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A197, R227, S741
Sponsors: Senator Courson
Document Path: l:\s-res\jec\015uncl.dag.doc
Introduced in the Senate on May 8, 2007
Introduced in the House on February 7, 2008
Passed by the General Assembly on March 28, 2008
Governor's Action: April 15, 2008, Signed
Summary: Uniform Unclaimed Property Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number ------------------------------------------------------------------------------- 5/8/2007 Senate Introduced and read first time SJ-4 5/8/2007 Senate Referred to Committee on Judiciary SJ-4 5/14/2007 Senate Referred to Subcommittee: Martin (ch), Malloy, Campsen, Williams 1/30/2008 Senate Committee report: Favorable with amendment Judiciary SJ-12 1/31/2008 Scrivener's error corrected 2/5/2008 Senate Committee Amendment Adopted SJ-29 2/5/2008 Senate Read second time SJ-29 2/6/2008 Senate Read third time and sent to House SJ-24 2/7/2008 House Introduced and read first time HJ-20 2/7/2008 House Referred to Committee on Judiciary HJ-20 3/26/2008 House Committee report: Favorable Judiciary HJ-4 3/27/2008 House Read second time HJ-26 3/27/2008 House Unanimous consent for third reading on next legislative day HJ-27 3/27/2008 Scrivener's error corrected 3/28/2008 House Read third time and enrolled HJ-2 4/10/2008 Ratified R 227 4/15/2008 Signed By Governor 4/21/2008 Copies available 4/21/2008 Effective date 04/15/08 4/21/2008 Act No. 197
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VERSIONS OF THIS BILL
(A197, R227, S741)
AN ACT TO AMEND SECTION 27-18-110, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO STOCKS AND OTHER INTANGIBLE OWNERSHIP INTERESTS IN A BUSINESS ASSOCIATION EVIDENCED BY RECORDS AVAILABLE TO THE ASSOCIATION, SO AS TO REDUCE THE DORMANCY PERIOD FOR STOCK OR OTHER EQUITY INTERESTS IN THE ASSOCIATION FROM SEVEN TO THREE YEARS, AND TO CHANGE THE CRITERIA FOR CALCULATING WHETHER A STOCK OR SECURITY INTEREST IS UNCLAIMED; TO AMEND SECTION 27-18-250, RELATING TO THE PROCEDURE FOR PROCESSING CLAIMS TO PROPERTY PAID OR DELIVERED TO THE STATE TREASURER AND THE METHOD FOR RECOVERY OF INTEREST ON PROPERTY, SO AS TO CORRECT AN ARCHAIC REFERENCE; AND TO AMEND SECTION 27-18-350, RELATING TO INTEREST AND PENALTIES FOR VIOLATION OF CHAPTER 18, TITLE 27, SO AS TO REVISE THE CIVIL PENALTY FOR A PERSON WHO FAILS TO FILE A REPORT OR PERFORM OTHER DUTIES PURSUANT TO THIS CHAPTER.
Be it enacted by the General Assembly of the State of South Carolina:
Dormancy period shortened
SECTION 1. Section 27-18-110 of the 1976 Code is amended to read:
"Section 27-18-110. (A) Stock or other equity interest in a business association is presumed unclaimed three years after the earliest of:
(1) the date of the most recent dividend, stock split, or other distribution unclaimed by the apparent owner;
(2) the date of a statement of account or other notification or communication that was returned as undeliverable; or
(3) the date the holder discontinued mailings, notifications, or communications to the apparent owner.
(B) Unmatured or unredeemed debt, other than a bearer bond or an original-issue discount bond, is presumed unclaimed three years after the date of the most recent interest payment unclaimed by the owner.
(C) Matured or redeemed debt is presumed unclaimed three years after the date of maturity or redemption.
(D) At the time property is presumed unclaimed pursuant to subsection (A) or (B), any other property right accrued or accruing to the owner as a result of the property interest and not previously presumed unclaimed is also presumed unclaimed.
(E) The running of the three-year period ceases if the person:
(1)(a) communicates in writing with the association or its agent regarding the interest or a dividend, distribution, or other sum payable as a result of the interest; or
(b) otherwise communicates with the association regarding the interest or a dividend, distribution, or other sum payable as a result of the interest, as evidenced by a memorandum or other record on file with the association or its agent; or
(2) presents an instrument issued to pay interest or a dividend or other cash distribution. If a future dividend, distribution, or other sum payable to the owner as a result of the interest is subsequently not claimed by the owner, a new period in which the property is presumed unclaimed commences and relates back only to the time a subsequent dividend, distribution, or other sum became due and payable.
(F) At the same time any interest is presumed unclaimed under this section, a dividend, distribution, or other sum then held for or owing to the owner as a result of the interest, is presumed unclaimed."
SECTION 2. Section 27-18-250(C) of the 1976 Code is amended to read:
"(C) If a claim is allowed, the administrator shall pay over or deliver to the claimant the property or the amount the administrator actually received or the net proceeds if it has been sold by the administrator together with any additional amount required by Section 27-18-220. If the claim is for property presumed abandoned under Section 27-18-110 which was sold by the administrator within three years after the date of delivery, the amount payable for that claim is the value of the property at the time the claim was made or the net proceeds of sale, whichever is greater. If the property claimed was interest-bearing to the owner on the date of surrender by the holder, the administrator also shall pay interest at a rate provided in Section 12-54-25 or any lesser rate the property earned while in the possession of the holder. Interest begins to accrue when the property is delivered to the administrator and ceases on the earlier of the expiration of ten years after delivery or the date on which payment is made to the owner. No interest on interest-bearing property is payable for any period before the effective date of this chapter."
SECTION 3. Section 27-18-350(B) and (C) of the 1976 Code are amended to read:
"(B) A person who fails to render any report or perform other duties required pursuant to this chapter may be required to 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 pursuant to this chapter may be required to pay a civil penalty equal to twenty-five percent of the value of the property that should have been paid or delivered."
SECTION 4. This act takes effect upon approval by the Governor.
Ratified the 10th day of April, 2008.
Approved the 15th day of April, 2008.
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