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Current Status Bill Number:View additional legislative information at the LPITS web site.3657 Ratification Number:83 Act Number:43 Type of Legislation:General Bill GB Introducing Body:House Introduced Date:20010301 Primary Sponsor:Cato All Sponsors:Cato, Robinson, Bingham, G. Brown, Campsen, Edge, Harrison, Jennings, Kelley, Kirsh, Lourie, Miller, Quinn, Rhoad, Rodgers, J.E. Smith, Tripp, Weeks, Whipper, White Drafted Document Number:l:\council\bills\nbd\11276ac01.doc Date Bill Passed both Bodies:20010510 Date of Last Amendment:20010419 Governor's Action:S Date of Governor's Action:20010529 Subject:Unclaimed property, provisions for gift certificates and forfeited reservation deposits; Uniform Unclaimed Property Act History Body Date Action Description Com Leg Involved ______ ________ ______________________________________ _______ ____________ ------ 20010611 Act No. A43 ------ 20010529 Signed by Governor ------ 20010523 Ratified R83 ------ 20010510 Scrivener's error corrected Senate 20010510 Read third time, enrolled for ratification Senate 20010509 Read second time, unanimous consent for third reading on Thursday, 20010510 Senate 20010509 Committee report: Favorable 11 SJ Senate 20010424 Introduced, read first time, 11 SJ referred to Committee House 20010420 Read third time, sent to Senate House 20010419 Amended, read second time, unanimous consent for third reading on Friday, 20010420 House 20010418 Committee report: Favorable with 26 HLCI amendment House 20010411 Co-Sponsor added (Rule 5.2) by Rep. White House 20010301 Introduced, read first time, 26 HLCI referred to Committee Versions of This Bill Revised on April 18, 2001 - Word format Revised on April 19, 2001 - Word format Revised on May 9, 2001 - Word format Revised on May 10, 2001 - Word format
(A43, R83, H3657)
AN ACT TO AMEND SECTION 27-18-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS IN THE UNIFORM UNCLAIMED PROPERTY ACT, SO AS TO DELETE GIFT CERTIFICATES FROM THE DEFINITION OF "INTANGIBLE PROPERTY"; TO AMEND SECTION 27-18-150, RELATING TO GIFT CERTIFICATES AND CREDIT MEMOS BEING PRESUMED ABANDONED WHEN NOT CLAIMED WITHIN FIVE YEARS, SO AS TO REMOVE GIFT CERTIFICATES FROM THIS PRESUMPTION OF BEING ABANDONED; TO ADD SECTION 27-18-175 SO AS TO PROVIDE THAT THE UNIFORM UNCLAIMED PROPERTY ACT DOES NOT APPLY TO FORFEITED RESERVATION DEPOSITS; AND TO PROVIDE THAT THIS ACT APPLIES TO GIFT CERTIFICATES ISSUED AFTER JUNE 30, 1996, OR GIFT CERTIFICATES THAT HAVE NOT BEEN REPORTED AS ABANDONED BEFORE JULY 1, 2001.
Be it enacted by the General Assembly of the State of South Carolina:
Definition of intangible property revised
SECTION 1. Section 27-18-20(10)(b) of the 1976 Code, as last amended by Act 14 of 1999, is further amended to read:
"(b) credit balances, customer overpayments, security deposits, refunds, credit memos, unpaid wages, unused airline tickets, and unidentified remittances except that intangible property does not include trading stamps and electronic entries representing trading stamps which are awarded to retail customers incident to the purchase of goods;"
Unclaimed gift certificates or credit memos
SECTION 2. Section 27-18-150 of the 1976 Code is amended to read:
"Section 27-18-150. (A) A credit memo issued in the ordinary course of an issuer's business which remains unclaimed by the owner for more than five years after becoming payable or distributable is presumed abandoned.
(B) In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo."
Application of chapter
SECTION 3. The 1976 Code is amended by adding:
"Section 27-18-175. This chapter does not apply to forfeited reservation deposits. For purposes of this chapter, the term 'reservation deposit' means an amount of money paid to a business association to guarantee that the business association holds a specific service including, but not limited to, a room accommodation at a hotel, a vacation rental, seating at a restaurant, or an appointment with a doctor, for a specified date and place. The term 'reservation deposit' does not include an application fee, a utility deposit, or a deposit made toward the purchase of real property."
Time effective
SECTION 4. This act takes effect July 1, 2001 and applies to gift certificates issued after June 30, 1996 and to gift certificates issued before July 1, 1996 that have not been reported as abandoned before July 1, 2001.
Ratified the 23rd day of May, 2001.
Approved the 29th day of May, 2001.
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