717.123

Deposit of funds.

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717.123 Deposit of funds.—

(1) All funds received under this chapter, including the proceeds from the sale of unclaimed property under s. 717.122, shall forthwith be deposited by the department in the Unclaimed Property Trust Fund. The department shall retain, from funds received under this chapter, an amount not exceeding $15 million from which the department shall make prompt payment of claims allowed by the department and shall pay the costs incurred by the department in administering and enforcing this chapter. All remaining funds received by the department under this chapter shall be deposited by the department into the State School Fund.

(2) The department shall record the name and last known address of each person appearing from the holder’s reports to be entitled to the unclaimed property in the total amounts of $5 or greater; the name and the last known address of each insured person or annuitant; and with respect to each policy or contract listed in the report of an insurance corporation, its number, the name of the corporation, and the amount due.

History.—s. 24, ch. 87-105; s. 13, ch. 96-301; s. 22, ch. 2001-36; s. 120, ch. 2004-390; s. 48, ch. 2023-240; s. 14, ch. 2025-5.

Notes of Decisions

Cited in 2 cases, 2014–2018 · leading case: Crescenzo v. Atwater

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Crescenzo v. Atwater (2014) fladistctapp “See § 717.123. The fact that the funds end up in the same account, however, does not mean that they must only be removed from that fund using the same procedures.”

Choice Plus, LLC v. Department of Financial Services, etc. (2018) fladistctapp “See § 717.123. The fact that the funds end up in the same account, however, does not mean that they must only be removed from that fund using the same procedures.”

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