This bill amends several sections of the Idaho Code related to unclaimed property, specifically Sections 14-5-201, 14-5-207, and 14-5-1503. It revises the provisions regarding when property and securities are presumed abandoned, providing updated timeframes and clarifying the process for determining abandonment. For instance, it changes the reference from Section 14-5-210 to 14-5-209 in both Sections 14-5-201 and 14-5-207. Additionally, it specifies that if a holder does not send communications to the apparent owner of a property, they must attempt to confirm the owner's interest via electronic mail within two years of the owner's last indication of interest.

Furthermore, the bill introduces a transitional provision that requires an initial report for property presumed abandoned after July 1, 2024, to include items that would have been presumed abandoned during the two years preceding this date. It clarifies that holders are still responsible for reporting property that was due before this date, and it establishes an effective date of July 1, 2025, due to an emergency declaration. Overall, the bill aims to streamline the process of handling unclaimed property and ensure that owners are given adequate opportunity to claim their assets.