H0471 - Revised Unclaimed Property Act Summary

• Repeals the existing unclaimed property law (Chapter 5, Title 14, Idaho Code) and replaces it with a comprehensive revised version effective July 1, 2024

• Establishes presumptions of abandonment for various property types including bank deposits (5 years), retirement accounts (3 years), insurance policies (5 years), safe deposit box contents (5 years), and stored value cards (5 years)

• Creates detailed procedures for holders to report abandoned property to the state treasurer, including content requirements, filing deadlines (before November 1 annually), and record retention for 10 years

• Implements a claims process allowing property owners to recover abandoned property from the state treasurer, with 90-day review periods for claims and provisions for interest at 5% per year

• Establishes enforcement mechanisms including examination authority for the state treasurer, civil penalties up to $25,000 for willful non-compliance, and interest charges at 12% annually on unreported property