No. CS/CS/CS/SB 1452
Filed under Insurance.
Department of Financial Services; Revising the subsystem used for a certain report of disbursements made; deleting the Department of Financial Services’ authority to make semimonthly salary payments; revising eligibility requirements for a hurricane mitigation inspection under the My Safe Florida Home Program; deleting provisions regarding the reporting structure for charts of accounts relating to the use of public funds by governmental entities; providing that redemption in cash or through a debit card transaction shall be treated the same; revising the timelines and conditions under which stock, other equity interests, or debt of a business association is considered abandoned; ratifying specified rules relating to legal tender for the sole and exclusive purpose of satisfying conditions on effectiveness pursuant to chapter 2025-100, Laws of Florida, etc.
Plain English Summary
AI-GENERATEDThe bill expands My Safe Florida Home eligibility, removing the low-income exemption from the $700,000 insured-value cap. It also adds a 24-month reapplication window for homeowners seeking hurricane mitigation grants.
It redefines abandoned property using variable dormancy periods instead of a fixed five-year rule. Property is presumed abandoned when the owner fails to demonstrate continued interest for the prescribed time.
The bill broadens who must report abandoned property to include any person in possession of another's property or owing a debt, not just financial institutions.
It creates new criminal disqualification bars for funeral industry licenses and grants the Department of Financial Services authority to mandate insurance license reexaminations.
AIBroadens who can get hurricane mitigation inspections and grants, adds a 24-month reapplication window, and removes the low-income exemption from the $700,000 insured-value cap.
AICreates permanent and time-limited bars to licensure based on criminal history, with specific exceptions for pardons and active license holders.
AIGrants the Department of Financial Services the power to mandate license reexaminations for insurance agents, adjusters, and title agencies.
AIExplicitly defines cheating on licensure examinations as a ground for compulsory license refusal, suspension, or revocation.
AIRequires public adjusters to respond to written or electronic claims status requests from claimants within 14 days and document the response.
AIRedefines abandoned property based on dormancy periods and due diligence, presuming property abandoned upon expiration of the dormancy period.
AIReplaces the fixed 5-year rule with a variable dormancy period and requires affirmative demonstration of continued interest to rebut abandonment.
AIBroadens the class of entities required to report and remit property to include all persons in possession of property or owing a debt, not just financial institutions.