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COMMITTEE REPORT
May 9, 2001
H. 3657
Introduced by Reps. Cato, Robinson, Bingham, G. Brown, Campsen, Edge, Harrison, Jennings, Kelley, Kirsh, Lourie, Miller, Quinn, Rhoad, Rodgers, J.E. Smith, Tripp, Weeks, Whipper and White
S. Printed 5/9/01--S. [SEC 5/10/01 3:53 PM]
Read the first time April 24, 2001.
To whom was referred a Bill (H. 3657) to amend Section 27-18-20, as amended, Code of Laws of South Carolina, 1976, relating to definitions in the Uniform Unclaimed Property Act, etc., respectfully
That they have duly and carefully considered the same and recommend that the same do pass:
C. BRADLEY HUTTO for Committee.
EXPLANATION OF IMPACT:
The State Treasurer's Office has indicated that there would be no cost or savings on the General Fund of the State nor on federal and/or other funds.
SPECIAL NOTES:
The Board of Economic Advisors is the appropriate agency to address any revenue impact of this legislation.
Approved By:
Don Addy
Office of State Budget
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; AND TO ADD SECTION 27-18-175 SO AS TO PROVIDE THAT THE UNIFORM UNCLAIMED PROPERTY ACT DOES NOT APPLY TO FORFEITED RESERVATION DEPOSITS.
Be it enacted by the General Assembly of the State of South Carolina:
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, 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;"
SECTION 2. Section 27-18-150 of the 1976 Code is amended to read:
"Section 27-18-150. (A) A gift certificate or 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 gift certificate, the amount presumed abandoned is the price paid by the purchaser for the gift certificate. In the case of a credit memo, the amount presumed abandoned is the amount credited to the recipient of the memo."
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."
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.
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