This bill amends existing laws regarding the management of unclaimed property in South Dakota, specifically focusing on the handling of net receipts from unclaimed property. It establishes a "general fund contribution limit" that dictates the maximum amount of unclaimed property receipts that can be deposited into the general fund each fiscal year, with specific limits set for fiscal years 2026 through 2035. Additionally, it creates a new trust fund for unclaimed property, which will hold any net receipts that exceed the established contribution limit. The state treasurer is tasked with administering this fund, which is intended to cover the return of unclaimed property, audit expenses, and any excess amounts that can be distributed to the general fund.

Furthermore, the bill outlines the process for the distribution of funds from the trust fund to the general fund, specifying that the state investment officer will calculate a distribution amount based on the market value of the trust fund. This distribution will be made after all claims and administrative costs have been settled from the unclaimed property operating fund. The bill aims to ensure that the management of unclaimed property is more structured and that excess funds are appropriately allocated, thereby reducing the amount deposited into the general fund while still providing for necessary operational expenses.

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
Enrolled, 03/06/2025: 43-41B-24, 43-41B-24.1