South Carolina General Assembly
110th Session, 1993-1994

Bill 1245


Indicates Matter Stricken
Indicates New Matter


                    Current Status

Introducing Body:               Senate
Bill Number:                    1245
Primary Sponsor:                Committee (06)
Committee Number:               30
Type of Legislation:            GB
Subject:                        Unclaimed property
Residing Body:                  House
Current Committee:              Ways and Means
Computer Document Number:       JIC/5742HTC.94
Introduced Date:                19940309    
Last History Body:              House
Last History Date:              19940322    
Last History Type:              Introduced, read first time,
                                referred to Committee
Scope of Legislation:           Statewide
Sponsor Committee:              Finance
Sponsor Committee Number:       06
Type of Legislation:            General Bill



History


Bill  Body    Date          Action Description              CMN  Leg Involved
____  ______  ____________  ______________________________  ___  ____________

1245  House   19940322      Introduced, read first time,    30
                            referred to Committee
1245  Senate  19940317      Read third time, sent to House
1245  Senate  19940310      Read second time
1245  Senate  19940309      Introduced, read first time,
                            placed on Calendar without
                            reference

View additional legislative information at the LPITS web site.


(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

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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