This bill amends several sections of the Idaho Code related to unclaimed property, specifically revising the provisions that determine when property is presumed abandoned. Key changes include the amendment of Section 14-5-201, which outlines the timeframes for various types of property to be considered abandoned, and the correction of code references. Additionally, Section 14-5-207 is updated to clarify the process for presuming securities abandoned, including the requirement for holders to confirm the apparent owner's interest in the property through electronic communication if traditional mail is not used.

Furthermore, Section 14-5-1503 introduces a transitional provision that mandates an initial report for property presumed abandoned after July 1, 2024, to include items that would have been considered abandoned in the two years preceding this date. The bill emphasizes that holders are still responsible for reporting any property that was required to be reported before this date, and it establishes an effective date of July 1, 2025, due to an emergency declaration.