Bill > H0165

This bill amends Idaho's unclaimed property law to update how and when various types of property are considered abandoned, making several key changes. The bill revises provisions in three sections of Idaho Code, primarily focusing on clarifying timelines for when different assets like traveler's checks, money orders, insurance policies, and securities are deemed abandoned. Specifically, the bill changes some code references, adjusts the periods for presuming property abandoned, and introduces new requirements for holders to attempt contact with property owners, such as sending electronic mail communications. For instance, securities can now be considered abandoned after five years of returned mail or lack of owner communication, and the bill adds a provision for electronic mail attempts to contact owners. The transitional provision is also modified, reducing the lookback period for initial reporting from seven to two years and specifying that the changes will take effect on July 1, 2025. These modifications aim to modernize and clarify the state's unclaimed property regulations, making the process of identifying and managing abandoned property more precise and consistent.

Budget and Finance

State Affairs Committee (House)

https://legislature.idaho.gov/sessioninfo/2025/legislation/H0165/