South Dakota Escheat and Unclaimed Property Laws
| State | Reporting Period | Deadline | Due Diligence | Negative Report | Voluntary Disclosure Agreement | Reporting Method | Remittance Method | More Information |
|---|---|---|---|---|---|---|---|---|
| South Dakota | Life Insurance: January 1 to December 31 Non Life Insurance: July 1 to June 30 | Life Insurance: Before May 1 Non Life Insurance: Before November 1 | $50 minimum, written notice not less than 60 days prior to report filing. Email diligence may also be required per RUUPA. | Required. Holders with no prior South Dakota reporting history should not submit negative reports. | Available | Electronic only, NAUPA II format, file extension: .txt, .hrs, or .rpt, submitted through online portal. | Funds: Check, Wire, ACH Securities: DRS, DTC | South Dakota Unclaimed Property |
The current statutes that govern unclaimed property in South Dakota can be found here along with the Holder Reporting Manual. South Dakota has not enacted the 2016 Revised Uniform Unclaimed Property Act (RUUPA).
South Dakota Unclaimed Property Reporting Period
The annual reporting period for unclaimed property in South Dakota is January 1 to December 31 for Life Insurance companies and July 1 to June 30 for Non Life Insurance companies.
South Dakota Unclaimed Property Due Diligence Requirements
Holders of unclaimed property must perform due diligence to show that they attempted to find the rightful owner of unclaimed property. For any balance greater than $50, written notice must be sent to the owners last known address not less than 60 days before the unclaimed property report is filed. Email diligence may also be required per RUUPA. Keep records to prove that due diligence was completed including whether mail was returned as undeliverable.
South Dakota Unclaimed Property Reporting and Remittance Deadline
Annual reports and remittances are due before May 1 for Life Insurance companies and before November 1 for Non Life Insurance companies.
South Dakota Unclaimed Property Reporting Format
Reports must be electronic only and in the NAUPA II file format. File formats accepted are .txt, .hrs and .rpt. These formats can be generated through the HRS Pro software. The HRS Pro software has a limited free version that has restrictions including one user, one company and less than 100 properties per state report.
South Dakota Unclaimed Property Reporting and Remittance Method
Reports can be submitted on on the state portal. Funds can be transferred online, through Check, Wire or ACH. Securities can be transferred through DRS or DTC.
South Dakota Unclaimed Property Negative Reports
Negative reports refer to reports that need to be filed when there is no unclaimed property to report or remit to the state for the year. South Dakota requires negative reports. Holders with no prior South Dakota reporting history should not submit negative reports.
South Dakota Unclaimed Property Voluntary Disclosure Agreement (VDA)
In some states, the unclaimed property Voluntary Disclosure Agreement (VDA) provides the opportunity for holders of unclaimed property to voluntarily report and remit past unclaimed property. If accepted by the state, the holder is then exempt from fines and penalties that cover the VDA period. The holder is expected to maintain strict compliance with state unclaimed property laws after the VDA period. VDAs are usually available on a one-time basis only to holders that are not already under state audit. South Dakota does have a VDA program.
South Dakota Unclaimed Property Dormancy Periods
Dormancy periods for unclaimed property in the state of South Dakota vary, refer to the Holder Reporting Manual.
More information from the state of South Dakota on unclaimed property reporting can be found here. Join our growing network of businesses that are using the Escheatify HolderExchange to prevent escheatment by reconciling their pre-escheat unclaimed property. Contact us to learn more.