View Amendment Current Amendment: JUD0766.004.docx to Bill 766     Senator RANKIN proposed the following amendment (JUD0766.004):
    Amend the Committee Amendment, as and if amended, by striking lines 4 through 18 on page [766-4], and inserting the following:

/     (F)     Notwithstanding the provisions of the Uniform Unclaimed Property Act, S.C. Code of Laws Section 27-18-10 et seq., patronage capital that has been retired by a cooperative but remains unclaimed for a period of seven years shall become abandoned patronage capital. The cooperative shall, nonetheless, pay any validated claims by members or former members for unclaimed or abandoned patronage capital. With respect to abandoned patronage capital, the cooperative must follow the procedures set forth in subsection (G). Each year, the cooperative may impose a reasonable administrative fee for abandoned or unclaimed patronage capital and may offset the fee against such abandoned or unclaimed patronage capital. Abandoned patronage capital shall be designated as equity and, at the board's direction, can be used only by the cooperative for:
        (1)     energy efficiency programs and education;
        (2)     renewable energy initiatives; or
        (3)     educational or charitable purposes.         /

Amend the Committee Amendment further, as and if amended, by striking line 34 on page [766-4] and inserting the following:

/     owner of the unclaimed patronage capital of fifty dollars or more, together with     /

Amend the Committee Amendment further, as and if amended, by striking lines 39 through 43 on page [766-4] and lines 1 through 4 on page [766-5] and inserting the following:

/     (b)     The cooperative shall publish, no less than annually, in its official publication, either in print or electronically, the names and addresses of each person appearing from the cooperative's records to be the owner of unclaimed patronage capital of fifty dollars or more, together with instructions on how to claim such property. Such publication will commence within one year after the check representing patronage capital was returned to the cooperative as undeliverable or has gone uncashed and will continue for the earlier of two consecutive years or until the patronage capital has been paid to the rightful owner; and         /

Amend the Committee Amendment further, as and if amended, by striking lines 5 through 15 on page [766-5] and inserting the following:

/         (c)     The cooperative shall maintain a searchable website on which will be listed the names and addresses of each person appearing from the cooperative's records to be the owner of unclaimed and abandoned patronage capital of fifty dollars or more, together with instructions on how to claim the property. The listings will commence within one year after the check representing patronage capital was returned to the cooperative as undeliverable or has gone uncashed and will continue until the patronage capital has been paid to the rightful owner. The State Treasurer's Office shall maintain a link on the State's Unclaimed Property website to the cooperative's searchable website to increase public awareness and access.         /

    Renumber sections to conform. Amend title to conform.