Florida § 717.123 - Deposit of funds.

§ 717.123. Deposit of funds.

(1) All funds received under this chapter, including the proceeds from the sale of abandoned property under s. 717.122, shall immediately 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 abandoned 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. 1 (3) The department shall segregate in a separate account an amount that does not exceed the estimated atypical receipts for fiscal years 2024-2025 and 2025-2026 as a result of implementation of chapter 2024-140, Laws of Florida, and as identified by the Revenue Estimating Conference in its most recently adopted official forecast. This amount must be held in a separate account for the payment of claims associated with such receipts as allowed by the department. In addition to the $15 million the department is authorized to retain pursuant to subsection (1) and notwithstanding subsection (1), for the 2025-2026 and 2026-2027 fiscal years only, the department shall retain any remaining funds held in the separate account. This subsection expires July 1, 2027.