1999-2000 Bill 542: Uniform Unclaimed Property Act, Trading Stamps and Electronic Entries

BIL: 542 RTN: 32 ACN: 14 TYP: General Bill GB INB: Senate IND: 19990302 PSP: McConnell SPO: McConnell, Passailaigue DDN: l:\s-res\gfm\014inta.whb.doc DPB: 19990423 GOV: S DGA: 19990503 SUB: Uniform Unclaimed Property Act, trading stamps and electronic entries representing tangible property; Taxation

Body Date Action Description Com Leg Involved ______------19990524 Act No. A14 ------19990503 Signed by Governor ------19990428 Ratified R32 House 19990423 Read third time, enrolled for ratification House 19990422 Read second time, unanimous consent for third reading on Friday, 19990423 House 19990421 Committee report: Favorable 25 HJ House 19990317 Introduced, read first time, 25 HJ referred to Committee Senate 19990316 Co-Sponsor added by Senator Passailaigue Senate 19990316 Read third time, sent to House Senate 19990311 Read second time Senate 19990310 Committee report: Favorable 11 SJ Senate 19990302 Introduced, read first time, 11 SJ referred to Committee

Printed Versions of This Bill

Ordered Printed on 19990310 Ordered Printed on 19990421

TXT: (A14, R32, S542)

AN ACT TO AMEND SECTION 27-18-20, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS FOR TERMS USED IN THE UNIFORM UNCLAIMED PROPERTY ACT, SO AS TO AMEND THE DEFINITION OF “INTANGIBLE PROPERTY” BY EXCLUDING TRADING STAMPS AND ELECTRONIC ENTRIES REPRESENTING TRADING STAMPS.

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

Intangible property

SECTION 1. Section 27-18-20(10) of the 1976 Code is amended to read:

“(10) ‘Intangible property’ includes: (a) monies, checks, drafts, deposits, interest, dividends, and income; (b) credit balances, customer overpayments, gift certificates, 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; (c) stocks and other intangible ownership interests in business associations; (d) monies deposited to redeem stocks, bonds, coupons, and other securities, or to make distributions; (e) amounts due and payable under the terms of insurance policies; (f) amounts distributable from a trust or custodial fund established under a plan to provide health, welfare, pension, vacation, severance, retirement, death, stock purchase, profit sharing, employee savings, supplemental unemployment insurance, or similar benefits.” Time effective

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

Ratified the 28th day of April, 1999.

Approved the 3rd day of May, 1999.

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