S 1245 Session 110 (1993-1994)
S 1245 General Bill, By Senate Finance
Similar(S 412)
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
Department of Revenue and Taxation.
03/09/94 Senate Introduced, read first time, placed on calendar
without reference SJ-2
03/10/94 Senate Read second time SJ-10
03/17/94 Senate Read third time and sent to House SJ-17
03/22/94 House Introduced and read first time HJ-14
03/22/94 House Referred to Committee on Ways and Means HJ-15
INTRODUCED
March 9, 1994
S. 1245
Introduced by Finance Committee
S. Printed 3/9/94--S.
Read the first time March 9, 1994.
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 DEPARTMENT OF REVENUE AND TAXATION.
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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