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South Dakota Senate Bill SJR505

South Dakota 2025 Regular Session

South Dakota Senate Bill SJR505 Compare Versions

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1-25.126.53 100th Legislative Session SJR505
1+25.126.52 100th Legislative Session SJR505
22
33
44 2025 South Dakota Legislature
55 Senate Joint Resolution 505
6-ENROLLED
7-
8-AN ACT
9-
10-
11-A JOINT RESOLUTION, Proposing and submitting to the voters at the next general
12-election an amendment to the Constitution of the State of South Dakota,
13-establishing the trust for unclaimed property fund.
14-BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA:
15-Section 1. That at the next general election held in the state, the following amendment to
16-Article XII of the Constitution of the State of South Dakota, as set forth in section 2 of this
17-Joint Resolution, which is hereby agreed to, be submitted to the electors of the state for
18-approval.
19-Section 2. That a NEW SECTION be added to Article XII of the Constitution of the
20-State of South Dakota:
21-There is created in the state treasury a trust fund named the trust for unclaimed
22-property fund. Upon passage of this Act and after each receipt of any unclaimed property
23-thereafter, the state treasurer shall, after paying all claims, expenses authorized by law,
24-and deposits into the general fund as authorized by law, deposit into the trust fund the
25-net receipts from unclaimed property.
26-Beginning July 1, 2027, and each July first thereafter, the state treasurer shall
27-distribute a portion of the interest and income of the trust fund into the general fund. The
28-calculation of the amount to be distributed must be determined by law and must promote
29-growth of the trust fund and a steadily growing distribution amount.
30-Neither the interest and income of the trust fund nor its principal may be diverted
31-for any other purpose unless:
32-(1) The state treasurer determines the amount is necessary for the payment of claims
33-associated with unclaimed property;
34-(2) The state treasurer determines the amount must, by law, be returned as unclaimed
35-property; or 25.126.53 2 SJR505
36-SJR505 ENROLLED
37-(3) The amount is appropriated by a three-fourths vote of all the members-elect of
38-each house of the Legislature.
39-The State Investment Council, or its successor, shall invest the trust fund in stocks,
40-bonds, mutual funds, and other financial instruments, as provided by law. 25.126.53 3 SJR505
41-SJR505 ENROLLED
42-A JOINT RESOLUTION, Proposing and submitting to the voters at the next general election an
43-amendment to the Constitution of the State of South Dakota, establishing the trust for
44-unclaimed property fund.
45-
46-
47-
48-
49-I certify that the attached Resolution
50-originated in the:
51-
52-Senate as Joint Resolution No. 505
53-
54-
55-
56-Secretary of the Senate
57-
58-
59-
60-
61-President of the Senate
62-
63-Attest:
64-
65-
66-
67-
68-Secretary of the Senate
69-
70-
71-
72-
73-Speaker of the House
74-
75-Attest:
6+SENATE ENGROSSED
767
778
789
7910
8011
81-Chief Clerk
12+Introduced by: Senator Howard
8213
83-
84-
85-Senate Joint Resolution No. 505
86-File No. ____
87-Chapter No. ______
88-
89-
90-
91-STATE OF SOUTH DAKOTA ,
92-ss.
93-Office of the Secretary of State
94-
95-
96-Filed ____________, 2025
97- at _________ o'clock __M.
98-
99-
100-
101-
102-
103-Secretary of State
104-
105-
106-
107-By
108-Asst. Secretary of State
109-
110-
111-
14+ Underscores indicate new language.
15+ Overstrikes indicate deleted language.
16+A JOINT RESOLUTION, Proposing and submitting to the voters at the next general 1
17+election an amendment to the Constitution of the State of South Dakota, 2
18+establishing the trust for unclaimed property fund. 3
19+BE IT RESOLVED BY THE LEGISLATURE OF THE STATE OF SOUTH DAKOTA: 4
20+Section 1. That at the next general election held in the state, the following amendment to 5
21+Article XII of the Constitution of the State of South Dakota, as set forth in section 2 of this 6
22+Joint Resolution, which is hereby agreed to, be submitted to the electors of the state for 7
23+approval. 8
24+Section 2. That a NEW SECTION be added to Article XII of the Constitution of the 9
25+State of South Dakota: 10
26+There is created in the state treasury a trust fund named the trust for unclaimed 11
27+property fund. Upon passage of this Act and after each receipt of any unclaimed property 12
28+thereafter, the state treasurer shall, after paying all claims, expenses authorized by law, 13
29+and deposits into the general fund as authorized by law, deposit into the trust fund the 14
30+net receipts from unclaimed property. 15
31+Beginning July 1, 2027, and each July first thereafter, the state treasurer shall 16
32+distribute a portion of the interest and income of the trust fund into the general fund. The 17
33+calculation of the amount to be distributed must be determined by law and must promote 18
34+growth of the trust fund and a steadily growing distribution amount. 19
35+Neither the interest and income of the trust fund nor its principal may be diverted 20
36+for any other purpose unless: 21
37+(1) The state treasurer determines the amount is necessary for the payment of claims 22
38+associated with unclaimed property; 23
39+(2) The state treasurer determines the amount must, by law, be returned as unclaimed 24
40+property; or 25 25.126.52 2 SJR505
41+ Underscores indicate new language.
42+ Overstrikes indicate deleted language.
43+(3) The amount is appropriated by a three-fourths vote of all the members-elect of 1
44+each house of the Legislature. 2
45+The State Investment Council, or its successor, shall invest the trust fund in stocks, 3
46+bonds, mutual funds, and other financial instruments, as provided by law. 4