Policy: It is the policy of the Department of Financial Services (Department) to process inquiries from entities wishing to participate in the voluntary disclosure process. The Department’s goal is to collect and return unclaimed property to its rightful owners in accordance with the Florida Disposition of Unclaimed Property Act, Chapter 717, Florida Statutes. To achieve the results of the goal, the Department is encouraging businesses inside and outside the State of Florida who are holding unclaimed property which is reportable to Florida and have never reported unclaimed property to Florida to comply with Florida’s Unclaimed Property Law. This compliance can be achieved using the Department’s Voluntary Disclosure Program.
To participate in this program, the Holder must not:
- Be currently under examination or audit by the Department or by one of the Department’s contract auditors;
- Have file an annual report of unclaimed property with the Department;
- Have agreed to a Department-assisted or Contractor-assisted self-audit;
- Have been requested to conduct a Department-assisted or Contractor-assisted self-audit; or
- Have been contacted by the Department or by one of the Department’s contract auditors to schedule or to conduct an examination or audit of the holder.
General Requirements for Holder:
- The holder must provide the Division of Unclaimed Property the following information:
- Name of entity, mailing address, contact person, telephone number, facsimile number and email address of the contact person, federal employer identification number, and standard industrial code classification.
- The Holder’s state of incorporation;
- The Holder’s principal place of business (city and state);
- If the Holder’s state of incorporation and principal place of business is outside of Florida, the Holder must provide a list detailing the cities in Florida where the Holder conducts business with the number of locations in each city; and
- If the Holder has no locations within Florida, the Holder must so state.
- The holder must submit a detailed plan outlining the disclosure process to be completed by the Holder, which includes, at a minimum, a description of the procedures to be followed during the audit, the property types reviewed or audited, and the sampling and/or estimation techniques employed.
- If estimations are involved in determining the amounts to be reported, the calculations for the estimations must be reviewed and approved by the Department prior to the acceptance of the property by the Department and waiver of penalties. In the event that sampling and/or estimating are required due to inadequate records, the holder shall submit an affidavit, signed by an officer of the company, so stating.
- The holder shall accurately identify and report unclaimed property (self-audit) due the Department for the prior ten (10) report years within three (3) months of the date of the Final Order. In identifying and scheduling this property, the property will be aged according to the appropriate dormancy period(s), as set forth in Chapter 717, Florida Statutes. The holder shall adhere to reporting periods and approved Department reporting formats.
- The holder shall provide any additional information that is requested by the Department during and/or after the completion of the voluntary disclosure and agrees to abide by any instructions given by the Department during the course of voluntary disclosure.
- Upon completion of the voluntary disclosure, the holder shall annually file the unclaimed property report required by Chapter 717, Florida Statutes.
- No property will be accepted on behalf of another state.
- If the holder makes any false or misleading representations to the Department, the fees and penalties will be assessed as allowed by law, as well as the commencement of any other actions as permitted by law.
General Requirements for the Department:
- The Department shall not impose any penalty or interest against the holder for the reported property pursuant to Rule 69I-20.038(4)(c), Florida Administrative Code.
- The holder shall be relieved of liability upon payment and delivery of the unclaimed property as provided in Section 717.1201, Florida Statutes; however, this release of liability shall apply only to the type of property reported and remitted and shall not be construed as a general waiver of all liability for all types of property.
- Upon receipt of the report and remittance, the Department may assert its right to conduct an examination of the holder’s records pursuant to Section 717.1301, Florida Statutes.
- All information received from the holder will be disclosed as provided in Chapters 717 and 119, Florida Statutes.
Voluntary Disclosure Process
For a copy of the voluntary disclosure agreement, please click here, Voluntary Disclosure Agreement
- The disclosure agreement contains the terms and conditions of the voluntary disclosure. If the holder or its agent wishes to participate in the program, the terms and conditions of the disclosure agreement should be reviewed.
- If the holder is in agreement with the terms and conditions of the disclosure agreement, the holder should complete, execute and return the disclosure agreement along with the following information to the Department of Financial Services, Division of Unclaimed Property, 200 E. Gaines Street, Tallahassee, FL 32399-0358:
- Information requested in Section (4)(a)1 of the agreement and completion of the “Holder Information for VDA” form of the agreement.
- Holder’s state of incorporation.
- Holder’s principal place of business (city and state).
- If the holder’s state of incorporation and principal place of business is outside of Florida, a list detailing the cities in Florida where the holder conducts business with the number of locations in each city.
- If the holder has no locations within Florida, please state.
- Upon receipt of the signed agreement and required information, the Division of Unclaimed Property will review and make a determination on whether the holder’s participation in the program will be approved.
- If approved, the Director of Unclaimed Property or his designee will sign the agreement and a Final Order will be entered by the department binding the Department and the holder to the terms and conditions of the agreement. A copy of the executed agreement and Final Order will be sent to the holder.
- If not approved, a letter will be sent to the holder explaining the reason(s) for not allowing the holder to participate in the disclosure program.
- Within three (3) months of the date of the Final Order, the holder is obligated to submit a detailed plan to the Division of Unclaimed Property consisting of the following information:
- An outline of the disclosure process to be done by the holder.
- Estimation calculations.
- An unclaimed property report (submitted on the required departmental forms) consisting of the required reporting periods identifying the unclaimed property due to the department, including the funds.
NOTE: The Voluntary Disclosure Agreement MUST be reviewed and approved by the Division of Unclaimed Property and a Final Order issued before the report and remittance are accepted.
The Voluntary Disclosure Agreement
is in PDF format, if you do not have Adobe Reader, it is a free download
, click on the graphic.