Bill Text: SC H4673 | 2017-2018 | 122nd General Assembly | Comm Sub


Bill Title: Revocation of certain beneficiary designations

Spectrum: Slight Partisan Bill (Democrat 2-1)

Status: (Passed) 2018-05-31 - Act No. 250 [H4673 Detail]

Download: South_Carolina-2017-H4673-Comm_Sub.html

COMMITTEE AMENDMENT ADOPTED

April 26, 2018

H. 4673

Introduced by Reps. G.M. Smith, Brawley and Weeks

S. Printed 4/26/18--S.

Read the first time January 31, 2018.

            

A BILL

TO AMEND SECTION 62-2-507, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO THE REVOCATION OF CERTAIN BENEFICIARY DESIGNATIONS BY DIVORCE, ANNULMENT, OR AN ORDER TERMINATING MARITAL PROPERTY RIGHTS, SO AS TO EXEMPT BENEFICIARY DESIGNATIONS UNDER EMPLOYEE BENEFIT PLANS ADMINISTERED BY THE SOUTH CAROLINA PUBLIC EMPLOYEE BENEFIT AUTHORITY.

Amend Title To Conform

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 62-2-507(a)(4) of the 1976 Code, as last amended by Act 100 of 2013, is further amended to read:

"(4)    'Governing instrument' means an instrument executed by the divorced individual before the divorce or annulment of the individual's marriage to the individual's former spouse including, but not limited to wills, revocable inter vivos trusts, powers of attorney, life insurance beneficiary designations, annuity beneficiary designations, retirement plan beneficiary designations and transfer on death accounts. 'Governing instrument' does not include a beneficiary designation made in connection with a governmental employee benefit plan established or maintained for employees of the government of the State or a political subdivision thereof, or by an agency or instrumentality of any of the foregoing."

SECTION    2.    The first undesignated paragraph, before subsection (A), of Section 30-5-30 of the 1976 Code, as last amended by Act 144 of 2016, is further amended to read:

"Except as otherwise provided by statute, before any deed or other instrument in writing can be recorded in this State, it must be acknowledged or proved by the method described in subsection (A)(1), (A)(2), or (B)."

SECTION    3.    This act takes effect upon approval by the Governor.

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