Unclaimed Property in Florida Basics

Locate FL unclaimed property for your business
By Emmet McMahan Unclaimed property in Florida basics hold that unclaimed property may be any financial asset that is abandoned for a specific period of time. Unclaimed property laws require businesses, financial institutions and government entities to report any personal property they have been holding for a certain period of time, known as the abandonment period.

The state administers Florida state unclaimed property when the owner cannot be located and the appropriate abandonment period has expired. The state uses several methods to locate the owner, including newspaper advertisements and mailing notices to the owner's last known address. There are three general types of sources that provide additional information on unclaimed property in Florida:

1. The state government. These sources provide official information on Florida abandoned property and also include the state’s official property database.
2. Third parties. Commercial sites that sell unclaimed property services or independent sources may offer basic facts on unclaimed property in Florida.
3. Local governments. Specific cities and counties normally hold unclaimed property before turning it over to the state. Each local government will have its own specific procedures for allowing owners to recover unclaimed property.
   

Find state agencies that deal with unclaimed property of Florida

The state of Florida administrates unclaimed property that it receives from businesses and government entities throughout the state. Florida also has specific laws that regulate unclaimed property.
Try:  The Florida Department of Financial Services holds unclaimed property for the state and also allows a search of the unclaimed property database in Florida. Chapter 69I-20 at the Florida Administrative Weekly and Florida Administrative Code provides the procedures for recovering unclaimed property in Florida.

Learn about Florida unclaimed property from private sources

There are many businesses that provide searches of unclaimed property in Florida. While these companies may charge a fee for these services, they often provide free information about unclaimed property in Florida.
Try:  Space Coast Living Magazine provides specific information about unclaimed property in Florida. MyTownTalks has an overview of the current procedures for recovering unclaimed property in Florida.

Look for state of Florida unclaimed property in local jurisdictions

Universities, cities and counties frequently hold unclaimed property temporarily. The property will eventually be turned over to the state, reclaimed, auctioned off or otherwise disposed of.
Try:  The University of North Florida provides its policy for handling uncashed checks to students. Daytona State College forwards unclaimed student refunds to the appropriate agency after the disbursement period has elapsed.

• The process of turning over unclaimed property in Florida to the state is also called escheatment and this property may therefore be referred to as escheat. Florida businesses frequently handle escheat in the form of an unclaimed pay check which requires the company to file an unclaimed property report. The company also must make a good faith effort to find the owner.