(a) The following entities are exempt from reporting property under this article:
(1) Electric cooperatives organized under Chapters 6 and 7 of Title 37.
(2) Incorporated municipalities and incorporated municipal boards and county and county boards of this state.
(b) The following property is exempt from reporting under this article:
(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) Property held, due, and owing in a foreign country and arising out of a foreign transaction.
(3) Unclaimed funds held pursuant to Section 19-3-87.