Legislators depend on revenue from unclaimed property in budget

PIERRE, S.D. (WNAX) – In putting together the budget each year, South Dakota legislators depend on revenue from the unclaimed property fund but that comes with a warning.

State Treasurer Josh Haeder says all of those funds they hold came from someone’s account.


The budget for next year would use about $47 million from the unclaimed property fund. Haeder says there could be some potential liability to the state in using those dollars.


Haeder says he has warned legislators about some of the future issues with the fund.


Haeder says most of the unclaimed funds come from two major banks and a change in their policies could have a drastic impact.