25.555.32 100th Legislative Session 155
2025 South Dakota Legislature
Senate Bill 155
ENROLLED
AN ACT
ENTITLED An Act to reduce the amount of net receipts of unclaimed property
deposited into the general fund.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
Section 1. That § 43-41B-24 be AMENDED:
43-41B-24. Except as otherwise provided by this section, the administrator shall
promptly deposit in the general fund all moneys received under this chapter, including the
proceeds from the sale of abandoned property under § 43-41B-23, not to exceed the
general fund contribution limit, as defined in section 3 of this Act, in a fiscal year.
The administrator shall maintain in a separate unclaimed property operating fund
an amount not more than five hundred thousand dollars from which the administrator
must make prompt payment of claims duly allowed. Before making the deposit, the
administrator must record the name and last known address of each person appearing
from the holders' reports to be entitled to the property and the name and last known
address of each insured person or annuitant and beneficiary, and with respect to each
policy or contract listed in the report of an insurance company, its number, the name of
the company, and the amount due. The record must be available for public inspection at
all reasonable business hours.
Section 2. That § 43-41B-24.1 be AMENDED:
43-41B-24.1. Money in the unclaimed property operating fund for the payment
of claims and costs incurred in examining records of holders of property and in collecting
the property from those holders is continuously appropriated. Expenditures for claims and
costs incurred in examining records of holders of property and in collecting the property
from those holders must be paid upon warrants drawn by the state auditor pursuant to
vouchers authorized by the state treasurer. All moneys paid out by the state treasurer for
claims and costs incurred in examining records of holders of property and in collecting the 25.555.32 2 155
SB155 ENROLLED
property from those holders under chapter 43-41B must be set forth in an informational
budget as described in § 4-7-7.2 and be annually reviewed by the Legislature.
Section 3. That a NEW SECTION be added to chapter 43-41B:
For purposes of § 43-41B-24, "general fund contribution limit" means an amount
equal to the cost of operational expenses for the Unclaimed Property Division in each of
the following fiscal years plus:
(1) For fiscal year 2026, $61,384,827;
(2) For fiscal year 2027, $58,000,000;
(3) For fiscal year 2028, $54,000,000;
(4) For fiscal year 2029, $50,000,000;
(5) For fiscal year 2030, $46,000,000;
(6) For fiscal year 2031, $42,000,000;
(7) For fiscal year 2032, $38,000,000;
(8) For fiscal year 2033, $34,000,000;
(9) For fiscal year 2034, $30,000,000; and
(10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000.
Section 4. That a NEW SECTION be added to chapter 43-41B:
There is created in the state treasury the trust fund for unclaimed property. The
fund consists of any net receipts from unclaimed property that exceed the maximum
deposit requirements of section 3 of this Act.
The state treasurer shall administer the fund. The purpose of the fund is to provide
for the return of unclaimed property, provide for the payment of audit expenses, and
deposit into the general fund the distribution amount, in accordance with section 5 of this
Act. Distribution amounts from the fund must be budgeted through the general
appropriation bill as provided for in section 5 of this Act or expended by special
appropriation. Moneys comprising the principal amount in the trust fund for unclaimed
property may not be appropriated by the general appropriations act or by special
appropriation.
Section 5. That a NEW SECTION be added to chapter 43-41B:
Beginning in fiscal year 2026 and each fiscal year thereafter, the state treasurer
shall, after paying from the unclaimed property operating fund all claims and any 25.555.32 3 155
SB155 ENROLLED
administrative costs associated with the sale of unclaimed property, deposit into the
general fund the net receipts from unclaimed property, up to the general fund contribution
limit, as established in section 3 of this Act.
Any net receipts from unclaimed property that exceed the general fund contribution
limit as defined in section 3 of this Act, must be deposited into the trust fund for unclaimed
property.
The state investment officer shall calculate an amount equal to four percent of the
market value of the trust fund for unclaimed property, without invading principal, as
eligible for distribution to the general fund. Until fiscal year 2031, the distribution must be
based on the market value as of each December thirty -first, beginning with the market
value as of December 31, 2025. Beginning with the distribution in fiscal year 2031, the
market value must be determined by adding the market value of the trust fund at the end
of the sixteen most recent calendar quarters as of December thirty-first, and dividing the
sum by sixteen. Upon notice of the amount by the state investment officer, the state
treasurer shall transfer the distribution amount from the trust fund to the general fund as
soon as practicable after July first of the next fiscal year. 25.555.32 4 155
SB155 ENROLLED
An Act to reduce the amount of net receipts of unclaimed property deposited into the general
fund.
I certify that the attached Act originated in
the:
Senate as Bill No. 155
Secretary of the Senate
President of the Senate
Attest:
Secretary of the Senate
Speaker of the House
Attest:
Chief Clerk
Senate Bill No. 155
File No. ____
Chapter No. ______
Received at this Executive Office
this _____ day of _____________,
2025 at ____________M.
By
for the Governor
The attached Act is hereby
approved this ________ day of
______________, A.D., 2025
Governor
STATE OF SOUTH DAKOTA ,
ss.
Office of the Secretary of State
Filed ____________, 2025
at _________ o'clock __M.
Secretary of State
By
Asst. Secretary of State