The Act provides that the State Treasurer shall serve as the custodian, rather than the owner, of property or funds deemed abandoned under its provisions. It requires that all holders review their records each year to determine whether they are in possession of any unclaimed property, to file an annual report of their findings, and to remit their unclaimed property to the State Treasurer’s Office, Unclaimed Property Program. The report must be filed with the State Treasurer before November 1 of each year as of the preceding June 30. Remittance is due with the report. Any person claiming an interest at any time in any property delivered to the State Treasurer under the Act may file a claim on forms furnished by the State Treasurer.
 

All intangible property, and the tangible and intangible contents of safe deposit boxes, that have remained unclaimed by its owners for a specific period of time. (CLICK HERE FOR DORMANCY PERIODS) Intangible property includes, but is not limited to, checking and savings accounts, wages or commissions, money orders, insurance proceeds, underlying shares, dividends, customer deposits, credit balances, layaways, and credit memos.
 

Why does South Carolina have an unclaimed property law ?

• To provide the holders relief from liability
• To protect the property rights of the owner and to reunite the owner with the funds
• To provide a centralized point of contact for potential owners of unclaimed property
   

Any business entity, whether for profit or not for profit, including proprietorships, partnerships, corporations, estates, trusts, charitable organizations; fraternal or cooperative associations; and other legal or government entities which are in possession of property belonging to another. All holders are responsible for filing reports on behalf of their branches, divisions, or other affiliated entities.
 

Not more than 120 days before filing the report, the holder must send written notice to the apparent owner at his/her last known address informing him/her that the holder is in possession of property that may be presumed abandoned. (CLICK HERE FOR SAMPLE LETTER) No written notice is required by the holder if there is no known address or the property has a value of less than $50.
 

The holder may either refer the owner to the Unclaimed Property Program Office to obtain a claim form or make payment to the owner and then seek reimbursement from the State Treasurer. It is suggested that the holder contact the office before paying the customer to make sure that the customer has not already been paid.
 

• Checks due at the time of reporting should be made payable to the State Treasurer, Unclaimed Property.
• Securities must be registered in the name of State Treasurer, Unclaimed Property OR delivered in street name to the Unclaimed Property Program’s account. Please call (803) 734-2667 for DTC delivery instructions.
   

Not later than April 30 following the November 1 reporting deadline, the State Treasurer is required to publish those accounts of $50 or more in a newspaper of general circulation in every county in which the last known address of an owner is located. In addition to the newspaper advertisements, the State Treasurer’s Unclaimed Property Program staff is continuously engaged in public outreach initiatives to reunite owners with their unclaimed property.

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