32-1608. DUTIES OF THE FINANCIAL INSTITUTION. (1) Upon receipt or acceptance of an asset withholding order issued by the department pursuant to this chapter, the financial institution shall immediately freeze the asset subject to the withholding order up to the maximum amount as set forth in section 32-1601(6), Idaho Code. The financial institution shall honor the terms of the account of the said asset, except when the terms conflict with compliance with this chapter. The financial institution shall freeze, release or surrender the asset as provided in this chapter.
(2) The financial institution shall be required to mail, within two (2) business days, copies of the asset withholding order and notice, provided by the department pursuant to section 32-1605(3), Idaho Code, to the obligor and to each co-owner, based on the records of the financial institution. A fee not to exceed five dollars ($5.00) per mailing may be assessed by the financial institution for sending the required copies of the documents. The fee can be withheld in addition to the amount ordered withheld. If funds are inadequate to cover the amount of the asset withholding order and the fees, the fees may be withheld from the asset before the remaining balance is applied to the withholding order.
(3) The financial institution shall complete and return to the department any asset verification form provided by the department within fourteen (14) days from the date of receipt of the asset verification form.
(4) Upon notification by the department that the obligor has not filed a request for hearing within the allowed time, the financial institution will release the asset promptly to the department by sending the funds to the department.
History:
[32-1608, added 2004, ch. 213, sec. 2, p. 645.]
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