This page addresses key areas of interest regarding South Carolina unclaimed property and escheatment laws and regulations.
Key South Carolina Unclaimed Property Reporting Deadlines
South Carolina has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31st. Early reporting is permitted with written approval from the administrator.
Requests for extension must be made in writing and submitted before the report due date with a statement explaining the reason for the extension and the amount of time needed. Negative reports are not required.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with South Carolina’s unclaimed property laws and regulations.
South Carolina does not accept holder reports submitted on CDs, USB drives or paper reports.
Reports must be submitted using one of these methods:
- As an email attachment sent to firstname.lastname@example.org
South Carolina Due Diligence Requirements
South Carolina requires holders to send due diligence notifications for any property with a value of $50 or more. Holders must send due diligence letters each reporting cycle to the apparent owner at the last known address.
Due diligence notices should be sent no more than 120 days prior to filing the report.
A due diligence letter should inform the owner that the holder is in possession of property that has been deemed abandoned and will be turned over to the state unless the owner claims it from the holder before the report is filed.
South Carolina Voluntary Disclosure Program
South Carolina’s Voluntary Disclosure Program allows eligible businesses and organizations to come into compliance with unclaimed property laws by reporting past due property without incurring penalties.
In order to be eligible for this program, a holder must meet the following requirements:
- The holder is not currently under audit by the treasurer’s office or any of its contracted auditors.
- The holder has not been notified of an upcoming audit by the treasurer’s office or any of its contracted auditors.
- The holder is a first time participant in the program.
Find the full details about the voluntary disclosure program here.
South Carolina Dormancy Periods
Dormancy periods in South Carolina vary by property type, though most property types have a 5 year dormancy period.
Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in South Carolina for common property types include:
- Wages, Payroll or Salary: 1 year
- Dividends: 3 years
- Money Orders: 7 years
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South Carolina Unclaimed Property Links
Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in South Carolina and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in South Carolina and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.