Senate Bill 1325 - Idaho Unclaimed Property Act Summary

• Comprehensive modernization of Idaho's unclaimed property law to align with the Uniform Unclaimed Property Act, establishing new definitions and procedures for determining when property is presumed abandoned and subject to state custody.

• Expanded property types subject to unclaimed property provisions, including tax-deferred retirement accounts, stored-value cards, gift cards, securities, and custodial accounts for minors, with specific holding periods ranging from 1-15 years depending on property type.

• Enhanced administrative procedures establishing detailed requirements for holder reporting, examination of records, determination of liability, informal conferences, and administrative review with specific timelines and notice requirements.

• Increased holder protections including good faith defense provisions, liability limitations upon payment to the state treasurer, reimbursement rights for overpayments, and ability to recover property if the owner claims it from the holder.

• Strengthened confidentiality and security measures for personal information held by the administrator, including data protection requirements, confidentiality agreements, disclosure restrictions, and provisions for security breach notification.