The bill amends Section 26-2155 of the Idaho Code to allow both state and federal credit unions to be designated as state depositories. This designation will be determined through competitive bidding or other standard business practices. The bill also introduces a requirement for credit unions to provide collateral for state funds held in their accounts that exceed the amount covered by share insurance. Additionally, it mandates that credit unions file an affidavit with the state treasurer, certifying their reserves and undivided earnings, and confirming they are not engaged in boycotts against certain industries, including fossil fuels and firearms.

Furthermore, the bill outlines the process for revoking a credit union's designation as a state depository if it is found to be engaged in prohibited activities. The state treasurer is given the authority to negotiate compensation for services rendered by designated depositories, and the bill clarifies the definitions of "boycott" and "reasonable business purpose" in the context of credit union operations. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 26-2155