State Treasurer Curtis Loftis Thanks SC State Senate for Keeping Unclaimed Property Rights Intact
May 29, 2012
Treasurer Loftis says vote maintains agency’s ability to seek and return unclaimed money to citizens.
COLUMBIA, SC – May 25, 2012 – State Treasurer Curtis Loftis thanked theSouth Carolina State Senate for maintaining the ability of theTreasurer’s Office to return unclaimed funds to the citizens of ourstate.
“Today is a victory for the citizens of South Carolina who haveunclaimed funds,” Treasurer Loftis said. “Hard working men and womendeserve their money and we need the tools necessary to make thathappen. In the past 10 years the Treasurer’s Office has returned nearly$80 million dollars to its rightful owners and nearly $175 million tothe state’s general fund.
“We can now join other states to audit major national corporationsand with new technology we have access to hundreds of millions ofdollars in unclaimed property. The Senate’s action today allows ouroffice the ability to participate in these audits.”
State law requires companies to hold unclaimed property for a periodof time ranging from one to 15 years. After the holding period, if therightful owner cannot be found, those funds must be remitted to thestate. Typical unclaimed property consists of utility deposits, dormantbank accounts, stock accounts, life insurance policies and otherfinancial instruments. Monies where an owner cannot be located are thenmoved to the state’s general fund.
In the past 10 years, $80 million has been returned to South Carolinacitizens. Over that same time period, nearly $175 million has beenremitted to the general fund of the state that could be used to pay foreducation, healthcare and law enforcement. In fiscal year 2010-2011,the program paid out $12.6 million to rightful owners and turned overanother $15 million to the general fund.
“The legislation now moves on to the House and I am hopeful they willreaffirm the importance of allowing the state to have the necessarytools possible to track down unclaimed money and return it to therightful owners,” Treasurer Loftis stated. “Please contact yourlegislators today and ask them to support the Treasurer’s Office’sability to collect and return property to the rightful owners.”
