South Dakota Constitutional Amendment K, Creation of Unclaimed Property Trust Fund Amendment (2026)

South Dakota Constitutional Amendment K
Election date November 3, 2026
Topic Restricted-use funds
Status On the ballot
Type Legislatively referred constitutional amendment	Origin State legislature

South Dakota Constitutional Amendment K, the Creation of Unclaimed Property Trust Fund Amendment, is on the ballot in South Dakota as a legislatively referred constitutional amendment on November 3, 2026.

A "yes" vote supports amending the constitution to establish a trust fund for unclaimed property.

A "no" vote opposes amending the constitution to establish a trust fund for unclaimed property.

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.

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.

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 their 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.

According to South 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.

How did this amendment get on the ballot?

See also: Path to the ballot

This amendment was introduced to the South 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 the House 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.

Text of measure

Constitutional changes

See also: Article XII, South Dakota Constitution

The ballot measure would add to Article XII of the South Dakota Constitution.The following underlined text would be added and struck-through text would be deleted:

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.

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 at editor@ballotpedia.org.

Campaign finance

See also: Campaign finance requirements for South Dakota ballot measures

Ballotpedia did not identify ballot measure committees registered to support or oppose the ballot measure.

	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.

If the potential unclaimed property in question has not had any activity over a certain period of time, and the holder is unable to locate the property holder, it is considered abandoned and must be reported to the Unclaimed Property Division of the State Treasurer's Office. According to the Unclaimed Property Division, most properties are considered potentially unclaimed after a lack of activity for three years.

According to South 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.

Senate Bill 155 (2025)

Senate Bill 155 (SB 155), which was signed into law by Gov. Larry Rhoden (R), would work in tangent 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.

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:

• (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
				#	%	#	%
122	2.97	0	11	51	41.80	71	58.20

Path to the ballot

Amending the South Dakota Constitution

See also: Amending the South Dakota Constitution

A simple majority vote is required during one legislative session for the South Dakota State Legislature to place a constitutional amendment on the ballot. That amounts to a minimum of 36 votes in the South Dakota House of Representatives and 18 votes in the South Dakota State Senate, assuming no vacancies. Amendments do not require the governor's signature to be referred to the ballot.

Amendment in the state legislature

• On January 1, 2025, Senate Joint Resolution 505 was introduced to the South Dakota Senate.
• On February 20, 2025, the Senate voted 35-0 to pass the amendment.
• On March 6, 2025, the South Dakota House of Representatives passed the amendment by 69-0.

Vote in the South Dakota State Senate February 3, 2025
Requirement: Simple majority vote of all members in each chamber
Number of yes votes required: 18  a
	Yes	No	Not voting
Total	35	0	0
Total percent	100%	0%	0%
Democrat	3	0	0
Republican	32	0	0

Vote in the South Dakota House of Representatives March 6, 2025
Requirement: Simple majority vote of all members in each chamber
Number of yes votes required: 36  a
	Yes	No	Not voting
Total	69	0	1
Total percent	98.5%	0%	1.4%
Democrat	6	0	0
Republican	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.

How to vote in South Dakota

Poll times

In South Dakota, all polls are open from 7 a.m. to 7 p.m. If the polls close while you are still in line, you will be permitted to vote. South Dakota is divided between Central and Mountain time zones.

Registration

Check your voter registration status here.

To register to vote in South Dakota, an applicant must be a citizen of the United States, a resident of South Dakota, and at least 18 years old by the day of the next election.

The deadline to register to vote is 15 days before the next election. To register, an applicant may submit a voter registration form to the county auditor. Prospective voters can also register in person at the county auditor's office, driver's license stations, certain public assistance agencies, or military recruitment offices.

Automatic registration

South Dakota does not practice automatic voter registration.

Online registration

See also: Online voter registration

South Dakota does not permit online voter registration.

Same-day registration

South Dakota does not allow same-day voter registration.

Residency requirements

To register to vote in South Dakota, you must be a resident of the state for at least thirty consecutive days.

Verification of citizenship

See also: Laws permitting noncitizens to vote in the United States

South Dakota does not require proof of citizenship for voter registration. An individual applying to register to vote must attest that they are a U.S. citizen under penalty of perjury.

All 49 states with voter registration systems require applicants to declare that they are U.S. citizens in order to register to vote in state and federal elections, under penalty of perjury or other punishment. Seven states — Alabama, Arizona, Georgia, Kansas, Louisiana, New Hampshire, and Wyoming — have laws requiring verification of citizenship at the time of voter registration, whether in effect or not. In three states — California, Maryland, and Vermont — at least one local jurisdiction allows noncitizens to vote in some local elections. Noncitizens registering to vote in those elections must complete a voter registration application provided by the local jurisdiction and are not eligible to register as state or federal voters.

Verifying your registration

The South Dakota Secretary of State’s office allows residents to check their voter registration status online by visiting this website.

Voter ID requirements

South Dakota requires voters to present photo identification while voting.

Voters can present the following forms of identification:

• South Dakota driver's license or nondriver ID card
• U.S. government photo ID
• U.S. passport
• U.S. Armed Forces ID
• Current student photo identification card from a South Dakota high school or South Dakota accredited institution of higher education
• Tribal photo ID

If a voter does not have a photo ID, he or she can sign a personal identification affidavit. The voter will then be given a regular ballot.

See also

2026 measures

• 2026 ballot measures
• Property on the ballot

South Dakota

• South Dakota ballot measures
• South Dakota ballot measure laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls

External links

• South Dakota SJR 505 (2026)

Footnotes

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