Florida Makes Claiming Unclaimed Property Easier

Last week, Florida Governor Rick Scott signed Senate Bill 464, to automate certain claims of unclaimed property with the state.

The Unclaimed Property Department has been authorized to implement an electronic system for the submission of claims. Further, if the property claimed is $1,000 or less, the Department may verify identify without the need for a drivers license or a sworn notarized statement.

Previously, claimants needed to provide proof of their identify for all amounts claimed. This could be particularly burdensome for companies, even large national brands, when the address on record did not match the corporate headquarters for the company. Florida has recognized that the proof requirements should be lower for claims on smaller amounts, making it easier to reunite property with the rightful owners.

The full text of the bill may be viewed at the Florida Senate website.

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