Repeals and adds to existing law to enact the Revised Unclaimed Property Act.

Idaho’s unclaimed property law, Title 14, Chapter 5, has not undergone a complete update since 1983. Since then, changes to policy have been piecemeal and sporadic. This legislation seeks to revise and organize the unclaimed property code so it will be business and constituent-friendly, technologically current, and garners no new authority for the governing agency. This legislation provides detailed roadmaps for businesses to follow when reporting unclaimed property and clear protocols for dormancy triggers. The updates are consistent with existing Idaho law which include laws governing confidentiality, data breaches and best practices.