This bill amends several sections of the Idaho Code related to commercial transactions, specifically focusing on the applicability and choice of law regarding securities and security interests. Notably, it revises Section 28-8-110 to establish that Idaho law governs various aspects of securities, including the rights and duties of issuers and securities intermediaries. The bill removes previous references to the securities intermediary's jurisdiction and clarifies that Idaho law will apply to the acquisition of security entitlements and the rights of entitlement holders. Additionally, it makes technical corrections in Sections 28-8-503 and 28-9-305, including the removal of outdated provisions and the insertion of Idaho Code references.

Furthermore, the bill eliminates provisions in Section 28-8-511 regarding the priority among security interests and entitlement holders, simplifying the framework for determining claims when a securities intermediary lacks sufficient interests in a financial asset. It also clarifies the governing law for perfection and priority of security interests in investment property, ensuring that Idaho law applies consistently. The bill declares an emergency, making it effective on July 1, 2026.