Leawood, Kan. – February 23, 2021: The State of South Carolina has introduced its version of the Revised Uniform Unclaimed Property Act (RUUPA). South Carolina House Bill 3849 (HB 3849) was first introduced on February 9, 2021 and is currently in the House Judiciary Committee.
RUUPA is the latest revision to the Uniform Unclaimed Property Act first promulgated in 1954 and most recently updated in 1995. It makes several updates to earlier versions of the uniform act to keep up with technological changes and new forms of property serving as a comprehensive set of rules for the escheat of unclaimed property.
The new South Carolina legislation establishes three priority rules to determine which state may take custody of property presumed abandoned. It adopts the uniform RUUPA exemption to escheat for loyalty, awards and promotional cards and gift cards. A gift card is defined as a stored value card without a fee, expiration date or cash redemptions unless required by law. HB 3849, §1, subsection 27-17-102(11) (2021 Sess.). Currently South Carolina exempts gift cards. HB 3849 would also require stored value cards to escheat three years after the later of “December 31 of the year in which the card is issued or additional funds are deposited into it; the most recent indication of interest in the card by the apparent owner; or, a verification or review of the balance by or on behalf of the apparent owner.” HB 3849, § 1, subsection 27-17-206(a) (2021 Sess.).
More information regarding RUUPA can be found here: RUUPA. To read South Carolina HB 3849 click here: South Carolina SB 3849.
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