Leawood, Kan. – June 9, 2023: Last month, the Senate failed to pass House Bill 188 (“HB 188”), and it was therefore not adopted. As such, any proposed amendments that were contained in HB 188 will not become law this year. The Idaho legislature is free to reintroduce the bill at the start of the legislative session next year or for any subsequent years.
Consequently, the law remains as currently written. Most of the properties reported by Card Compliant clients escheat to Idaho five years after the last consumer interaction with the property. ID Code § 14-502(1) (2022); ID Code § 14-514(1) (2022). Among several possible exemptions from escheat for properties in Idaho are gift certificates and gift cards with a prominently displayed expiration date and intangible property with a value of $50 or less. ID Code § 14-502(2)(b) and (2)(e) (2022).
To read Idaho House Bill 188, click here: Idaho House Bill 188.
About the Compliance Libraries:
The Compliance Libraries provide a one stop location for comprehensive information on the laws, rules and standards regulating gift cards. Its range includes federal and state laws, GAAP accounting standards and tax rules along with other helpful items.
For more information visit www.compliancelibraries.com.
The Compliance Libraries are a service of Card Issuance & Management, Inc., a subsidiary of Card Compliant, LLC.