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Committee advances clarification to unclaimed property code to floor
Summary
The committee voted to send House Bill 165 to the floor with a due-pass recommendation. Sponsors described the bill as a narrow clarification to the unclaimed property code to tighten timing and citation references for holders remitting property to the state’s unclaimed property program.
The Senate Local Government and Taxation Committee voted to advance House Bill 165 to the Senate floor with a due-pass recommendation after sponsors and the State Treasurer described the measure as a technical clarification to Idaho’s unclaimed property code.
Representative Joe Alfieri, sponsor of HB 165, said the bill is “a revision, a very small revision” intended to clarify when property is presumed abandoned and when a holder must seek to contact the apparent owner. He listed examples of the types of property covered, saying they include “traveler's checks, money orders, bonds, annuities, insurance policies.”
State Treasurer Aylesworth addressed the committee and described the changes as updates driven by national practice and by recent federal policy activity. She said the prior comprehensive revision to the state’s unclaimed property law had been lengthy and that HB 165 tightens language about prompt reporting and clarifies when certain securities and other instruments must be remitted.
Treasurer Aylesworth told the committee that state treasurers maintain unclaimed property divisions and that the office maintains a manifest and searchable list of names so owners can claim funds; she said the state keeps records and interest earnings flow to the state’s general fund while property remains available for claim.
Committee members asked technical questions about statutory citations in the draft bill. The treasurer acknowledged a drafting/citation issue in the committee print for certain subsection references and said the drafting office (LSO) would correct the citations. Committee members agreed to proceed after that clarification.
Senator Den Hartog moved to send HB 165 to the floor with a due-pass recommendation; Senator Toews seconded. The committee approved the motion by voice vote and the motion carried.
