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SC H3422
Bill
Status
Introduced
1/14/2025
Primary Sponsor
Steven Long
Click for details
AI Summary
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Funds held in any trust account (including lawyer's trust accounts, monetary holding funds, or other fiduciary-controlled accounts) with no disbursements for five years are classified as unclaimed property
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Unclaimed trust funds must be donated to a charitable organization that qualifies as tax-exempt under IRS Section 501(c)(3)
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Adds a new Section 27-18-410 to Chapter 18, Title 27 of the South Carolina Code of Laws
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Takes effect upon Governor's approval
Legislative Description
Real estate trust accounts
Last Action
Referred to Committee on Judiciary
1/14/2025
Committee Referrals
Judiciary12/5/2024
Full Bill Text
No bill text available