This page addresses key areas of interest regarding South Carolina unclaimed property and escheatment laws and regulations.
South Carolina has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31. 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 and payment must be submitted electronically.
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’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:
Dormancy periods in South Carolina vary by property type, though most property types have a five-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:
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.
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South Carolina Treasurer’s Office
Unclaimed Property Program
1200 Senate Street, Suite 214, Wade Hampton Building
Columbia, SC 29201