Idaho Escheat & Unclaimed Property Laws

Idaho has a fall deadline for annual reporting and remittance. Holders of unclaimed property, must report and remit by November 1. Requests for early reporting must be in writing. Idaho requires electronic reporting. Negative reports are only required for businesses domiciled or incorporated in Idaho.

All holders have an obligation to report abandoned or unclaimed property to the state in order to maintain compliance with Idaho’s unclaimed property laws and regulations.

Idaho Due Diligence Requirements

Idaho requires holders to send due diligence notifications for any property with a value of $50 or more. Due diligence notices must be sent to the property owner not more than 180 days, and not less than 60 days prior to filing escheat reports. If an apparent owner has consented to receive email delivery from the holder, the owner shall send the notice both by first class mail to the apparent owner’s last known mailing address and by email, unless the holder believes that
the apparent owner’s email address is invalid. In each due diligence notice, the holder must identify and provide:

• a heading that reads substantially as follows: “Notice. The state of Idaho requires us to notify you that your property may be transferred to the custody of the state treasurer’s office if you do not contact us before (insert date that is thirty (30) days after the date of this notice).”
• Identify the nature and, except for property that does not have a fixed value, the value of the property that is the subject of the notice
• State that the property will be turned over to the administrator
• State that after the property is turned over to the administrator an apparent owner that seeks return of the property must file a claim with the administrator
• State that property that is not legal tender of the United States may be sold by the administrator
• Provide instructions that the apparent owner must follow to prevent the holder from reporting and paying or delivering the property to the administrator
• Provide the name, address, and electronic mail address or telephone number to contact the holder. The holder may supplement the required information by listing a website where apparent owners may obtain more information about
  how to prevent the holder from reporting and paying or delivering the property to the administrator.

Idaho Dormancy Periods

Dormancy periods in Idaho vary by property type. Generally, most property types have a five-year dormancy period. Accounts are considered dormant if the owner of a property has not indicated any interest in the property or if no contact has been made by the owner for the allotted dormancy period for that property.

Dormancy periods in Idaho for some common property types include:

• Wages, Payroll or Salary: One year
• Checking Accounts: Five years
• Traveler’s Checks: Fifteen years

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