Bill > S1103

This bill amends the Idaho Credit Union Act to expand the state treasurer's ability to designate state or federal credit unions as state depositories, with several key provisions. The bill allows the state treasurer to choose credit unions through competitive bidding or standard business practices, with new requirements for financial safeguards. Credit unions must now provide collateral for state funds that exceed share insurance coverage, and they must submit an annual affidavit disclosing their reserves and certifying they are not engaging in a "boycott" of businesses in specific sectors like fossil fuels, timber, firearms, or agriculture. The bill defines a "boycott" as refusing financial services to an organization without a reasonable business purpose, and provides specific exceptions for actions taken for financial stability, risk mitigation, legal compliance, or limiting institutional liability. The state treasurer has the discretion to revoke a credit union's depository status if it is found to be engaging in prohibited activities, with a 60-day notice period and the ability for the credit union to appeal the decision to a district court. The bill will go into effect on July 1, 2025, and is designed to provide more flexibility and oversight in how state funds are deposited in credit unions.

Business and Industry, Government Affairs, Justice

State Affairs Committee (S)

https://legislature.idaho.gov/sessioninfo/2025/legislation/S1103/