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69G-20.050 VOLUNTARY DISCLOSURE AGREEMENTS, EXAMINATIONS AND AUDITS

Notice of Proposed Rule Hearing

 

                                                                               NOTICE OF PROPOSED RULE

DEPARTMENT OF FINANCIAL SERVICES

Division of Unclaimed Property

RULE NO.: RULE TITLE:

69G-20.050 VOLUNTARY DISCLOSURE AGREEMENTS, EXAMINATIONS AND AUDITS

PURPOSE AND EFFECT: The proposed rule amendment deletes paragraphs (a) through (e) of subsection (6) to discontinue incorporating manuals by reference into the rule because the relevant provisions of the manuals are addressed in contracts with those performing the services.

SUMMARY: Amendment to delete paragraphs (a) through (e) of subsection (6) of Rule 69G-20.050, F.A.C.

SUMMARY OF STATEMENT OF ESTIMATED REGULATORY COSTS AND LEGISLATIVE RATIFICATION: 
The Agency has determined that this will not have an adverse impact on small business or likely increase directly or indirectly regulatory costs in excess of $200,000 in the aggregate within one year after the implementation of the rule.  A SERC has not been prepared by the Agency.

The Agency has determined that the proposed rule is not expected to require legislative ratification based on the statement of estimated regulatory costs or if no SERC is required, the information expressly relied upon and described herein: The Department’s preliminary economic analysis indicated the proposed rule will not result in an adverse impact or regulatory costs in excess of $1 million within five years.

Any person who wishes to provide information regarding the statement of estimated regulatory costs, or to provide a proposal for a lower cost regulatory alternative must do so in writing within 21 days of this notice.

RULEMAKING AUTHORITY: 717.117(1), 717.138 FS.

LAW IMPLEMENTED: 717.117, 717.119, 717.129, 717.1301, 717.133(5) FS.

IF REQUESTED WITHIN 21 DAYS OF THE DATE OF THIS NOTICE, A HEARING WILL BE HELD AT THE DATE, TIME AND PLACE SHOWN BELOW (IF NOT REQUESTED, THIS HEARING WILL NOT BE HELD):

DATE AND TIME: October 6, 2022, 10:00 a.m.

PLACE: Please join my meeting from your computer, tablet or smartphone. https://global.gotomeeting.com/join/626020717
You can also dial in using your phone. United States (Toll Free): 1(866)899-4679, United States: (571)317-3116, Access Code: 626-020-717

Join from a video-conferencing room or system. Dial in or type: 67.217.95.2 or inroomlink.goto.com, Meeting ID: 626 020 717 or dial directly: 626020717@67.217.95.2 or 67.217.95.2##626020717

Pursuant to the provisions of the Americans with Disabilities Act, any person requiring special accommodations to participate in this workshop/meeting is asked to advise the agency at least 5 days before the workshop/meeting by contacting: Phillip Carlton, Assistant Director, Division of Unclaimed Property, Department of Financial Services, 101 East Gaines Street, Tallahassee, Florida 32399-0358, (850) 413-5570, Phillip.Carlton@myfloridacfo.com. If you are hearing or speech impaired, please contact the agency using the Florida Relay Service, 1(800) 955-8771 (TDD) or 1(800) 955-8770 (Voice).

THE PERSON TO BE CONTACTED REGARDING THE PROPOSED RULE DEVELOPMENT AND A COPY OF THE PRELIMINARY DRAFT, IF AVAILABLE, IS: Phillip Carlton (see contact information in preceding paragraph).

THE FULL TEXT OF THE PROPOSED RULE IS:

69G-20.050 Voluntary Disclosure Disclusure Agreements, Examinations and Audits.

(1) through (5) No change.

(6) If companies in the same or similar line of business regularly report unclaimed property such as payroll or vendor checks, unclaimed accounts payable, and unclaimed escrow accounts, and the Holder does not, or if companies of the same approximate size regularly report unclaimed property such as payroll or vendor checks, unclaimed accounts payable, and unclaimed escrow accounts of a certain dollar amount, and the Holder has reported a lower dollar amount, an unclaimed property audit or self-audit should be conducted.

(a) The Department’s contract auditors shall follow the procedures in Form DFS-UP-200, General Audit Process for the Identification, Authorization, General Ledger and/or Securities Audits, Contractor-Assisted Self-Audits, Collection and Delivery of Unclaimed Property for the State of Florida, effective 4-27-09, www.fltreasurehunt.gov/files/DFS-UP-200.pdf.

(b) The Department’s contract auditors shall provide Holders with Form DFS-UP-210, Procedures Applicable to the State Authorized Unclaimed Property General Ledger and Securities Audits and Contractor-Assisted Self-Audits, Conducted by Contractors, effective 4-27-09, www.fltreasurehunt.gov/files/DFS-UP-210.pdf.

(c) The Department’s auditors and supervisors shall follow the procedures in Form DFS-UP-220, State of Florida Division of Unclaimed Property Audit Manual, effective 4-27-09, www.fltreasurehunt.gov/files/DFS-UP-220.pdf.

(d) The Department’s auditors and supervisors shall follow the procedures in Form DFS-UP-230, State of Florida Division of Unclaimed Property Self-Audit Manual, effective 4-27-09, www.fltreasurehunt.gov/files/DFS-UP-230.pdf.

(e) The forms referred to herein are hereby incorporated by reference and available from the Florida Department of Financial Services, Division of Unclaimed Property, 200 East Gaines Street, Tallahassee, Florida 32399-0358, ereporting@myfloridacfo.com.

Rulemaking Authority 717.117(1), 717.138 FS. Law Implemented 717.117, 717.119, 717.129, 717.1301, 717.133(5) FS. History–New 1-3-05, Amended 4-27-09, Formerly 69I-20.050, Amended ___________.

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NAME OF PERSON ORIGINATING PROPOSED RULE: Phillip Carlton, Assistant Director, Division of Unclaimed Property
NAME OF AGENCY HEAD WHO APPROVED THE PROPOSED RULE: Jimmy Patronis, Chief Financial Officer
DATE PROPOSED RULE APPROVED BY AGENCY HEAD: August 2, 2022
DATE NOTICE OF PROPOSED RULE DEVELOPMENT PUBLISHED IN FAR: June 29, 2020



 

 

Attorney: Gregory Warner