The bill amends Section 26-2155 of the Idaho Code to allow both state and federal credit unions to be designated as state depositories by the state treasurer. This designation will be determined through competitive bidding or other standard business practices. The bill also introduces a requirement that credit unions 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 must provide written notice and an opportunity for the credit union to refute the claims before revocation. The bill also clarifies the definition of a boycott and establishes what constitutes a reasonable business purpose for a credit union's actions. An emergency clause is included, making the act effective on July 1, 2025.

Statutes affected:
Bill Text: 26-2155