This bill amends Section 26-2155 of the Idaho Credit Union Act to allow both state and federal credit unions to be designated as state depositories. The designation process will involve competitive bidding or other standard business practices. The bill specifies that state funds deposited in credit unions cannot exceed the total of the credit union's reserves and undivided earnings or the amount covered by share and deposit insurance, whichever is greater. Additionally, credit unions must provide collateral for any funds held in excess of the insured amount, with the type and amount of collateral determined by agreement between the credit union and the state.

The bill also includes provisions requiring credit unions designated as state depositories to file an affidavit with the state treasurer, certifying that they are not engaged in boycotts against certain industries, including fossil fuels and firearms. The state treasurer has the authority to revoke a credit union's designation if it is found to be engaged in prohibited activities, with a process for appeal to district court. The bill declares an emergency, making it effective on July 1, 2025.

Statutes affected:
Bill Text: 26-2155