State RegulationsFL specificDifficulty 1/5
Which agency administers Florida's unclaimed property program and works to return dormant funds to their owners?
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Answer & full 3-part explanation (select an option above, or peek)
Why A is correct
The Florida Department of Financial Services (DFS), headed by the Chief Financial Officer, administers the state's unclaimed property program, receiving abandoned bank accounts, unclaimed insurance proceeds, utility deposits, and other dormant property and attempting to reunite the property with its owners or their heirs.
Why the other options are wrong
- B) The Office of Insurance Regulation regulates insurers and does not administer the unclaimed property program.
- C) The Office of Financial Regulation supervises banking and securities, not abandoned property.
- D) The Department of Revenue handles tax administration, not unclaimed property; that duty belongs to the Department of Financial Services.
Memory hook
Lost money lives at DFS.