HB 431 Summary

• Creates the Idaho Charitable Assets Protection Act to define the attorney general's authority to protect charitable assets from misuse or misappropriation by accountable persons and charitable organizations.

• Requires charitable organizations holding charitable assets exceeding $10,000 in fair market value to provide written notice to the attorney general at least 30 days before dissolving, converting to a noncharitable organization, terminating, or disposing of substantially all charitable assets.

• Authorizes the attorney general to investigate violations through subpoenas, investigative demands, and expert retention; allows enforcement through injunctions, asset recovery, removal of violators from positions, and civil penalties up to $50,000 for section 48-1906 violations and $5,000 for notice requirement violations.

• Provides for voluntary compliance agreements and consent judgments; allows recovered charitable assets to be conveyed to injured organizations or distributed via court-approved cy pres to similarly-situated charitable organizations, with recovered restitution held for victim reimbursement.

• Amends Section 67-1401 to clarify the attorney general's duty to supervise and enforce compliance with charitable organizations as defined in the new chapter.