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 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 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
• Safety Deposit Box Contents: Three years
• Money Orders: Three years

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