South Dakota Constitutional Amendment K, Creation of Unclaimed Property Trust Fund Amendment (2026)
| South Dakota Constitutional Amendment K | |
|---|---|
| |
| Election date | |
| Topic Restricted-use funds | |
| Status On the ballot | |
| Type Legislatively referred constitutional amendment | Origin |
South Dakota Constitutional Amendment K, theCreation of Unclaimed Property Trust Fund Amendment, is on theballot inSouth Dakota as alegislatively referred constitutional amendment onNovember 3, 2026.[1]
A"yes" votesupports amending the constitution to establish a trust fund for unclaimed property, which would require the state treasurer to deposit any unclaimed property funds into the trust fund after covering claims, expenses authorized by law, and designated deposits to the general fund. |
A"no" voteopposes amending the constitution to establish a trust fund for unclaimed property, which would require the state treasurer to deposit any unclaimed property funds into the trust fund after covering claims, expenses authorized by law, and designated deposits to the general fund. |
Overview
What kind of trust fund would this amendment create?
- See also:Text of measure
This amendment would create a trust fund for unclaimed property, requiring the state treasurer to deposit any unclaimed property funds into the trust fund after covering claims, expenses authorized by law, and designated deposits to the general fund. Under the amendment, starting in July 2027 and then every year thereafter, the state treasurer would distribute a portion of the interest and income of the trust fund into the state general fund.[1]
Currently, unclaimed property funds in South Dakota can be converted into revenue for the general fund. Under this amendment, the unclaimed property funds will go to the trust fund, where a portion of the interest and income of the trust fund can be distributed into the state general fund.[1]
What laws govern unclaimed property in South Dakota?
- See also:Unclaimed property in South Dakota
Unclaimed property is intangible property that has been abandoned or unclaimed by its owner, including financial assets, such as checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks, and the proceeds of safe deposit boxes. Property can be considered potentially unclaimed if there has been no activity for a period of three years. Unclaimed property does not include real estate or vehicles. The organization holding the property will make an effort to contact the owner and establish activity. If the holder of the property is not able to establish contact with or locate the property owner, it is considered abandoned and reported to the Unclaimed Property Division of the State Treasurer's Office. The State Treasurer will hold the unclaimed property until claimed by the owner or heirs. After a year, the unclaimed property can be converted into revenue for the state government.[2]
According toSouth Dakota Searchlight, in 2024, the state took in about $175 million of unclaimed property, and paid out $38 million in claims to 6,768 claimants.[3]
How did this amendment get on the ballot?
- See also:Path to the ballot
This amendment was introduced to theSouth Dakota State Senate on January 1, 2025 as Senate Joint Resolution 505 (SJR 505). The amendment was supported unanimously by both the State Senate and theHouse of Representatives. The South Dakota State Senate voted 35-0 to pass the amendment on February 20, 2025. The House voted 69-0 to pass the amendment on March 6, 2025.[4]
Text of measure
Constitutional changes
The ballot measure would add a new section toArticle XII of theSouth Dakota Constitution. The followingunderlined text would be added andstruck-through text would be deleted:[1]
Note: Hover over the text and scroll to see the full text.
There is created in the state treasury a trust fund named the trust for unclaimed property fund. Upon passage of this Act and after each receipt of any unclaimed property thereafter, the state treasurer shall, after paying all claims, expenses authorized by law, and deposits into the general fund as authorized by law, deposit into the trust fund the net receipts from unclaimed property.
Beginning July 1, 2027, and each July first thereafter, the state treasurer shall distribute a portion of the interest and income of the trust fund into the general fund. The calculation of the amount to be distributed must be determined by law and must promote growth of the trust fund and a steadily growing distribution amount.
Neither the interest and income of the trust fund nor its principal may be diverted for any other purpose unless:
(1) The state treasurer determines the amount is necessary for the payment of claims associated with unclaimed property;
(2) The state treasurer determines the amount must, by law, be returned as unclaimed property; or
(3) The amount is appropriated by a three-fourths vote of all the members-elect of each house of the Legislature. The State Investment Council, or its successor, shall invest the trust fund in stocks, bonds, mutual funds, and other financial instruments, as provided by law.[5]
Support
Supporters
Officials
- Lt. Gov.Tony Venhuizen (R)
- State Sen.Julie Frye-Mueller (R)
- State Sen.Tom Pischke (R)
- State Rep.Aaron Aylward (R)
- State Rep.Phil Jensen (R)
- State Rep.Carl Perry (R)
- State Rep.Tony Randolph (R)
- State Rep.Brandei Schaefbauer (R)
Arguments
- Lt. Gov. Tony Venhuizen (R): "Currently, we rely on unclaimed property as an ongoing revenue source this year, $60 or $65 million,” Venhuizen said. “We don’t want to just blow a $60 million hole in the budget this year, so there’s a plan in that bill to ramp that reliance down over the next several years and transition so that these funds go into a trust fund available to pay claims."
Opposition
Ballotpedia has not located a campaign in opposition to the ballot measure. You can share campaign information or arguments, along with source links for this information, with us ateditor@ballotpedia.org.
Campaign finance
Ballotpedia did not identifyballot measure committees registered to support or oppose the ballot measure.[6]
| Cash Contributions | In-Kind Contributions | Total Contributions | Cash Expenditures | Total Expenditures | |
|---|---|---|---|---|---|
| Support | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Oppose | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Background
Unclaimed property in South Dakota
Unclaimed property is unclaimed or abandoned intangible property. According to the Unclaimed Property Division of the South Dakota Treasurer's Office, unclaimed property consists of "abandoned financial assets such as checking and savings accounts, unpaid wages, securities, life insurance payouts, uncashed checks, and the proceeds of safe deposit boxes that are without activity for a certain period of time." Unclaimed property does not include real estate or vehicles. The organization holding the unclaimed property will make an effort to contact the owner and establish activity through an online login, written correspondence, a withdrawal or deposit, or an update to personal information. If these attempts do not produce activity, the asset is reported to the state of the owner’s last known address.[2]
If unclaimed property has had no activity for a specified period and the holder is unable to locate the owner, the property is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office. According to the division, most property is considered potentially unclaimed after three years of inactivity.[2]
According toSouth Dakota Searchlight, in 2024, the state took in about $175 million of unclaimed property, and paid out $38 million in claims to 6,768 claimants.[3]
Senate Bill 155 (2025)
Senate Bill 155 (SB 155), which was signed into law by Gov.Larry Rhoden (R), would work in tandem with the constitutional amendment. SB 155 was introduced on January 30, 2025. It passed the South Dakota Senate by 35-0 on February 20, 2025, and passed the South Dakota House of Representatives by 70-0 on March 5, 2025.[7]
SB 155 would reduce the amount of unclaimed property deposited into the general fund, instead redirecting it into an interest-bearing account. The general fund contribution limit means an amount equal to the cost of operational expenses for the Unclaimed Property Division in each of the following fiscal years plus:[7]
- (1) For fiscal year 2026, $61,384,827;
- (2) For fiscal year 2027, $58,000,000;
- (3) For fiscal year 2028, $54,000,000;
- (4) For fiscal year 2029, $50,000,000;
- (5) For fiscal year 2030, $46,000,000;
- (6) For fiscal year 2031, $42,000,000;
- (7) For fiscal year 2032, $38,000,000;
- (8) For fiscal year 2033, $34,000,000;
- (9) For fiscal year 2034, $30,000,000; and
- (10) For fiscal year 2035 and each fiscal year thereafter, $25,000,000.
Historical facts
In South Dakota, a total of 122 ballot measures appeared on statewide ballots between 1985 and 2024. Fifty-one ballot measures were approved, and 71 ballot measures were defeated.
| South Dakota statewide ballot measures, 1985-2024 | |||||||
|---|---|---|---|---|---|---|---|
| Total number | Annual average | Annual minimum | Annual maximum | Approved | Defeated | ||
| # | % | # | % | ||||
Path to the ballot
Amending the South Dakota Constitution
A simple majority vote is required during one legislative session for theSouth Dakota State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 36 votes in theSouth Dakota House of Representatives and 18 votes in theSouth Dakota State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.
Senate Joint Resolution 505 (2025)
The following is the timeline of the constitutional amendment:[4]
- January 1, 2025: The constitutional amendment was introduced as Senate Joint Resolution 505.
- February 20, 2025: TheSouth Dakota Senate voted 35-0 to pass the constitutional amendment.
- March 6, 2025: TheSouth Dakota House of Representatives voted 69-0 to pass the constitutional amendment.
Learn more about the ballot measures PDI →
| Votes Required to Pass: 18 | |||
| Yes | No | NV | |
|---|---|---|---|
| Total | 35 | 0 | 0 |
| Total % | 100% | 0% | 0% |
| Democratic (D) | 3 | 0 | 0 |
| Republican (R) | 32 | 0 | 0 |
| Votes Required to Pass: 36 | |||
| Yes | No | NV | |
|---|---|---|---|
| Total | 69 | 0 | 1 |
| Total % | 98.5% | 0% | 1.4% |
| Democratic (D) | 6 | 0 | 0 |
| Republican (R) | 63 | 0 | 1 |
How to cast a vote
- See also:Voting in South Dakota
See below to learn more about current voter registration rules, identification requirements, and poll times in South Dakota.
See also
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External links
Footnotes
- ↑1.01.11.21.3South Dakota Legislature, "Senate Joint Resolution 505," accessed February 25, 2025
- ↑2.02.12.2South Dakota Unclaimed Property Division, "FAQs," accessed March 18, 2025
- ↑3.03.1South Dakota Searchlight, "Lawmaker assertions about voter fatigue don’t stop them from sending four measures to the ballot," March 14, 2025
- ↑4.04.1South Dakota Legislature, "Senate Joint Resolution 505," accessed February 25, 2025
- ↑5.05.1Note: This text is quoted verbatim from the original source.Cite error: Invalid
<ref>tag; name "quotedisclaimer" defined multiple times with different content - ↑South Dakota Campaign Finance Reporting, "Search Committees," accessed March 18, 2025
- ↑7.07.1South Dakota Legislature, "Senate Bill 155," accessed March 18, 2025
- ↑South Dakota Secretary of State, “General Voting Information,” accessed October 30, 2025
- ↑9.09.19.2South Dakota Secretary of State, “Register to Vote, Update Voter Registration or Cancel Voter Registration,” accessed October 30, 2025
- ↑NCSL, "Automatic Voter Registration," accessed October 30, 2025
- ↑NCSL, "Same-Day Voter Registration," accessed October 30, 2025
- ↑2025 South Dakota Legislature, "HB 1066," accessed October 30, 2025
- ↑South Dakota Secretary of State, "South Dakota Voter Registration Form," accessed October 30, 2025
- ↑Under federal law, the national mail voter registration application (a version of which is in use in all states with voter registration systems) requires applicants to indicate that they are U.S. citizens in order to complete an application to vote in state or federal elections, but does not require voters to provide documentary proof of citizenship.According to the U.S. Department of Justice, the application "may require only the minimum amount of information necessary to prevent duplicate voter registrations and permit State officials both to determine the eligibility of the applicant to vote and to administer the voting process."
- ↑15.015.1South Dakota Secretary of State, "General Voting Information," accessed October 30, 2025
