Notice of Proposed Rule

DEPARTMENT OF FINANCIAL SERVICES
Division of Accounting and Auditing
RULE NO: RULE TITLE
69I-20.041: Unclaimed Property Reporting Instructions.
PURPOSE AND EFFECT: Proposed Rule 69I-20.041, F.A.C., creates an unclaimed property reporting manual for use by holders of unclaimed property. The manual contains information that holders will need to properly report and remit unclaimed property to the Department.
SUMMARY: The reporting manual created by proposed Rule 69I-20.041, F.A.C., discusses what is unclaimed property and how, when and where to report unclaimed property. The manual also discusses the due diligence requirement, whether a holder of unclaimed property may obtain an extension of the report due date, unclaimed property reporting forms, electronic reporting, record retention requirements and safe deposit box shipping requirements.
SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS: The agency has determined that this rule will have an impact on small business. A SERC has been prepared by the agency.
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.
SPECIFIC AUTHORITY: 717.117(1), 717.138 FS.
LAW IMPLEMENTED: 717.101, 717.102, 717.103, 717.1035, 717.104, 717.1045, 717105, 717.106, 717.107, 717.1071, 717.108, 717.109, 717.1101, 717.111, 717.112, 717.113, 717.115, 717116, 717.117, 717.119, 717.129, 717.1311, 717.134 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: Thursday, February 18, 2010, 9:30 a.m.
PLACE: Suite B 103, The Fletcher Building, 101 E. Gaines St., 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: Paul Stadler, Jr., (850)413-3010. 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: Paul C. Stadler, Jr., Assistant General Counsel, Department of Financial Services, 200 E. Gaines St., Tallahassee, Florida 32399-4247, (850)413-3010

THE FULL TEXT OF THE PROPOSED RULE IS:

69I-20.041 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 achieve these results, the Department is encouraging businesses (“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, Holders must follow the procedures in Form DFS-A4-1992, Florida Unclaimed Property Reporting Instructions Manual, effective________, incorporated by reference and available from the Florida Department of Financial Services, Bureau of Unclaimed Property, 200 East Gaines Street, Tallahassee, Florida 32399-0358.

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, 717.113, 717.115, 717116, 717.117, 717.119, 717.129, 717.1311, 717.134 FS. History–New________.


NAME OF PERSON ORIGINATING PROPOSED RULE: Walter Graham, Chief, Bureau of Unclaimed Property
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Alex Sink, Chief Financial Officer
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: January 4, 2010
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAW: September 4, 2009