House Bill 591 Summary

• Extends the redemption period for unclaimed property designated for public school permanent endowment fund from 1,827 days (approximately 5 years) to 10 years before funds escheat to the endowment fund.

• Transfers funds from unclaimed shares and dividends of Idaho-incorporated corporations to the public school permanent endowment fund, with provisions to offset refunds against future transfers.

• Requires the state treasurer to transfer unredeemable moneys (designated as unredeemable after 10 years) to the general fund at the end of each fiscal year.

• Establishes that moneys in the unclaimed property account exceeding $250,000 shall be transferred to the general fund, with a 10-year period for claims before funds become state property by escheat.

• Clarifies that money held in trust for deceased patients at state hospitals shall be transferred pursuant to section 14-113 rather than the general fund transfer procedures.