H 3605 General Bill, By C.Y. Waites, K.G. Kempe, H.H. Keyserling, M.H. Kinon, 
J.R. Klapman, A.C. McGinnis, J. Rama and I.K. Rudnick
 A Bill to amend Section 27-18-240, as amended, Code of Laws of South Carolina,
 1976, relating to the requirement that abandoned funds be deposited in the
 General Fund of the State, so as to require that these funds instead be
 deposited in the county general fund.

   02/26/91  House  Introduced and read first time HJ-40
   02/26/91  House  Referred to Committee on Ways and Means HJ-40

A BILL

TO AMEND SECTION 27-18-240, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REQUIREMENT THAT ABANDONED FUNDS BE DEPOSITED IN THE GENERAL FUND OF THE STATE, SO AS TO REQUIRE THAT THESE FUNDS INSTEAD BE DEPOSITED IN THE COUNTY GENERAL FUND.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION 1. Section 27-18-240(A) of the 1976 Code, as last amended by Section 34A, Part II, Act 658 of 1988, is further amended to read:

"(A) Except as otherwise provided by this section, the administrator shall promptly deposit in the county general fund of this State all funds received under this chapter, including the proceeds from the sale of abandoned property under Section 27-18-230. The administrator shall retain in a separate trust fund an amount not less than one hundred thousand dollars from which prompt payment of claims duly allowed must be made by him. Before making the deposit, the administrator shall record the name and last known address of each person appearing from the holders' reports to be entitled to the property and the name and last known address of each insured person or annuitant and beneficiary and with respect to each policy or contract listed in the report of an insurance company its number, the name of the company, and the amount due. The record must be available for public inspection at all reasonable business hours."

SECTION 2. This act takes effect upon approval by the Governor.