This bill amends Section 49-1608E of the Idaho Code to establish specific provisions for claims related to the Idaho Consumer Asset Recovery Fund, particularly focusing on Idaho residents. The bill specifies that only Idaho residents, or individuals who were Idaho residents at the time of purchase, can file claims for losses or damages resulting from fraud by licensed motor vehicle dealers or violations of certain Idaho Code provisions. The amendments clarify the eligibility criteria for claimants and outline the process for filing verified claims, which must be submitted within a specified timeframe after a judgment becomes final.

Additionally, the bill introduces new conditions for filing claims, including a prohibition on claims from motor vehicle dealers and financial institutions. It also emphasizes that any action against a licensee that may lead to a claim against the fund must be served to the board in accordance with existing legal provisions. The bill declares an emergency, making it effective from July 1, 2026.

Statutes affected:
Bill Text: 49-1608E