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H. 4474
STATUS INFORMATION
General Bill
Sponsors: Reps. Harrison, Cato, Harrell, Sandifer, Ott, Jennings, Scott, Barfield, Mahaffey, Leach, Huggins, Pinson, Bedingfield, M.A. Pitts, J.R. Smith, Parks, Taylor, Gambrell, Brantley, Herbkersman, Talley, Bowen, Agnew, Haskins, Ballentine, Owens, Rice, Hiott, Skelton, G.R. Smith, Bannister, Stewart, Perry, Viers, Allen, Clyburn, Clemmons, D.C. Smith, Sellers, Frye and Erickson
Document Path: l:\council\bills\agm\19001mm08.doc
Companion/Similar bill(s): 988
Introduced in the House on January 15, 2008
Currently residing in the House Committee on Judiciary
Summary: Uniform Unclaimed Property Act
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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1/15/2008 House Introduced and read first time HJ-12
1/15/2008 House Referred to Committee on Judiciary HJ-12
1/16/2008 House Member(s) request name added as sponsor: Mahaffey,
Leach, Huggins, Pinson, Bedingfield, M.A.Pitts,
J.R.Smith
1/17/2008 House Member(s) request name added as sponsor: Parks, Taylor,
Gambrell
1/22/2008 House Member(s) request name added as sponsor: Brantley,
Herbkersman, Talley, Bowen, Agnew
1/23/2008 House Member(s) request name added as sponsor: Haskins,
Ballentine, Owens, Rice, Hiott, Skelton, G.R.Smith,
Bannister
1/30/2008 House Member(s) request name added as sponsor: Stewart, Perry,
Viers, Allen, Clyburn
1/31/2008 House Member(s) request name added as sponsor: Clemmons
2/5/2008 House Member(s) request name added as sponsor: D.C.Smith
2/6/2008 House Member(s) request name added as sponsor: Sellers
2/7/2008 House Member(s) request name added as sponsor: Frye
2/12/2008 House Member(s) request name added as sponsor: Erickson
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND SECTION 27-18-20, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO DEFINITIONS IN CONNECTION WITH THE UNIFORM UNCLAIMED PROPERTY ACT, SO AS TO DEFINE "APPROVED USES" AND "ELECTRIC OR TELEPHONE COOPERATIVE'S SERVICE AREA"; AND BY ADDING SECTIONS 27-18-185 AND 27-18-255, SO AS TO PROVIDE FOR AN ALTERNATIVE METHOD OF DISPOSITION OF PATRONAGE ALLOCATIONS IN CONNECTION WITH AN ELECTRIC OR TELEPHONE COOPERATIVE.
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1.A. Section 27-18-20 of the 1976 Code is amended by adding after item (2):
"(2A) 'Approved uses' means:
(a) donated to an eleemosynary organization serving in the electric or telephone cooperative's service area if the eleemosynary organization is one that does not participate in advocating the election or defeat of political candidates;
(b) used in support of education in the electric or telephone cooperative's service area;
(c) used for economic development purposes in the electric or telephone cooperative's service area; or
(d) used for the benefit of the electric or telephone cooperative's members."
B. Section 27-18-20 of the 1976 Code is amended by adding after item (6):
"(6A) 'Electric or telephone cooperative's service area' means any county in which the electric or telephone cooperative provides electric or telephone service and any county adjacent to it."
SECTION 2. Chapter 18, Title 27 of the 1976 Code is amended by adding:
"Section 27-18-185. (A) Patronage allocations or capital credits presumed abandoned pursuant to this chapter in a given calendar year that are held by an electric cooperative organized pursuant to Chapter 49 of Title 33 must be expended for approved uses if the electric cooperative has:
(1) maintained for at least six months on its website or on a public posting in its main office, a list, including the name, if known, and last known address, if any, of each person appearing from the cooperative's records to be the owner of patronage allocations or capital credits of the value of fifty dollars or more which are presumed abandoned together with instructions on how to claim the property; and
(2) published in the legal notice section of a major newspaper in the county in which its main office is located or in its monthly magazine notice of the last date to claim property that has been presumed abandoned. The notice must be published within three to six months before the last date to claim the property and must state the name of each person appearing from the cooperative's records to be the owner of patronage allocations or capital credits that are presumed abandoned and which carry a value of fifty dollars or more.
(B) Patronage allocations or capital credits that are held, issued, or owing by telephone cooperatives organized pursuant to Chapter 46 of Title 33 which remain unclaimed by the owner for more than seven years after becoming payable or distributable may be expended for approved uses if the telephone cooperative has:
(1) maintained for at least six months on its website or on a public posting in its main office, a list, including the name, if known, and last known address, if any, of each person appearing from the cooperative's records to be the owner of patronage allocations or capital credits with a value of fifty dollars or more which have been unclaimed by the owner for more than seven years after becoming payable or distributable together with instructions on how to claim such property; and
(2) published in the legal notice section of a major newspaper in the county in which its main office is located or in its monthly magazine notice of the last date to claim patronage allocations or capital credits that have been unclaimed by the owner for more than seven years after becoming payable or distributable. The notice must be published within three to six months before the last date to claim the property and must state the names of the owners of the property with a value of fifty dollars or more."
SECTION 3. Chapter 18, Title 27 of the 1976 Code is amended by adding:
"Section 27-18-255. (A) A person claiming an interest in patronage allocations or capital credits after the patronage allocations or capital credits have been expended by a telephone or electric cooperative for approved uses in accordance with Section 27-18-185 may file with the cooperative a claim on a form prescribed by the cooperative and verified by the claimant.
(B) The cooperative shall consider each claim within ninety days after it is filed and give written notice to the claimant if the claim is denied in whole or in part. The notice may be given by mailing it to the last address, if any, stated in the claim as the address to which notices are to be sent. If an address for notices is not stated in the claim, the notice may be mailed to the last address, if any, of the claimant as stated in the claim. A notice of denial need not be given if the claim fails to state either the last address to which notices are to be sent or the address of the claimant.
(C) If a claim is allowed, the cooperative shall pay over or deliver to the claimant the patronage allocations or capital credits or amount the cooperative owed to the claimant at the time the patronage allocations or capital credits were expended."
SECTION 4. If any section, subsection, paragraph, subparagraph, sentence, clause, phrase, or word of this act is for any reason held to be unconstitutional or invalid, such holding shall not affect the constitutionality or validity of the remaining portions of this act, the General Assembly hereby declaring that it would have passed this act, and each and every section, subsection, paragraph, subparagraph, sentence, clause, phrase, and word thereof, irrespective of the fact that any one or more other sections, subsections, paragraphs, subparagraphs, sentences, clauses, phrases, or words hereof may be declared to be unconstitutional, invalid, or otherwise ineffective.
SECTION 5. This act takes effect upon approval by the Governor and applies to patronage allocations that are held, issued, or owing and unclaimed by the owner or that have been or will be presumed abandoned as of that date.
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