Idaho State Statutes - Idaho Attorney Directory

(1) Counties holding a certificate of exemption from
the administrator shall not be subject to the provisions of this chapter.
A certificate of exemption shall be provided to a county on the following
basis:
(a) The commissioners of such county file an election in writing with the
administrator; and
(b) The county assumes the responsibilities of the administrator under
this chapter to locate unclaimed property in county hands, and refund the
same to its rightful owner, according to the provisions of this chapter;
and
(c) The county establishes a revolving fund to pay claimants, and retains
in said fund, an amount equal to twenty-five percent (25%) of the
accumulated unclaimed property or twenty thousand dollars ($20,000),
whichever is less. Excess money in the revolving fund may be transferred
to the county current expense fund; and
(d) The county provides the administrator with the information required
in the reports of abandoned property, to enable the administrator to
maintain a complete central registry of all unclaimed property in the
state.
In the event of revocation of the election or the administrator determines
that the county has not complied with the requirements or exemption, the
county's exemption shall terminate and the county shall transfer all unclaimed
property and unclaimed property records to the administrator.
(2) A nonprofit corporation engaged in providing telecommunications
service or the transmission, distribution or delivery of electric power shall
not be subject to the provisions of this chapter relative to the distribution
(retirement) of capital credits to members of such nonprofit corporation after
July 1, 1982. For the purposes of this section, a capital credit is defined as
an amount paid by a member for telecommunication or electric service in excess
of the costs and expenses incurred by a nonprofit corporation in furnishing
the service which is credited to the member's capital account by the nonprofit
corporation. For capital credits distributed by the board of directors of such
a nonprofit corporation that are not claimed by their member-owners, the
nonprofit corporation distributing capital credits shall assume the
responsibilities of the administrator under this chapter relative to notice,
publication of unclaimed property lists, and refunds to rightful
member-owners. Such nonprofit corporations who distribute capital credits
shall establish a revolving fund to pay member-owners such capital credits and
shall at all times maintain in said fund an amount equal to twenty-five
percent (25%) of the accumulated capital credits presumed abandoned by the
board of directors of said nonprofit corporations or twenty thousand dollars
($20,000), whichever is less. Moneys in said fund in excess of the amount
required to be maintained shall be transferred to the general account of said
nonprofit corporations to be used for any purpose for which said corporation
is incorporated.

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