South Dakota Escheat & Unclaimed Property Laws

South Dakota has a fall deadline for annual reporting and remittance. Holders of unclaimed property must report and remit by October 31, except for life insurance companies who must report and remit by April 30.

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 shall contain:

• A statement that according to the records of the holder, property is being held to which the addressee appears to be
  entitled;
• Information regarding any changes of the name of the holder; and
• A statement that the property will escheat to the state

South Dakota Dormancy Periods

Dormancy periods in South Dakota vary by property type. Generally, most property types have a three-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: One year
• Safe Deposit Box Contents: Three years
• Money Orders: Three years

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