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Bill

SB 155

reduce the amount of net receipts of unclaimed property deposited into the general fund.

2025 Regular Session Introduced by Heather Baxter and 15 co-sponsors

South Dakota's SB 155 reduces unclaimed property deposits into the general fund, redirecting revenues but creating potential budget gaps and raising questions about how funds are reallocated.

Signed by the Governor on 2025-03-13 S.J. 529
#property #unclaimedproperty
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WeVote Research Nonpartisan
Bill Summary · SB 155

Legislative bill overview

SB 155 reduces the portion of unclaimed property net receipts that South Dakota deposits into its general fund. Unclaimed property typically includes forgotten bank accounts, insurance proceeds, and other assets that revert to the state as custodian. By reducing general fund deposits, the bill effectively redirects more unclaimed property funds elsewhere, likely to a dedicated account or specified program.

Why is this important

Unclaimed property represents real money belonging to individuals and businesses that the state currently holds. How much the state retains versus returns affects both budget revenues and the state's obligation to reunite people with their assets. This change could increase resources available for returning property to rightful owners or shift budget priorities.

Potential points of contention

  • Budget impact: Reducing general fund deposits creates a revenue shortfall that must be addressed through spending cuts, tax increases, or reallocation from other areas
  • Property holder access: Unclear whether redirected funds improve the state's ability to locate and return unclaimed property to legitimate owners, or if some funds are diverted to other purposes
  • Transparency: The bill's specifics on where redirected funds go and how much is involved are not detailed in available summaries, raising questions about legislative oversight

Compiled from official sources — confirm details with the bill’s official record.

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