ID S1363

Allows claimants to elect donation of unclaimed property, proceeds, interest, and other sums to one or more designated state accounts instead of receiving payment directly.

Eligible donation recipients include the general fund of Idaho, the public school permanent endowment fund, the veterans cemetery maintenance fund, and the park and recreation capital improvement account.

The administrator must process claims within 90 days and provide written notice of denial if a claim is rejected in whole or in part, with the option to extend the period by written agreement.

Interest on interest-bearing property accrues at 5% per year or any lesser rate earned while held, beginning when delivered to the administrator and ceasing after 10 years or when payment is made.

Holders who pay owners for property already delivered to the state must add interest as required, and the added interest is repaid to the holder by the administrator along with the principal.