South Carolina Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| South Carolina | July 1 to June 30 | Before November 1 | $50 minimum, written notice not more than 120 days prior to report filing | Required | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. Manual entry also available on the online portal. | Funds: ACH Credit, Wire, Online Securities: DTC | South Carolina Unclaimed Property |
The current statutes that govern unclaimed property in South Carolina can be found here. South Carolina has introduced the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
South Carolina Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in South Carolina is July 1 to June 30.
South Carolina Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address not more than 120 days days before the unclaimed property report is filed. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
South Carolina Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before November 1.
South Carolina Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
South Carolina Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through ACH Credit, Wire or Online. Securities can be transferred through Depository Trust Company (DTC).
South Carolina Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. South Carolina requires negative reports.
South Carolina Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. South Carolina does have a VDA program.
South Carolina Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of South Carolina vary, refer to the state dormancy periods.
More information from the state of South Carolina on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.