S 412 Session 110 (1993-1994)
S 0412 General Bill, By Land
Similar(S 1245)
A Bill to amend Sections 27-18-180, 27-18-190, 27-18-240, and 27-18-350, Code
of Laws of South Carolina, 1976, relating to the Uniform Unclaimed Property
Act, so as to increase from twenty-five dollars to fifty dollars the threshold
value above which certain unclaimed property must be reported, to delete the
separate reporting and notice date for life insurance companies, to allow
payment of a finder's fee for the delivery of unclaimed property held by a
nonresident and to establish conditions for the payment of this fee, to make
mandatory the payment of interest on late delivered property, and to replace
separate penalty provisions with the collection and enforcement provisions
applicable to taxes for which returns must be filed with the South Carolina
Tax Commission.
02/11/93 Senate Introduced and read first time SJ-5
02/11/93 Senate Referred to Committee on Finance SJ-5
A BILL
TO AMEND SECTIONS 27-18-180, 27-18-190, 27-18-240, AND
27-18-350, CODE OF LAWS OF SOUTH CAROLINA, 1976,
RELATING TO THE UNIFORM UNCLAIMED PROPERTY ACT, SO
AS TO INCREASE FROM TWENTY-FIVE DOLLARS TO FIFTY
DOLLARS THE THRESHOLD VALUE ABOVE WHICH CERTAIN
UNCLAIMED PROPERTY MUST BE REPORTED, TO DELETE
THE SEPARATE REPORTING AND NOTICE DATE FOR LIFE
INSURANCE COMPANIES, TO ALLOW PAYMENT OF A
FINDER'S FEE FOR THE DELIVERY OF UNCLAIMED PROPERTY
HELD BY A NONRESIDENT AND TO ESTABLISH CONDITIONS
FOR THE PAYMENT OF THIS FEE, TO MAKE MANDATORY THE
PAYMENT OF INTEREST ON LATE DELIVERED PROPERTY,
AND TO REPLACE SEPARATE PENALTY PROVISIONS WITH
THE COLLECTION AND ENFORCEMENT PROVISIONS
APPLICABLE TO TAXES FOR WHICH RETURNS MUST BE
FILED WITH THE SOUTH CAROLINA TAX COMMISSION.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Subsections (B) and (D) of Section 27-18-180 of the
1976 Code are amended to read:
"(B) The report must be verified and must include:
(1) except with respect to travelers checks and money orders, the
name, if known, and last known address, if any, of each person
appearing from the records of the holder to be the owner of property of
the value of twenty-five fifty dollars or more presumed
abandoned under this chapter;
(2) in the case of unclaimed funds of twenty-five
fifty dollars or more held or owing under any life or endowment
insurance policy or annuity contract, the full name and last known
address of the insured or annuitant and of the beneficiary according to
the records of the insurance company holding or owing the funds;
(3) in the case of the contents of a safe deposit box or other
safekeeping repository or of other tangible property, a description of the
property and the place where it is held and may be inspected by the
administrator and any amounts owing to the holder;
(4) the nature and identifying number, if any, or description of the
property and the amount appearing from the records to be due, but items
of value under twenty-five fifty dollars each may be
reported in the aggregate;
(5) the date the property became payable, demandable, or
returnable, and the date of the last transaction with the apparent owner
with respect to the property; and
(6) other information the administrator prescribes by rule as
necessary for the administration of this chapter.
(D) The report must be filed before November first of each year as
of June thirtieth, next preceding, but the report of any life insurance
company must be filed before May first of each year as of December
thirty-first next preceding. On written request by any person
required to file a report, the administrator may postpone the reporting
date."
SECTION 2. Section 27-18-190(A) of the 1976 Code is amended to
read:
"(A) The administrator shall cause a notice to be published not
later than March first, or in the case of property reported by life
insurance companies, September first, of the year immediately
following the report required by Section 27-18-180 at least once a week
for two consecutive weeks in a newspaper of general circulation in the
county in which is located the last known address of any person to be
named in the notice. If no address is listed or the address is outside this
State, the notice must be published in the county in which the holder of
the property has its principal place of business within this State."
SECTION 3. Section 27-18-240(B) of the 1976 Code is amended to
read:
"(B) Before making any deposit to the credit of the general
fund, the administrator may deduct:
(1) any costs in connection with the sale of abandoned property;
(2) costs of mailing and publication in connection with any
abandoned property;
(3) reasonable service charges; and
(4) costs incurred in examining records of holders of property and
in collecting the property from those holders.; and
(5) a reasonable fee paid to a person contracting with the
administrator to provide information leading to the delivery of
unclaimed property from a nonresident holder. No fee may be paid
before receipt of the report required pursuant to Section 27-18-180 and
delivery of the property required pursuant to Section 27-18-200. The
amount of any penalty or interest imposed is excluded from the base
amount to which the fee applies."
SECTION 4. Section 27-18-350 of the 1976 Code is amended to read:
"Section 27-18-350. (A) A person who fails to pay or
deliver property within the time prescribed by this chapter may be
required to shall pay to the administrator interest at the rate
provided in Section 12-54-20 on the property or value thereof
of the property from the date the property should have been
paid or delivered.
(B) A person who fails to render any report or perform other
duties required under this chapter shall pay a civil penalty of one
hundred dollars for each day the report is withheld or the duty is not
performed, but not more than five thousand dollars.
(C) A person who fails to pay or deliver property to the administrator
as required under this chapter shall pay a civil penalty equal to
twenty-five percent of the value of the property that should have been
paid or delivered.
(D) A person who wilfully refuses after written demand by the
administrator to pay or deliver property to the administrator as required
under this chapter is guilty of a misdemeanor and, upon conviction, must
be punished by a fine of not more than ten thousand dollars or
imprisonment for not more than one year, or both.
A person who fails to render a report or who fails to pay or deliver
property within the time prescribed by this chapter is subject to the
provisions of Article 1, Chapter 54 of Title 12. For the purposes of
collection and enforcement as provided in that article, a report required
pursuant to this chapter is deemed a return."
SECTION 5. This act takes effect upon approval by the Governor.
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