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 specifies that the total deposits of state funds in any credit union cannot exceed the greater of the credit union's reserves and undivided earnings or the total sum covered by share and deposit insurance.

Furthermore, the bill includes provisions for credit unions to file an affidavit with the state treasurer, certifying their reserves and confirming they are not engaged in boycotts against certain industries, such as fossil fuels or 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 also clarifies the definition of a boycott and outlines 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