An Act to revise unclaimed property provisions.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That § 43-41B-24 be AMENDED:
43-41B-24.
(a)
Except as
otherwise provided by this section, the administrator shall promptly
deposit in the general fund of this state all
funds
moneys received
under this chapter, including the proceeds from the sale of abandoned
property under § 43-41B-23.
The administrator shall retain in a separate trust fund an amount not
more than fifty thousand dollars from which the
administrator must make prompt
payment of claims duly allowed
must be made by him.
Before making the deposit, the administrator
shall
must record the
name and last known address of each person appearing from the
holders' reports to be entitled to the property and the name and last
known address of each insured person or annuitant and beneficiary,
and with respect to each policy or contract listed in the report of
an insurance company,
its number, the name of the company, and the amount due. The record
must be available for public inspection at all reasonable business
hours.
(b)
The administrator may pay from the unclaimed property trust fund:
(1) Any
costs in connection with the sale of abandoned property;
(2) Costs
of mailing and publication in connection with any abandoned property;
(3) Reasonable
service charges; and
(4) Costs
incurred in examining records of holders of property and in
collecting the property from those holders.
Section 2. That § 43-41B-24.1 be AMENDED:
43-41B-24.1.
Money in the
unclaimed property trust fund for the
payment of
costs and expenses authorized under § 43-41B-24
claims is
continuously appropriated for
those
purposes.
Any expenditures shall
the purpose of paying claims. Expenditures for claims must
be paid upon warrants drawn by the state auditor pursuant to vouchers
authorized by the state treasurer. All
funds
moneys paid out
by the state treasurer
for claims
under chapter 43-41B
shall
must be set
forth in an informational budget as described in § 4-7-7.2
and be annually reviewed by the Legislature.
Any expenditure other than unclaimed property claims that exceeds the
informational budget shall be approved by the Board of Finance
pursuant to chapter 4-1.
Section 3. That chapter 43-41B be amended with a NEW SECTION:
The operational expenses for unclaimed property, including costs in connection with the sale of abandoned property, costs of mailing and publication, service charges, and costs incurred in examining records of holders of property and in collecting the property from those holders, must be paid from general appropriations in the general appropriations act.
Underscores indicate new language.
Overstrikes
indicate deleted language.