This page addresses key areas of interest regarding South Dakota unclaimed property and escheatment laws and regulations.
Key South Dakota Unclaimed Property Reporting Deadlines
South Dakota has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31st, except for life insurance companies who must report and remit by April 30th.
Requests for early reporting are permitted with the prior written consent of the administrator. Negative reports are not required.
South Dakota requires electronic reporting.
All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with South Dakota’s unclaimed property laws and regulations.
South Dakota Due Diligence Requirements
South Dakota requires holders to send due diligence notifications for any property with a value of $50 or more.
This notice should inform the owner of the nature of the property and how to recover it, and also inform the owner that the property will be turned over to the state unless the owner claims it from the holder before the escheat report is filed.
South Dakota Dormancy Periods
Dormancy periods in South Dakota vary by property type. Generally, most property types have a 3 year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made for the allotted dormancy period for that property. Dormancy periods in South Dakota for common property types include:
- Wages, Payroll or Salary: 1 year
- Safety Deposit Box Contents: 3 years
- Money Orders: 3 years
South Dakota Unclaimed Property Links
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Key Unclaimed Property Reporting FAQs
The unclaimed property reporting process can be challenging for holders in South Dakota and other states. Does your organization have questions about state unclaimed property laws and requirements? Click on the link below for frequently asked questions regarding unclaimed property reporting and compliance.
Confused or Overwhelmed? Need Answers?
Reporting unclaimed property in South Dakota and other jurisdictions can be a stressful process that consumes valuable internal resources. However, when properly managed, the annual reporting and escheatment process does not need to be a burdensome experience.
Contact Keane for assistance in guiding your organization on the path to unclaimed property compliance, or visit our resource library for additional educational and operational resources.