5823121, 69I-20.0011 - Florida Administrative Rules, Law, Code, Register

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Florida Department of State and Division of Library and Information Services

Notice: 5823121

Notice of Proposed Rule

Department:

DEPARTMENT OF FINANCIAL SERVICES

Division:

Division of Accounting and Auditing

Chapter:

UNCLAIMED PROPERTY

Overview

RULE:

69I-20.0011	Full Disclosure Statement (Transferred)
69I-20.0027	Payment of Conflicting Claims (Repealed)
69I-20.0028	General Principles for Joint Ownership of Property for Accounts that are not Unclaimed Demand, Savings or Checking Accounts Formerly Held by a Financial Institution (Transferred)
69I-20.0029	Survivorship Accounts Reported by a Financial Institution (Transferred)
69I-20.031	Holder Due Diligence.
69I-20.050	Voluntary Disclosure Agreements, Examinations and Audits (Transferred)

PURPOSE:

The purpose of the rules is to do the following:
Rule 69I-20.0011, F.A.C.: The purpose and effect of the proposed rule is to implement the disclosure provisions of Sections 717.135(3) and 717.1351(2) and (4), F.S.
Rule 69I-20.0027: The purpose and effect of the proposed rule amendment is to repeal the conflicting claims rule.
Rule 69I-20.0028, F.A.C.: The purpose and effect of the proposed rule is to provide general principles for jointly owned property.
Rule 69I-20.0029, F.A.C.: The purpose and effect of the proposed rule is to provide that “and” accounts, “or” accounts, and accounts otherwise reported by financial institutions in the name of two or more individuals shall be treated as survivorship accounts in the absence of evidence to the contrary.
Rule 69I-20.031, F.A.C.: The purpose and effect of the proposed rule is to merge the definition of the term “due diligence” codified in Section 717.101(9), F.S., with the statutory provision of Section 717.117(4), F.S., which implements the definition.
Rule 69I-20.050, F.A.C.: The purpose and effect of the proposed rule amendment is to amend the rule and provide that a holder may not enter into a voluntary disclosure agreement if the holder has agreed to a self-audit, been requested by the Department to conduct a self-audit, or has been notified of the Department’s intention to audit or examine the holder.

SUMMARY:

The proposed rule changes implement the disclosure provisions of Sections 717.135(3) and 717.1351(2) and (4), F.S., repeal the conflicting claims rule which provides six examples of how conflicting claims are to be paid, provide general principles for jointly owned property, provide that accounts reported by financial institutions shall be treated as survivorship accounts in the absence of evidence to the contrary, merge the definition of the term “due diligence” codified in Section 717.101(9), F.S., with the statutory provision of Section 717.117(4), F.S., and provide that a holder may not enter into a voluntary disclosure agreement if the holder has agreed to a self-audit, been requested by the Department to conduct a self-audit, or has been notified of the Department’s intention to audit or examine the holder.

RULEMAKING AUTHORITY:

717.117(1), 717.138 FS.

LAW:

655.005, 655.79, 717.101, 717.117, 717.119, 717.124, 717.1241, 717.12403, 717.126, 717.129, 717.135, 717.1351, 731.201 FS.

PRINT PUBLISH DATE:

7/3/2008 Vol. 34/27

COMMENTS:

From 7/3/2008 To 7/24/2008 (21 Days)
The public comment period for this notice has already expired.

REFERENCE MATERIALS:

No reference(s).

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