AB325: Bill Text

AB325,9,12 177.01 (7) “Financial organization" means a savings and loan association, savings bank, cooperative bank, building and loan association or, credit union, industrial bank, bank, banking organization, trust company, land bank, safe deposit company, private banker, or any other organization defined by other law as a bank, banking organization, or financial institution.

AB325,23 Section 23. 177.01 (7b) of the statutes is created to read:

AB325,9,23 177.01 (7b) “Game-related digital content” means digital content that exists only in an electronic game or electronic-game platform. “Game-related digital content” includes game play currency, such as a virtual wallet, even if denominated in U.S. currency and points sometimes referred to as gems, tokens, gold, and similar names, and digital codes, if for use or redemption only within the game or platform or another electronic game or electronic game platform. “Game-related digital content” does not include an item that the issuer permits to be redeemed for use outside of a game or platform and for money or goods and services that have more than minimal value or that the issuer otherwise monetizes for use outside of a game or platform.

AB325,24 Section 24. 177.01 (7d) of the statutes is created to read:

AB325,10,4 177.01 (7d) (a) “Gift card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, or services will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:

AB325,10,5 1. The value or amount does not expire.

AB325,10,7 2. The value or amount may be decreased only by redemption for merchandise, goods, or services.

AB325,10,9 3. The value or amount may not be redeemed for or converted into money or otherwise monetized by the issuer.

AB325,10,10 (b) “Gift card” includes the following:

AB325,10,14 1. A record that contains or consists of a microprocessor chip, magnetic strip, or other means for the storage of information, that is prefunded and the value or amount of which is decreased on each use and increased by payment of additional consideration.

AB325,10,16 2. A prepaid commercial mobile radio service, as defined in 47 CFR 20.3, as amended.

AB325,10,17 (c) “Gift card” does not include the following:

AB325,10,18 1. A stored-value card.

AB325,10,19 2. A loyalty card.

AB325,10,20 3. A payroll card.

AB325,10,21 4. Game-related digital content.

AB325,25 Section 25. 177.01 (8) (intro.) of the statutes is renumbered 177.01 (8) and amended to read:

AB325,11,3 177.01 (8) “Holder" means a person , wherever organized or domiciled, who is any of the following: obligated to hold property subject to this chapter for the account of, or to deliver or pay to, the owner.

AB325,26 Section 26. 177.01 (8) (a) to (c) of the statutes are repealed.

AB325,27 Section 27. 177.01 (9) of the statutes is amended to read:

AB325,11,12 177.01 (9) “Insurance company" means an association, corporation, or fraternal or mutual benefit organization, whether or not for profit, which is engaged in the business of providing life endowments, annuities, or insurance coverage, including, but not limited to, accident, burial, casualty, credit life, contract performance, dental, disability, fidelity, fire, health, hospitalization, illness, life including endowments and annuities, malpractice, marine, mortgage, surety and, wage protection, and worker compensation insurance.

AB325,28 Section 28. 177.01 (10) and (11) of the statutes are repealed.

AB325,29 Section 29. 177.01 (11d) of the statutes is created to read:

AB325,11,19 177.01 (11d) “Loyalty card” means a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program and that may be used or redeemed only to obtain goods or services or a discount on goods or services. “Loyalty card” does not include a record that may be redeemed for money or otherwise monetized by the issuer.

AB325,30 Section 30. 177.01 (11f) of the statutes is created to read:

AB325,11,25 177.01 (11f) “Mineral" means gas, oil, coal, oil shale, other gaseous liquid or solid hydrocarbon, cement material, sand and gravel, road material, building stone, chemical raw material, gemstone, fissionable and nonfissionable ores, colloidal and other clay, steam and other geothermal resources, and any other substance defined as a mineral by law of this state other than this chapter.

AB325,31 Section 31. 177.01 (11g) of the statutes is created to read:

AB325,12,5 177.01 (11g) “Mineral proceeds” means an amount payable for extraction, production, or sale of minerals, or, on the abandonment of the amount, an amount that becomes payable after abandonment. “Mineral proceeds" includes an amount payable:

AB325,12,7 (a) For the acquisition and retention of a mineral lease, including a bonus, royalty, compensatory royalty, shut-in royalty, minimum royalty, or delay rental.

AB325,12,9 (b) For the extraction, production, or sale of minerals, including a net revenue interest, royalty, overriding royalty, extraction payment, and production payment.

AB325,12,11 (c) Under an agreement or option, including a joint-operating agreement, unit agreement, pooling agreement, and farm-out agreement.

AB325,32 Section 32. 177.01 (11j) of the statutes is created to read:

AB325,12,15 177.01 (11j) “Money order” means a payment order for a specified amount of money. “Money order" includes an express money order and a personal money order on which the remitter is the purchaser.

AB325,33 Section 33. 177.01 (11m) of the statutes is created to read:

AB325,12,18 177.01 (11m) “Municipal bond” means a bond or evidence of indebtedness issued by a municipality or other political subdivision of a state.

AB325,34 Section 34. 177.01 (12) of the statutes is renumbered 177.01 (12) (intro.) and amended to read:

AB325,12,23 177.01 (12) (intro.) “Owner" means a person having a legal, beneficial, or equitable interest in property subject to this chapter or the person's legal representative acting on the person's behalf. “Owner” includes the following:

AB325,12,24 (a) A depositor in the case of , for a deposit, a .

AB325,12,25 (b) A beneficiary in the case of , for a trust other than a deposit in trust, a .

AB325,13,3 (c) A creditor, claimant, or payee in the case of, for other intangible property, or a person having a legal or equitable interest in property subject to this chapter or his or her legal representative.

AB325,35 Section 35. 177.01 (12) (d) of the statutes is created to read:

AB325,13,6 177.01 (12) (d) The lawful bearer of a record that may be used to obtain money, a reward, or a thing of value.

AB325,36 Section 36. 177.01 (12d) of the statutes is created to read:

AB325,13,9 177.01 (12d) “Payroll card” means a record that evidences a payroll-card account as defined in Regulation E, 12 CFR Part 1005, as amended.

AB325,37 Section 37. 177.01 (13) of the statutes is amended to read:

AB325,13,14 177.01 (13) “Person" means an individual, business association, state or other government, governmental subdivision, instrumentality, or agency, public corporation, public authority, estate, trust, 2 or more persons having a joint or common interest, or any other legal or commercial entity.

AB325,38 Section 38. 177.01 (13b) of the statutes is created to read:

AB325,13,19 177.01 (13b) (a) “Property” means tangible property described in s. 177.0205 or a fixed and certain interest in intangible property held, issued, or owed in the course of a holder's business or by a government, governmental subdivision, agency, or instrumentality.

AB325,13,20 (b) “Property” includes all of the following:

AB325,13,21 1. All income from or increments to the property.

AB325,13,22 2. Property referred to as or evidenced by:

AB325,13,23 a. Money, virtual currency, or interest.

AB325,13,24 b. A dividend, check, draft, deposit, or payroll card.

AB325,14,3 c. A credit balance, customer overpayment, security deposit, refund, credit memorandum, unpaid wage, unused ticket for which the issuer has an obligation to provide a refund, mineral proceeds, or unidentified remittance.

AB325,14,7 d. A security, except for a worthless security or a security that is subject to a lien, legal hold, or restriction evidenced on the records of the holder or imposed by operation of law, if the lien, legal hold, or restriction restricts the holder's or owner's ability to receive, transfer, sell, or otherwise negotiate the security.

AB325,14,8 e. A bond, debenture, note, or other evidence of indebtedness.

AB325,14,9 f. Money deposited to redeem a security, make a distribution, or pay a dividend.

AB325,14,10 g. An amount due and payable under an annuity contract or insurance policy.

AB325,14,14 h. An amount distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit-sharing, employee-savings, supplemental-unemployment insurance, or a similar benefit.

AB325,14,15 (c) “Property” does not include the following:

AB325,14,17 1. Property held in a plan described in section 529A of the Internal Revenue Code.

AB325,14,18 2. Game-related digital content.

AB325,14,19 3. A loyalty card.

AB325,14,20 4. An in-store credit for returned merchandise.

AB325,14,21 5. A gift card.

AB325,14,22 6. A stored-value card.

AB325,14,23 7. Property described under s. 177.015 (2).

AB325,39 Section 39. 177.01 (13d) of the statutes is created to read:

AB325,15,4 177.01 (13d) “Putative holder” means a person believed by the administrator to be a holder, until the person pays or delivers to the administrator property subject to this chapter or the administrator or a court makes a final determination that the person is or is not a holder.

AB325,40 Section 40. 177.01 (13f) of the statutes is created to read:

AB325,15,8 177.01 (13f) “Record” means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.

AB325,41 Section 41. 177.01 (13h) of the statutes is created to read:

AB325,15,10 177.01 (13h) “Security” means all of the following:

AB325,15,11 (a) A security, as defined in s. 408.102 (1) (o).

AB325,15,14 (b) A security entitlement, as defined in s. 408.102 (1) (q), including a customer security account held by a registered broker-dealer, to the extent the financial assets held in the security account are not any of the following:

AB325,15,16 1. Registered on the books of the issuer in the name of the person for which the broker-dealer holds the assets.

AB325,15,17 2. Payable to the order of the person.

AB325,15,18 3. Specifically endorsed to the person.

AB325,15,20 (c) An equity interest in a business association that is not a security under par. (a) or a security entitlement under par. (b).

AB325,42 Section 42. 177.01 (13j) of the statutes is created to read:

AB325,15,23 177.01 (13j) “Sign” means any of the following done with the intent to authenticate or adopt a record:

AB325,15,24 (a) To execute or adopt a tangible symbol.

AB325,16,2 (b) To attach to or logically associate with the record an electronic symbol, sound, or process.

AB325,43 Section 43. 177.01 (14d) of the statutes is created to read:

AB325,16,7 177.01 (14d) (a) “Stored-value card” means a record evidencing a promise for consideration by the seller or issuer of the record that merchandise, goods, services, or money will be provided to the owner of the record equal to the value or amount shown in the record, if all of the following apply:

AB325,16,8 1. The value or amount does not expire.

AB325,16,10 2. The value or amount may be decreased only by redemption for merchandise, goods, services, or money.

AB325,16,12 3. The value or amount may be redeemed for or converted into money or otherwise monetized by the issuer.