SJR 505 South Dakota Senate · 2025 Regular Session

Proposing and submitting to the voters at the next general election an amendment to the Constitution of the State of South Dakota, establishing the trust for unclaimed property fund.

This bill proposes a constitutional amendment to create a state trust fund for unclaimed property in South Dakota. It would establish a legal framework for collecting and managing abandoned assets such as uncashed checks, forgotten bank accounts, and unclaimed securities. The amendment would require the state to maintain this fund and potentially use it for public purposes as defined by future legislation. This change directly affects the state's financial management system and property owners who may have forgotten assets in the state.

Issues: ✓ Budget & Taxes

Bill status passed 4 of 5 stages cleared

Introduction

Feb 2025

Committee Review

Mar 2025

Senate Passage

Feb 2025

House Passage

Mar 2025

Governor

Introduced Feb 21, 2025 Last action Mar 12, 2025

Maddy AI version diff · 3 comparisons

What changed between versions

Enrolled → SJR505A · 4 edits

MODERATE

This bill adds a new section to the South Dakota Constitution creating a trust fund for unclaimed property. The fund will receive net receipts from unclaimed property after paying claims and expenses, with distributions to the general fund beginning July 1, 2027. The fund must be invested in financial instruments and can only be used for unclaimed property claims, legal returns, or with a three-fourths legislative vote.

Scope change

Adds a new constitutional provision establishing a permanent trust fund for unclaimed property, expanding the state's financial management framework

FISCAL

Creates a new constitutional trust fund for unclaimed property that receives net receipts after claims and expenses are paid

TIMELINE

Establishes July 1, 2027 as the start date for distributing interest and income from the fund to the general fund

REQUIREMENT

Requires the State Investment Council to invest the fund in stocks, bonds, mutual funds, and other financial instruments

Limits use of fund to unclaimed property claims, legal returns, or three-fourths legislative vote approval

Floor votes · Senate Feb 20, 2025

How they voted

35–0

Passed

Total votes 35

Feb 20, 2025

D Democratic3

3 Yea

100% Yea

R Republican32

32 Yea

100% Yea

Vote distribution

All Yea All Nay Mixed No data

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Amendments

Mar 11, 2025

Lower · Passed

Signed by the Speaker H.J. 524

lower

Mar 10, 2025

Lower · Passed

Signed by the President S.J. 502

lower

Mar 6, 2025

Lower · Passed

House of Representatives Do Pass Amended , Passed, YEAS 69, NAYS 0 H.J. 478

lower

Mar 5, 2025

Lower · Passed

Certified uncontested, placed on consent , Passed,

lower

Mar 5, 2025

Lower · Passed

State Affairs Do Pass , Passed, YEAS 13, NAYS 0

lower

Feb 21, 2025

Introduced

First read in House and referred to H.J. 360

lower

Feb 20, 2025

Upper · Passed

Senate Do Pass Amended , Passed, YEAS 35, NAYS 0 S.J. 325

upper

Feb 20, 2025

Introduced

Senate Motion to amend , Passed, S.J. 324 Amendment SJR505A

upper

Feb 20, 2025

Senate · Passed

Senate Vote: pass (35-0)

senate

Feb 19, 2025

Upper · Passed

State Affairs Do Pass , Passed, YEAS 8, NAYS 0

upper

Feb 3, 2025

Committee

Referred to S.J. 152

upper

20 primary · 0 co-sponsors