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Bill 542

                    Current Status

Bill Number:                      542
Ratification Number:              32
Act Number:                       14
Type of Legislation:              General Bill GB
Introducing Body:                 Senate
Introduced Date:                  19990302
Primary Sponsor:                  McConnell
All Sponsors:                     McConnell, Passailaigue
Drafted Document Number:          l:\s-res\gfm\014inta.whb.doc
Date Bill Passed both Bodies:     19990423
Governor's Action:                S
Date of Governor's Action:        19990503
Subject:                          Uniform Unclaimed Property Act, trading 
                                  stamps and electronic entries representing 
                                  tangible property; Taxation


                        History

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


                             Versions of This Bill
Revised on March 10, 1999 - Word format
Revised on April 21, 1999 - Word format

(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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