Bill > SJR505

This joint resolution proposes a constitutional amendment to establish a Trust for Unclaimed Property Fund in South Dakota's state treasury. The proposed amendment would require the state treasurer to deposit net receipts from unclaimed property into the fund after paying authorized claims and expenses, with a specific process for distributing interest and income starting July 1, 2027. The fund would be managed by the State Investment Council, which would invest the money in various financial instruments like stocks, bonds, and mutual funds. The fund has strict protections against diversion, allowing fund use only under three specific circumstances: (1) for paying claims associated with unclaimed property, (2) for returning money as required by law, or (3) if appropriated by a three-fourths vote of the entire Legislature. The amendment aims to create a dedicated, growth-oriented fund from unclaimed property revenues, with a mechanism designed to generate consistent distributions to the state's general fund while maintaining the fund's long-term financial integrity. The proposed change would be submitted to voters at the next general election for approval.

Government Affairs

https://sdlegislature.gov/#/Session/Bill/25479