§ 14-5-404 — RETENTION OF RECORDS BY HOLDER

A holder required to file a report under section 14-5-401, Idaho Code, shall retain records for ten (10) years after the later of the date the report was filed or the last date a timely report was due to be filed, unless a shorter period is provided by rule of the administrator. The holder may satisfy the requirement to retain records under this section through an agent. The records must contain:
(1) The information required to be included in the report;
(2) The date, place, and nature of the circumstances that gave rise to the property right;
(3) The amount or value of the property;
(4) The last address of the apparent owner, if known to the holder;
(5) Working papers documenting items considered for reporting that were not ultimately determined to represent unclaimed property, to allow examination to determine whether the holder has complied with this chapter;
(6) If the holder sells, issues, or provides to others for sale or issue in this state traveler’s checks, money orders, or similar instruments, other than third-party bank checks, on which the holder is directly liable, a record of the instruments while they remain outstanding indicating the state and date of issue;
(7) Deductions for service charges incurred after the report date;
(8) Interest accruing on reportable amounts or contracts providing for the cessation of such interest; and
(9) Notices sent pursuant to section 14-5-501, Idaho Code, that have been signed by the apparent owner and returned to the holder.

Legislative History

[14-5-404, added 2024, ch. 27, sec. 2, p. 196.]