The bill amends existing laws regarding the management of unclaimed property in South Dakota, specifically focusing on the deposit of net receipts into the general fund. It establishes a "general fund contribution limit," which caps the amount that can be deposited into the general fund based on operational expenses for the Unclaimed Property Division over several fiscal years, starting from 2026. The bill also creates a new "trust fund for unclaimed property" to hold any net receipts that exceed this limit, ensuring that these funds are used for the return of unclaimed property, payment of audit expenses, and further contributions to the general fund.

Additionally, the bill outlines the responsibilities of the state treasurer in administering the trust fund and specifies that after covering claims and administrative costs, any remaining net receipts from unclaimed property will be deposited into the general fund up to the established limit. Any excess will go into the trust fund. The state investment officer is tasked with calculating a distribution amount from the trust fund to the general fund, based on a percentage of the fund's market value, with specific guidelines for determining this value over the years.

Statutes affected:
Senate Appropriations Engrossed, 02/18/2025: 43-41B-24, 43-41B-24.1
Senate Engrossed, 02/20/2025: 43-41B-24, 43-41B-24.1