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 in Section 14-5-1503, which requires an initial report for property presumed abandoned after July 1, 2024, to include items that would have been presumed abandoned during the two-year period preceding that date. It clarifies that this chapter does not relieve holders of their reporting duties that arose before this date and maintains that holders who did not comply with previous laws are still subject to enforcement and penalties. The bill declares an emergency, making it effective on July 1, 2025.