South Carolina Escheat & Unclaimed Property Laws

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 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.

South Carolina Dormancy Periods

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:

• Wages, Payroll or Salary: One year
• Dividends: Three years
• Money Orders: Seven years

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