Purchase of abandoned property.

(1) Agreements for the purchase of abandoned property reported to the department shall be valid only if all of the following conditions are met:

(a) The agreement is entitled “Florida Abandoned Property Purchase Agreement” and is in writing, in minimum 12-point type.

(b) The agreement includes the social security number or taxpayer identification number of the seller, if a number has been issued to the seller; a valid e-mail address, mailing address, and telephone number for the seller; and is manually signed and dated by the seller with the signature notarized.

(c) The agreement discloses with specificity the nature and value of the abandoned property, including the name of the apparent owner as shown by the records of the department, the name of the holder who remitted the property, the date of last contact, and the property category. With respect to the value of the abandoned property, the agreement must contain the following:

1. The total dollar amount of all abandoned property to be sold.

2. The total percentage of the value of the abandoned property to be paid as net gain to the purchaser.

3. The total net dollar amount to be received by the purchaser.

4. The net dollar amount to be received by the seller.

(d) The agreement states the abandoned property account number for each abandoned property account sold.

(e) The purchase price does not discount the total value of all abandoned property subject to the sale by more than 30 percent.

(f) The agreement states that the amount of the purchase price will be remitted to the seller by the purchaser within 30 days after the execution of the agreement by the seller.

(g) The agreement includes the name, address, e-mail address, and phone number of the purchaser.

(h) The agreement states that the abandoned property is currently in the department’s custody and that the seller can claim the property directly from the department on its electronically searchable website without being charged a fee. The agreement must provide the department’s website address.

(2) A seller may cancel a purchase agreement without penalty or obligation within 15 business days after the date on which the agreement was executed. The agreement must contain the following language in minimum 12-point type: “You may cancel this agreement for any reason without penalty or obligation to you within 15 days after the date of this agreement by providing notice to (name of purchaser) , submitted in writing and sent by certified mail, return receipt requested, or other form of mailing that provides proof thereof, at the address or e-mail address specified in the agreement.”

(3) A copy of an executed Florida Abandoned Property Purchase Agreement must be filed with the purchaser’s claim, along with proof that the purchaser has made payment in full, and all other required documentation. If proof of payment is not provided, the department may not approve the claim.

(4) A purchase agreement under this section which discounts the value of abandoned property by more than the amount authorized in paragraph (1)(e) is enforceable only by the seller.

(5)(a) For purposes of this subsection, the term:

1. “Asset purchaser” means a business association that has purchased property from a large business association.

2. “Large business association” means a business association or group of business associations which:

a. Generates $100 million or more in annual gross receipts or sales;

b. Employs 100 or more full-time employees in the United States; or

c. Has equity securities publicly traded on an exchange regulated by the United States Securities and Exchange Commission.

(b) Claims filed by an asset purchaser under this section must include:

1. A complete copy of the asset purchase agreement or similar contract between the asset purchaser and the seller; and

2. An attestation by the seller, either in the asset purchase agreement or in a separate written affirmation from the owner, that the owner:

a. Is a large business association as defined in paragraph (a); and

b. Is aware that it is selling unclaimed property that may be recovered from the administrator without paying a fee.

(c) If the seller is a publicly traded entity, the asset purchaser may provide a copy, or a link to an online copy, of the most recent Form 10K filed with the United States Securities and Exchange Commission in lieu of the attestation required by subparagraph (b)2.

(d) This subsection does not apply to asset purchase agreements involving the assets of a business association arising out of a bankruptcy proceeding under Title 11 of the United States Code or corporate dissolution or a similar proceeding under applicable state law, such as receiverships and assignments for the benefit of creditors.

(e) This subsection does not apply to asset purchase agreements between an asset purchaser and sellers that comprise a large business association.

(f) The requirements of this subsection apply only to claims filed based on asset purchase agreements executed on or after June 26, 2026.

(g) This subsection does not limit the ability of the department to request or receive additional evidence sufficient to establish to the satisfaction of the department that the claimant is the owner of the property pursuant to this chapter.

(h) The department may adopt rules to implement this subsection. The department may change by administrative rule the annual gross receipts or sales threshold to an amount less than $100 million as specified in sub-subparagraph (a)2.a.