S*0296(Rat #0262, Act #0248 of 1996)  General Bill, By Hayes
 A Bill to amend Section 12-11-40, Code of Laws of South Carolina, 1976,
 relating to enforcement and administration of income tax provisions on banks,
 so as to provide that these provisions also apply for purposes of the
 allocation and apportionment of income subject to tax, to amend Section
 27-18-180, relating to reports of unclaimed property and notice to the
 apparent owner, so as to raise the dollar value of certain property which
 requires it to be reported as unclaimed property, and to delete provisions
 requiring a specific reporting date for life insurance companies, to amend
 Section 27-18-190, relating to the administrator's notice of abandoned
 property, so as to revise the required publication dates for certain of these
 notices, and the required contents of published and mailed notices, to amend
 Section 27-18-200, relating to payment on delivery of abandoned property to
 the administrator, so as to revise such reporting requirements and the dates
 of the reporting, to amend Section 34-19-50, relating to access to the
 safe-deposit box of a decedent and the removal of its contents, so as to
 delete certain limitations on removal of contents, and to repeal Sections
 12-16-1520 and 12-16-1530, relating to notice and examination of certain
 assets of a decedent prior to transfer.-amended title

   01/10/95  Senate Introduced and read first time SJ-125
   01/10/95  Senate Referred to Committee on Banking and Insurance SJ-125
   03/09/95  Senate Committee report: Favorable with amendment
                     Banking and Insurance SJ-15
   03/15/95  Senate Amended SJ-23
   03/15/95  Senate Read second time SJ-23
   03/22/95  Senate Read third time and sent to House SJ-9
   03/23/95  House  Introduced and read first time HJ-7
   03/23/95  House  Referred to Committee on Labor, Commerce and
                     Industry HJ-8
   02/21/96  House  Committee report: Favorable with amendment Labor,
                     Commerce and Industry HJ-3
   02/26/96  House  Amended HJ-15
   02/26/96  House  Read second time HJ-19
   02/26/96  House  Unanimous consent for third reading on next
                     legislative day HJ-19
   02/27/96  House  Read third time and returned to Senate with
                     amendments HJ-6
   02/27/96  Senate Concurred in House amendment and enrolled SJ-15
   03/26/96         Ratified R 262
   04/01/96         Signed By Governor
   04/01/96         Effective date 04/01/96
   04/09/96         Copies available
   04/09/96         Act No. 248

AN ACT TO AMEND SECTION 12-11-40, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO ENFORCEMENT AND ADMINISTRATION OF INCOME TAX PROVISIONS ON BANKS, SO AS TO PROVIDE THAT THESE PROVISIONS ALSO APPLY FOR PURPOSES OF THE ALLOCATION AND APPORTIONMENT OF INCOME SUBJECT TO TAX, TO AMEND SECTION 27-18-180, RELATING TO REPORTS OF UNCLAIMED PROPERTY AND NOTICE TO THE APPARENT OWNER, SO AS TO RAISE THE DOLLAR VALUE OF CERTAIN PROPERTY WHICH REQUIRES IT TO BE REPORTED AS UNCLAIMED PROPERTY, AND TO DELETE PROVISIONS REQUIRING A SPECIFIC REPORTING DATE FOR LIFE INSURANCE COMPANIES, TO AMEND SECTION 27-18-190, RELATING TO THE ADMINISTRATOR'S NOTICE OF ABANDONED PROPERTY, SO AS TO REVISE THE REQUIRED PUBLICATION DATES FOR CERTAIN OF THESE NOTICES, AND THE REQUIRED CONTENTS OF PUBLISHED AND MAILED NOTICES, TO AMEND SECTION 27-18-200, RELATING TO PAYMENT ON DELIVERY OF ABANDONED PROPERTY TO THE ADMINISTRATOR, SO AS TO REVISE SUCH REPORTING REQUIREMENTS AND THE DATES OF REPORTING, TO AMEND SECTION 34-19-50, RELATING TO ACCESS TO THE SAFE-DEPOSIT BOX OF A DECEDENT AND THE REMOVAL OF ITS CONTENTS, SO AS TO DELETE CERTAIN LIMITATIONS ON REMOVAL OF CONTENTS, AND TO REPEAL SECTIONS 12-16-1520 AND 12-16-1530, RELATING TO NOTICE AND EXAMINATION OF CERTAIN ASSETS OF A DECEDENT PRIOR TO TRANSFER.

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

Allocation and apportionment of income

SECTION 1. Section 12-11-40 of the 1976 Code, as last amended by Act 170 of 1987, Part II, Section 2B, is further amended to read:

"Section 12-11-40. For the purpose of administration, allocation and apportionment, enforcement, collection, liens, penalties, and other similar provisions, all of the provisions of Chapter 7 of this title that may be appropriate or applicable are adopted and made a part of this chapter for the enforcement and administration of this chapter, including the requirement to make declarations of estimated tax and make estimated tax payments."

Dollar value raised; reporting date deleted

SECTION 2. Section 27-18-180 of the 1976 Code is amended to read:

"Section 27-18-180. (A) A person holding property tangible or intangible, presumed abandoned and subject to custody as unclaimed property under this chapter shall report to the administrator concerning the property as provided in this section.

(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 fifty dollars or more presumed abandoned under this chapter;

(2) in the case of unclaimed funds of 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 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.

(C) If the person holding property presumed abandoned and subject to custody as unclaimed property is a successor to other persons who previously held the property for the apparent owner or the holder has changed his name while holding the property, he shall file with his report all known names and addresses of each previous holder of the property.

(D) The report must be filed before November first of each year as of June thirtieth, next preceding. On written request by any person required to file a report, the administrator may postpone the reporting date.

(E) Not more than one hundred twenty days before filing the report required by this section, the holder in possession of property presumed abandoned and subject to custody as unclaimed property under this chapter shall send written notice to the apparent owner at his last known address informing him that the holder is in possession of property subject to this chapter if:

(1) the holder has in its records an address for the apparent owner which the holder's records do not disclose to be inaccurate;

(2) the claim of the apparent owner is not barred by the statute of limitations; and

(3) the property has a value of fifty dollars or more."

Publication dates and contents of notices revised

SECTION 3. Section 27-18-190 of the 1976 Code is amended to read:

"Section 27-18-190. (A) The administrator shall cause a notice to be published not later than March 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.

(B) The published notice must be entitled `Notice of Names of Persons Appearing to be Owners of Abandoned Property' and contain:

(1) the names in alphabetical order and last known address, if any, of persons listed in the report and entitled to notice within the county as specified in subsection (A);

(2) a statement that information concerning the property and the name and last known address of the holder may be obtained by any person possessing an interest in the property by addressing an inquiry to the administrator.

(C) The administrator is not required to publish in the notice any items of less than fifty dollars unless the administrator considers their publication to be in the public interest.

(D) Not later than March first of the year immediately following the report required by Section 27-18-180, the administrator shall mail a notice to each person whose last known address is listed in the report and who appears to be entitled to property of the value of fifty dollars or more presumed abandoned under this chapter and any beneficiary of a life or endowment insurance policy or annuity contract for whom the administrator has a last known address.

(E) The mailed notice must contain:

(1) a statement that, according to a report filed with the administrator, property is being held to which the addressee appears entitled;

(2) the name and last known address of the person holding the property and any necessary information regarding the changes of name and last known address of the holder.

(F) This section is not applicable to sums payable on travelers checks, money orders, and other written instruments presumed abandoned under Section 27-18-50."

Reporting requirements and the dates thereof revised

SECTION 4. Section 27-18-200 of the 1976 Code is amended to read:

"Section 27-18-200. (A) A person who is required to file a report under Section 27-18-180 shall pay or deliver to the administrator all abandoned property required to be reported.

(B) The holder of an interest under Section 27-18-110 shall deliver a duplicate certificate or other evidence of ownership if the holder does not issue certificates of ownership to the administrator. Upon delivery of a duplicate certificate to the administrator, the holder and any transfer agent, registrar, or other person acting for or on behalf of a holder in executing or delivering the duplicate certificate is relieved of all liability of every kind in accordance with the provision of Section 27-18-210 to every person, including any person acquiring the original certificate or the duplicate of the certificate issued to the administrator, for any losses or damages resulting to any person by the issuance and delivery to the administrator of the duplicate certificate."

Limitations on removal of contents deleted

SECTION 5. Section 34-19-50 of the 1976 Code is amended to read:

"Section 34-19-50. A lessor shall permit the person named in a court order for the purpose, or if no order has been served upon the lessor, the spouse, a parent, an adult descendant or a person named as an executor in a copy of a purported will produced by him, to open and examine the contents of a safe-deposit box leased by a decedent, or any documents delivered by a decedent for safekeeping, in the presence of an officer, manager, or assistant manager of the lessor; and the lessor, if so requested by such person, must deliver:

(1) Any writing purporting to be a will of the decedent to the executor, if one be therein named, otherwise to the court having jurisdiction of the decedent's estate;

(2) Any writing purporting to be a deed to a burial plot or to give burial instructions to the person making the request for a search; and

(3) Any document purporting to be an insurance policy on the life of the decedent to the beneficiary named therein.

No other contents shall be removed, pursuant to this section until an executor or administrator qualifies and makes claim to the contents."

Repeal

SECTION 6. Sections 12-16-1520 and 12-16-1530 of the 1976 Code are repealed.

Time effective

SECTION 7. This act takes effect upon approval by the Governor.

Approved the 1st day of April, 1996.