Leawood, Kan. – August 2, 2024: The Governor signed into law House Bill 471 (“HB 471”), which enacts Idaho’s version of the Revised Uniform Unclaimed Property Act. The new law became effective on July 1, 2024 and will impact unclaimed property filings that are due on October 31, 2025. 2024 H.B. 471 §11.
As a part of the changes in HB 471, property with a value of $50 or less will escheat under the new law and is now reportable. 2024 H.B. 471 §2,14-5-1501(1). Under the prior law, these low dollar properties were previously exempt.
The new law also creates specific exemptions for game-related digital content, loyalty cards, in-store credit for merchandise returns, and certain types of gift cards. Id. at 14-5-102(24)(c)(ii-v).
Loyalty cards are defined as, “a record given without direct monetary consideration under an award, reward, benefit, loyalty, incentive, rebate, or promotional program that may be used or redeemed only to obtain goods or services or a discount on goods or services or that may be redeemed within a proprietary rewards program hosted by the issuer of the loyalty card. The term does not include a record that may be redeemed for money or otherwise monetized by the issuer. For purposes of this subsection, an annual or periodic fee charged for joining a promotional program established by an organization for purposes of rewarding a relationship does not constitute direct monetary consideration.” Id. at 14-5-102(14). In-store merchandise credit is not defined but seems to include credits that are issued for returned merchandise.
Gift cards are defined as, “a card assigned a certain value that: (a) [d]oes not expire; (b) [m]ay be decreased in value only by redemption for merchandise, goods, or services; (c) [u]nless required by law, may not be redeemed for or converted into money or otherwise monetized by the issuer; and (d) [i]ncludes a prepaid commercial mobile radio service, as defined in 47 CFR 20.3.” Id. at 14-5-102(11).
The new law also provides for a specific stored value card section and a payroll card section. Stored value cards will escheat five years after the later of: (a) December 31 of the year in which the card was last loaded or reloaded; or (b) the last activity date. Id. at 14-5-206(1). Under the new law, payroll cards would escheat five years after the last indication of the owner’s interest. Id. at 14-5-201(n). The new law also requires virtual currency to escheat. Id.
To read the new law in full, click here: Idaho HB 471.
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