BIL:3657
RTN:83
ACN:43
TYP:General Bill GB
INB:House
IND:20010301
PSP:Cato
SPO:Cato, Robinson, Bingham, G.Brown, Campsen, Edge, Harrison, Jennings, Kelley, Kirsh, Lourie, Miller, Quinn, Rhoad, Rodgers, J.E.Smith, Tripp, Weeks, Whipper, White
DDN:l:\council\bills\nbd\11276ac01.doc
DPB:20010510
LAD:20010419
GOV:S
DGA:20010529
SUB:Unclaimed property, provisions for gift certificates and forfeited reservation deposits; Uniform Unclaimed Property Act
HST:
BodyDateAction DescriptionComLeg Involved
______
------20010611Act No. A43
------20010529Signed by Governor
------20010523Ratified R83
------20010510Scrivener's error corrected
Senate20010510Read third time, enrolled for
ratification
Senate20010509Read second time, unanimous consent
for third reading on Thursday,
20010510
Senate20010509Committee report: Favorable11 SJ
Senate20010424Introduced, read first time,11 SJ
referred to Committee
House20010420Read third time, sent to Senate
House20010419Amended, read second time,
unanimous consent for third reading
on Friday, 20010420
House20010418Committee report: Favorable with26 HLCI
amendment
House20010411Co-Sponsor added (Rule 5.2) by Rep.White
House20010301Introduced, read first time,26 HLCI
referred to Committee
Versions of This Bill
Revised on 20010418
Revised on 20010419
Revised on 20010509
Revised on 20010510
TXT:
(A43, R83, H3657)
AN ACT TO AMEND SECTION 271820, 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 2718150, 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 2718175 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
SECTION1.Section 271820(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
SECTION2.Section 2718150 of the 1976 Code is amended to read:
“Section 2718150.(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
SECTION3.The 1976 Code is amended by adding:
“Section 2718175.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
SECTION4.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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