South Dakota Bill Shortens Dormancy Periods

South Dakota's governor signed H.B. 1270 on Friday, March 2.

Full Text: HB 1270, Enrolled Version

Update Posted: February 28, 2012

South Dakota H.B. 1270 has now passed both the House and the Senate and has been presented to the Governor for signature. H.B. 1270 was introduced at the request of Governor Dennis Daugaard, and he is expected to sign the bill. H.B. 1270

Originally Posted: February 15, 2012

Continuing the recent trend of shortening dormancy periods, the South Dakota legislature is currently considering a bill that would shorten most dormancy periods from five years to three years.

Furthermore, the bill would change the administrator's duties to publicize property received as unclaimed property. Currently, the administrator must publish two notices in a general circulation newspaper in the owner's county to notify them of potential unclaimed property claims. The bill would require the notice to be published only once and increase the exemption from publication from $50 to $125.

H.B. 1270 was introduced by the House Appropriations Committee at the request of the Governor. The House passed the bill with a vote of 67-3 yesterday.

Full Text: H.B. 1270 as passed by the House Appropriations Committee