Florida Unclaimed Property Reporting Laws & Escheat Guide

This page addresses key areas of interest regarding Florida unclaimed property and escheatment laws and regulations.

Key Florida Unclaimed Property Laws Reporting Deadlines

The deadline for annual reporting and remittance in Florida is April 30 for all holders of unclaimed property. Electronic reporting is required regardless of the number of owners.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Florida unclaimed property laws and regulations.

Florida Due Diligence Requirements

Florida requires due diligence notifications to be sent for any property that has a value of $50 or more. Due diligence letters must be sent each reporting cycle by first class mail no more than 120 days and no less than 60 days prior to filing a report. In each due diligence notice, the holder must identify and provide:

  • The account that is inactive,
  • Contain a heading that reads substantially as follows: “Notice. The State of Florida requires us to notify you that your property may be transferred to the custody of the Florida Department of Financial Services if you do not contact us before (insert date that is at least 30 days after the date of notice).”
  • Identify the type, nature, and, except for property that does not have a fixed value, value of the property that is the subject of the notice.
  • State that the property will be turned over to the custody of the department as unclaimed property if no response to this letter is received.
  • State that any property that is not legal tender of the United States may be sold or liquidated by the department.
  • State that after the property is turned over to the department, an apparent owner seeking return of the property may file a claim with the department.
  • State that the property is currently with a holder and provide instructions that the apparent owner must follow to prevent the holder from reporting and paying for the property or from delivering the property to the department.
     

Florida Dormancy Periods

Dormancy periods in Florida vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the property owner has not indicated any interest in the property, or if no contact has been made by the owner for the allotted dormancy period for that property.

Dormancy periods in Florida for common property types include:

  • Wages, Payroll or Salary: One year
  • Safe Deposit Boxes: Three years
  • Traveler’s Checks: 15 years

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Key Resources

Florida Department of Financial Services
Division of Unclaimed Property
P.O. Box 6350 Tallahassee, FL 32314-6350
Email: EReporting@MyFloridaCFO.com
Phone: 850.413.5522