1. (a) The following entities are exempt from reporting property under this article:

   1. (1) Electric cooperatives organized under Chapters 6 and 7 of Title 37.
   2. (2) Incorporated municipalities and incorporated municipal boards and county and county boards of this state.

2. (b) The following property is exempt from reporting under this article:

   1. (1) A gift certificate, gift card, or in-store merchandise credit issued or maintained by any person engaged primarily in the business of selling tangible personal property at retail.
   2. (2) Property held, due, and owing in a foreign country and arising out of a foreign transaction.
   3. (3) Unclaimed funds held pursuant to Section 19-3-87.

(Act 2004-440, p. 755, §1; Act 2023-102, §1.)