Idaho Code 33-5410 – Unclaimed Accounts
Current as of: 2023 | Check for updates
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(1) Except as set forth in this section, unclaimed accounts shall be subject to the provisions of section 14-512(1), Idaho Code.
(2) The date upon which the account owner is deemed to have last communicated that the owner is currently aware of his interest in the account shall not occur prior to the eighteenth birthday of the designated beneficiary.
Terms Used In Idaho Code 33-5410
- Account: means an individual trust account or savings account established as prescribed in this chapter. See Idaho Code 33-5401
- Account owner: means the person or state or local government organization designated in the agreement governing the account as having the right to withdraw moneys from the account before the account is disbursed to or for the benefit of the designated beneficiary. See Idaho Code 33-5401
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Board: means the state college savings program board created in section 33-5402, Idaho Code. See Idaho Code 33-5401
- Program: means one (1) or more college savings programs established under this chapter. See Idaho Code 33-5401
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
(3) Upon receipt of a certificate of exemption from the state treasurer or his authorized agent or employee, the board may assume the responsibilities of the state treasurer under chapter 5, title 14, Idaho Code. Under a certificate of exemption, the board:
(a) Shall locate unclaimed accounts and refund the same to its rightful owner according to the provisions of chapter 5, title 14, Idaho Code, and the terms of the certificate of exemption.
(b) Shall retain the unclaimed account under the terms and provisions of the program.
(c) May maintain the investments selected by the account owner or establish an investment policy for all unclaimed accounts. The owner and designated beneficiary of an unclaimed account shall have no claim against the state or any agency or instrumentality of this state for retention of the account owner’s investment selection or for compliance with an investment policy for unclaimed accounts.
(4) In the event the board fails to comply with the requirements of this section, the state treasurer may revoke the certificate of exemption, and the board shall transfer all unclaimed accounts and records to the state treasurer as required by chapter 5, title 14, Idaho Code.