Florida Regulations 19B-16.014: Unclaimed Refunds
Current as of: 2024 | Check for updates
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(1) The Board will mail written notice to the Account Owner when a refund of fifty dollars ($50.00) or more for the Account will be escheated within one (1) year. The notice shall indicate the procedure which must be followed to obtain a refund of the monies held by the Board for said Accounts and that, if a claim for a refund is not made within seven (7) years of the termination of the Account, the funds will escheat to the Florida Prepaid College Trust Fund. An alphabetical list of the names of the Account Owners of such Accounts shall be posted on the Board’s website (www.MyFloridaPrepaid.com).
(2) The Board will attempt to identify contributors who have made inadvertent payments of fifty dollars ($50.00) or more into the Program and who are owed a refund of such payments. The Board will mail a written notice to persons who made such payments informing them that they are entitled to a refund of the inadvertent payments when such refunds will be escheated within one (1) year. The notice will indicate the procedure which the person must follow to obtain a refund of the monies held by the Board and that, if a claim for a refund is not made within seven (7) years of the receipt of the inadvertent payment, the funds will escheat to the Florida Prepaid College Trust Fund. An alphabetical list of the names of the contributors shall be posted on the Board’s website (www.MyFloridaPrepaid.com).
(3) When the Board determines one or more additional methods for locating and notifying Account Owners and contributors due an unclaimed refund or entitled to a refund of an inadvertent payment are available which are likely to increase the number and amounts of refunds provided to Account Owners and contributors, the Board will use such methods to locate and provide refunds to Account Owners and contributors.
(4) The Board shall annually review and approve the list of unclaimed refunds and inadvertent payments which have remained unclaimed for the periods required under this rule and are subject to escheatment to the Florida Prepaid College Trust Fund.
Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.972(5), 1009.981(4) FS. History-New 12-28-21.
Terms Used In Florida Regulations 19B-16.014
- Escheat: Reversion of real or personal property to the state when 1) a person dies without leaving a will and has no heirs, or 2) when the property (such as a bank account) has been inactive for a certain period of time. Source: OCC
(3) When the Board determines one or more additional methods for locating and notifying Account Owners and contributors due an unclaimed refund or entitled to a refund of an inadvertent payment are available which are likely to increase the number and amounts of refunds provided to Account Owners and contributors, the Board will use such methods to locate and provide refunds to Account Owners and contributors.
(4) The Board shall annually review and approve the list of unclaimed refunds and inadvertent payments which have remained unclaimed for the periods required under this rule and are subject to escheatment to the Florida Prepaid College Trust Fund.
Rulemaking Authority 1009.971(1), (4), (6) FS. Law Implemented 1009.971, 1009.972(5), 1009.981(4) FS. History-New 12-28-21.