On June 26, 2026, Florida Governor Ron DeSantis signed Senate Bill 1452 into law, enacting sweeping changes to the Florida Disposition of Unclaimed Property Act. The law takes effect immediately. Interestingly, many of the changes are to provisions either added or amended in 2024. The notable changes are as follows:
Definitions and Terminology Changes
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The term “unclaimed” is replaced with “abandoned” throughout the entire chapter of the law.
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A definition of “Abandoned Property” is added and is defined to mean property held by a holder for which all of the following are true:
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The apparent owner has shown no activity or indication of interest for the duration of the applicable dormancy period established under this chapter.
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The holder has complied with the due diligence requirements set forth in this chapter, including the issuance of notice to the apparent owner, and has received no response or contact sufficient to demonstrate continued interest in the property.
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The definition of “Apparent Owner” has been changed to include owners whose status of ownership may change due to passage of time or other circumstances.
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“Authorized Representative” is added and defined to mean a person or entity with the power to act on behalf of the apparent owner, such as an agent, fiduciary, trustee, or other individual authorized by law or agreement.
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The definition of “Holder” is amended to mean “a person who is in possession of property belonging to another or who owes a debt or an obligation to another person, including, but not limited to, financial institutions, insurance companies, corporations, partnerships, fiduciaries, and government agencies.” Current law defines holder as the person in possession, control or custody of property belonging to another and who is indebted to another on an obligation or obligated to holder for the account of or to deliver or pay to the owner of property.
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“Intangible Property” is amended to exclude non-freely transferable securities and securities subject to a lien or legal hold that restricts the ability to sell, transfer, or receive the security.
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A definition for “Non-Freely Transferable Securities” is added to mean securities that cannot be delivered to the administrator by the DTC Corporation, similar custodian or there is no agent to affect the transfer. This term also includes worthless securities.
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Owner interest
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Under revised language, the general rule is that property is presumed abandoned 5 years after it becomes payable or distributable. Property is considered payable or distributable once the holder’s obligation to pay or deliver the property arises, regardless of whether the apparent owner or authorized representative has failed to demand or to present documents required to receive payment.
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The new law makes it clear that routine automatic transactions, including automatic deposits, withdrawals or reinvestments are not considered contact.
Unclaimed Stock, Equity and Debt
Presumption of Abandonment
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The criteria for presuming stock, equity interests, or debt of a business association to be abandoned has been changed again. Seemingly, after industry feedback a return mail element has been added back into the law. However, reminiscent of the Illinois securities related provision, depending on the trigger for dormancy, a different dormancy period is used. Indeed, the new law proposes that such property is presumed abandoned on the date of the earliest of any of the following
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Three years after the account is coded RPO (mail has been returned).
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Five years after the date of last owner generated contact.
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Two years after date of death of the owner, as evidenced by a notice from an authorized representative, receipt of a copy of the owner’s death certificate, or confirmation through other means or evidence that leads the holder to reasonably conclude that the owner is deceased.
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Pre-Escheat Notice
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A pre-escheat notice obligation is added if holders do not annually send owners of securities first class mail. Such communication must be by email no later than three years after the owner’s last demonstration of interest. If the holder does not have the information needed to email or they believe the email to be invalid, the holder receives notification that the email was not received, or the owner does not respond, then the holder must contact the owner by first-class mail. If the first-class mail is returned as undelivered, then the equity interest is presumed abandoned.
Known-Location Exception – 10 Year Dormancy Period
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Equity interests in business associations and securities accounts are not presumed abandoned solely due to inactivity if the holder knows the location of the apparent owner.
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The statue provides what appears to be an exception to the above stated rules related to the presumption of abandonment. If the owner’s location is unknown, and certain steps are taken (see below), the equity interest or security is not presumed to be abandoned until ten years after the owner’s most recent indication of interest or ten years after the last communication to the owner was returned undelivered.
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For this exception to apply, Holders must perform data matching to ensure that they have the most up to date owner addresses and deceased statuses. The holder can use any commercially available third-party data comparison sources.
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With this updated information and existing records, the holder is deemed to know the location of the owner if:
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The holder communicates at least annually with the owner by first-class US mail or electronic means such as email, text message, or mobile app and the communication is successfully delivered; and,
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One or more account level indicators that demonstrate owner interest occur at least every 10 years. These indicators include:
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Owner initiated activity, for example: authenticated access to a website, mobile messaging, or other authenticated third-party account servicing
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Contact information updates received through an authorized financial adviser
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Responses to account notifications or alerts
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Negotiation of distributions, including dividends, or
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Any activity by the owner or authorized representative that demonstrates to the holder that the owner is aware of and has an interest in the property.
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Recurring transactions cannot independently prove owner interest.
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If the above conditions are not met and the owner’s location is unknown, the equity interest or security is presumed abandoned ten years after the owner’s most recent indication of interest or ten years after the last communication to the owner was returned undelivered. Holders must make reasonable efforts to locate the owner and comply with due diligence requirements for the property to be presumed abandoned.
Dormancy Period Changes
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The dormancy period for unmatured or unredeemed debt, other than a bearer bond or an original issue discount bond, is increased from 3 to 5 years after the most recent interest payment is unclaimed by the owner.
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The dormancy period for matured or redeemed debt is increased from 3 to 5 years after the date of maturity or redemption
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The dormancy period for any dividend, profit, distribution, interest redemption, payment on principal, or other sum held or owing by a business association for or to a shareholder, certificate holder, member, bondholder, or other security holder is increased from 3 to 5 years after the date prescribed for payment or delivery
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The dormancy period for virtual currency has increased from 5 to 7 years.
Due Diligence
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Property is not considered abandoned for the purpose of reporting and remitting if the holder has not conducted the required due diligence efforts, regardless of the expiration of the dormancy period.
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The timeframe for sending due diligence has changed from 60-120 days to 90-180 days before filing the report. The threshold value remains at $50 or more.
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The option to send the notice by email remains.
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Certified mailing requirement: If the value of the property is greater than $1,000, the holder must send a second written notice by certified mail, return receipt requested, at least 60 days before filing the report. Certified mailing costs may be deducted from the property as a service charge for the holder.
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The required language for due diligence is amended.
Reporting Requirements
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Reports must be signed by or on behalf of the holder and verified for completeness and accuracy, and the holder must state that it has complied with all due diligence requirements.
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Non-freely transferable or worthless securities should not be reported until they become transferable or gain value. If this does happen, report and remit them in the next reporting cycle.
