telephone number of the seller. (d) The taxpayer identification number or social security number of the seller, if available. (e) The name and address to whom the warrant is to be issued if it is different from the seller’s name and address. (f) The original signature of the registrant and the date signed by the registrant. (7) This section does not prohibit the: (a) Use of bolding, italics, print of different colors, or text borders as a means of highlighting or stressing certain selected items within the text. (b) Placement of the name, address, and telephone number of the registrant’s firm or company in the top margin above the words “PURCHASE AGREEMENT.” No additional writing of any kind may be placed in the top margin, including, but not limited to, logos, license numbers, Internet addresses, or slogans. (c) Deletion of the words “Number of Shares of Stock (If Applicable)” if the agreement does not relate to the recovery of securities. (d) Deletion of the words “Percent of Property to be Paid to Buyer,” if the purchase agreement provides for a flat fee to be paid as compensation to the buyer. (8) This section does not supersede the licensing requirements of chapter 493.History.s. 140, ch. 2004-390; s. 23, ch. 2005-163.
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  • 717.1351 Acquisition of unclaimed property.

       (1) A person desiring to acquire ownership of or entitlement to property reported to the department under s. 717.117 must be an attorney licensed to practice law in this state, a licensed Florida-certified public accountant, a private investigator licensed under chapter 493, or an employer of a licensed private investigator which employer possesses a Class “A” license under chapter 493 and must be registered with the department under this chapter.

       (2) All contracts to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must be in 10-point type or greater and must:

       (a) Have a purchase price that discounts the value of the unclaimed property at the time the agreement is executed by the seller at no greater than 20 percent per account held by the department. An unclaimed property account must not be discounted in excess of $1,000. However, the $1,000 discount limitation does not apply if probate proceedings must be initiated on behalf of the seller for an estate that has never been probated or if the seller of the unclaimed property is not a natural person or is a person outside the United States; or

       (b) Fully disclose that the property is held by the Bureau of Unclaimed Property of the Department of Financial Services pursuant to this chapter, the mailing address of the bureau, the Internet address of the bureau, the person or name of the entity that held the property prior to the property becoming unclaimed, the date of the holder’s last contact with the owner, if known, and the approximate value of the property, and identify which of the following categories of unclaimed property the buyer is seeking to purchase as reported by the holder:

       1. Cash accounts.

       2. Stale dated checks.

       3. Life insurance or annuity contract assets.

       4. Utility deposits.

       5. Securities or other interests in business associations.

       6. Wages.

       7. Accounts receivable.

       8. Contents of safe-deposit boxes.

    The purchase agreement described in this paragraph must state in 12-point type or greater in the order indicated with the blank spaces accurately completed:

    FULL DISCLOSURE STATEMENT

    The property is currently held by the State of Florida Department of Financial Services, Bureau of Unclaimed Property, pursuant to chapter 717, Florida Statutes. The mailing address of the Bureau of Unclaimed Property is    . The Internet address of the Bureau of Unclaimed Property is    .

    The property was remitted by:    .

    Date of last contact:    .

    Property category:    .

    Immediately above the signature line for the seller, the purchase agreement described in this paragraph must state in 12-point type or greater:

    Seller agrees, by signing below, that the FULL DISCLOSURE STATEMENT has been read and fully understood.

       (3) The originals of all such disclosures and agreements to transfer ownership of or entitlement to unclaimed property shall be signed and dated by the seller and shall be filed with the claim form. The claimant shall provide the department with a legible copy of a valid driver’s license of the seller at the time the original claim form is filed. If a seller has not been issued a valid driver’s license at the time the original claim form is filed, the department shall be provided with a legible copy of a photographic identification of the seller issued by the United States or a foreign nation, a state or territory of the United States or a foreign nation, or a political subdivision or agency thereof. In lieu of photographic identification, a notarized sworn statement by the seller may be provided which affirms the seller’s identity and states the seller’s full name and address. The seller must produce to the notary his or her photographic identification issued by the United States, a state or territory of the United States, a foreign nation, or a political subdivision or agency thereof or other evidence deemed acceptable by department rule. The notary shall indicate the notary’s full address on the notarized sworn statement. If a claim is filed without the required identification or the sworn statement with the original claim form and the original agreement to acquire ownership of or entitlement to the unclaimed property, the claim is void.

       (4) Any contract to acquire ownership of or entitlement to unclaimed property from the person or persons entitled to the unclaimed property must provide for the purchase price to be remitted to the seller or sellers within 10 days after the execution of the contract by the seller or sellers. The contract must specify the unclaimed property account number, the name of the holder who reported the property to the department, the category of unclaimed property, the value of the unclaimed property account, and the number of shares of stock, if applicable. Proof of payment by check must be filed with the department with the claim.

       (5) All agreements to purchase unclaimed property from an owner must use the following form on 8 and 1/2-inch by 11-inch paper or on 8 and 1/2-inch by 14-inch paper with all of the text on one side of the paper and with the other side of the paper left blank. The agreement must be accurately completed and executed. The title of the agreement shall be in bold 14-point type or greater and underlined. Except as otherwise provided in this section, the rest of the agreement shall be in 10-point type or greater. All unclaimed property accounts to be purchased must be identified on the agreement by account number. The agreement must state, in bold 12-point type or greater at the top of the agreement in the order indicated:

    PURCHASE AGREEMENT

    $   = Approximate Dollar Value of the Property

        = Number of Shares of Stock (If Applicable)

        = Percent of Property to be Paid to the Buyer

    $   = Amount to be Paid to Buyer

    $   = Net Amount to be Paid to Seller

    Property Account Number(s):      

       (6) All agreements shall include:

       (a) The name and professional license number of the registrant.

       (b) The name, address, and telephone number of the registrant’s firm or employer.

       (c) The name, address, and telephone number of the seller.

       (d) The taxpayer identification number or social security number of the seller, if available.

       (e) The name and address to whom the warrant is to be issued if it is different from the seller’s name and address.

       (f) The original signature of the registrant and the date signed by the registrant.

       (7) This section does not prohibit the:

       (a) Use of bolding, italics, print of different colors, or text borders as a means of highlighting or stressing certain selected items within the text.

       (b) Placement of the name, address, and telephone number of the registrant’s firm or company in the top margin above the words “PURCHASE AGREEMENT.” No additional writing of any kind may be placed in the top margin, including, but not limited to, logos, license numbers, Internet addresses, or slogans.

       (c) Deletion of the words “Number of Shares of Stock (If Applicable)” if the agreement does not relate to the recovery of securities.

       (d) Deletion of the words “Percent of Property to be Paid to Buyer,” if the purchase agreement provides for a flat fee to be paid as compensation to the buyer.

       (8) This section does not supersede the licensing requirements of chapter 493.

    History. s. 140, ch. 2004-390; s. 23, ch. 2005-163.

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