Idaho Code § 26-31-102 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-102
26-31-102 GENERAL DEFINITIONS.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-102. GENERAL DEFINITIONS. As used in this chapter and in rules promulgated pursuant to this chapter:

(1) "Borrower" means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf the activities set forth in section 26-31-201(3), (5) or (7) or 26-31-303(7), Idaho Code, are conducted. "Borrower" does not include an organization that, as part of a regular business of constructing or rehabilitating dwellings, makes application for a residential mortgage loan to finance the construction or rehabilitation of a dwelling.

(2) "Control person" means a person who:

(a) Has the power, directly or indirectly, to direct the management or policies of a company, including a managing member, general partner, director, executive officer, or other person occupying a similar position or performing similar functions or, in the case of a limited liability company, is a managing member;

(b) Directly or indirectly has the right to vote ten percent (10%) or more of a class of a voting security of a mortgage broker or mortgage lender; or

(c) Is an individual identified as a manager of a location for which an applicant is applying for a license under part 2 of this chapter.

(3) "Deficiency" means information contained in, or omitted from, an application for a mortgage broker, mortgage lender, or mortgage loan originator license that causes the application to be inaccurate, incomplete, or otherwise not in conformance with the provisions of this chapter, any rule promulgated or order issued under this chapter, application instructions published by the director or the provisions of the NMLSR policy guidebook.

(4) "Department" means the department of finance of the state of Idaho.

(5) "Director" means the director of the department of finance.

(6) "Financial services" means any activity pertaining to securities, commodities, banking, insurance, consumer lending, money services businesses, consumer debt management, or real estate including, but not limited to, acting as or being associated with a bank or savings association, credit union, farm credit system institution, mortgage lender, mortgage broker, real estate salesperson or agent, appraiser, closing agent, title company, escrow agent, payday lender, money transmitter, check casher, pawnbroker, collection agent, debt management company, title lender, or credit repair organization.

(7) "Housing finance agency" means any entity that is:

(a) Chartered by a state to help meet the affordable housing needs of the residents of the state;

(b) Supervised, directly or indirectly, by the state government; and

(c) Subject to audit and review by the state in which it operates.

(8) "Licensee" means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter.

(9) "Nationwide mortgage licensing system and registry" or "NMLSR" means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of mortgage brokers, mortgage lenders, and mortgage loan originators.

(10) "NMLSR policy guidebook" means the conference of state bank supervisor's and the American association of residential mortgage regulator's NMLSR policy guidebook for licensees, published by the NMLSR, as identified by administrative rule.

(11) "Organization" means a person that is not a natural person.

(12) "Person" means a natural person, corporation, company, limited liability company, partnership or association.

(13) "Real estate settlement procedures act" means the act set forth in 12 U.S.C. 2601 et seq., as identified by administrative rule.

(14) "Regulation X" means regulation X as issued by the federal bureau of consumer protection and codified at 12 CFR 1024 et seq., as identified by administrative rule.

(15) "Regulation Z" means regulation Z as issued by the federal bureau of consumer protection and codified at 12 CFR 1026 et seq., as identified by administrative rule.

(16) "Residential mortgage loan" means any loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(w) of the truth in lending act, located in Idaho, or on residential real estate.

(17) "Residential real estate" means any real property located in Idaho upon which is constructed or intended to be constructed a dwelling as defined in section 103(w) of the truth in lending act.

(18) "Truth in lending act" means the act set forth in 15 U.S.C. 1601 et seq., as identified by administrative rule.

(19) "Unique identifier" means a number or other identifier assigned by protocols established by the NMLSR.

History:

[26-31-102, added 2009, ch. 97, sec. 2, p. 284; am. 2013, ch. 64, sec. 1, p. 142; am. 2015, ch. 244, sec. 10, p. 1012; am. 2020, ch. 100, sec. 3, p. 261.]
Idaho Code § 26-205 — Idaho Code / Title 26 / Chapter 2 / Section 26-205
26-205 INCORPORATION — CAPITAL STRUCTURE REQUIRED.
Status: in_force

26-205. Incorporation — Capital structure required. (1) Every banking corporation hereafter organized must have common stock, surplus and undivided profits paid up in unhypothecated cash of not less than the following amounts:

(a) In cities, and communities the population of which does not exceed six thousand (6,000), a minimum of two hundred fifty thousand dollars ($250,000) in par value of common stock, fifty thousand dollars ($50,000) in surplus, and twenty-five thousand dollars ($25,000) in undivided profits.

(b) In cities, or communities the population of which exceeds six thousand (6,000), but does not exceed fifty thousand (50,000), a minimum of three hundred fifty thousand dollars ($350,000) in par value common stock, seventy thousand dollars ($70,000) in surplus, and thirty-five thousand dollars ($35,000) in undivided profits.

(c) In cities, or communities the population of which exceeds fifty thousand (50,000), a minimum of one million dollars ($1,000,000) in par value of common stock, two hundred thousand dollars ($200,000) in surplus, and one hundred thousand dollars ($100,000) in undivided profits.

(d) The par value of common stock, surplus and undivided profit amounts set out herein are minimum amounts only, and the director may in his discretion require larger amounts of par value of common stock, surplus and undivided profits.

(2) No original subscription to the stock of any bank hereafter organized under the laws of this state shall be valid or operative unless the subscriber also subscribes and actually pays in, in cash, at the time he pays such subscription an additional amount equal to twenty percent (20%) of his subscription, for the purpose of constituting surplus funds for such bank and an additional amount equal to ten percent (10%) of his subscription for the purpose of constituting undivided profits for such bank to be used, so far as necessary, in paying the costs of organization and for the general expenses of the bank. No bank shall issue any share of stock until the full par value thereof, plus twenty percent (20%) surplus and ten percent (10%) undivided profits, has been actually paid in, in cash, as above provided.

(3) The entire par value of the common stock, plus surplus and undivided profits of every banking corporation hereafter formed shall be paid in, in cash, and deposited in a bank in the state of Idaho before a corporation may be authorized to commence banking business. A subscription for which a subscriber gives the banking corporation his or her note in payment or part payment of the par value of common stock, plus surplus or undivided profits is void. Stock issued pursuant to this section may not be used as security for a loan to purchase stock.

(4) For the purpose of this section, the population shown and determined by the last preceding federal census, or any subsequent census compiled and certified under any law of this state, shall be deemed to be the population of any city in which any such bank is to be organized. If the principal place of business of any bank so organized is located outside of the corporate limits of any city or village, then the population within a radius of five (5) miles of its principal place of business, which is not included within the boundaries of any municipal corporation, as such population is shown and determined by such federal or subsequent official census, shall be the basis for classification under the provisions of this section.

(5) A bank may not issue preferred stock to meet the capitalization requirements of this section.

History:

[26-205, added 1979, ch. 41, sec. 2, p. 69.]
Idaho Code § 26-31-214 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-214
26-31-214 NOTICE OF TRANSFER.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-214. Notice of Transfer. Except as otherwise provided for in the truth in lending act, the real estate settlement procedures act, regulation X, or regulation Z, a mortgage lender shall provide notice to the borrower within fifteen (15) days after any sale or assignment of the borrower's residential mortgage loan to another person wherein the mortgage lender does not retain the loan servicing. A mortgage lender purchasing or receiving assignment of a residential mortgage loan with servicing shall provide to the borrower within thirty (30) days a written statement describing policies relating to the reserve account.

History:

[26-31-214, added 2020, ch. 100, sec. 11, p. 269.]
Idaho Code § 26-2928 — Idaho Code / Title 26 / Chapter 29 / Section 26-2928
26-2928 APPOINTMENT OF DIRECTOR AS AGENT FOR SERVICE OF PROCESS.
Status: in_force

26-2928. Appointment of director as agent for service of process. (1) Any licensee, authorized representative or other person who knowingly engages in business activities that are regulated under the provisions of this chapter, with or without filing an application, is deemed to have done both the following:

(a) Consented to the jurisdiction of the courts of this state for all actions arising under the provisions of this chapter; and

(b) Appointed the director as his lawful agent for the purpose of accepting service of process in any action, suit or proceeding that may arise under the provisions of this chapter.

(2) Within three (3) business days after service of process upon the director, the director shall transmit by certified mail copies of all lawful processes accepted by the director as an agent to that person at his last known address. Service of process shall be considered complete three (3) business days after the director deposits copies of the documents in the United States mail.

History:

[26-2928, added 1994, ch. 410, sec. 1, p. 1295.]
Idaho Code § 26-2723 — Idaho Code / Title 26 / Chapter 27 / Section 26-2723
26-2723 VIOLATION OF CHAPTER — DIRECTOR'S POWERS — HEARINGS — CEASE AND DESIST.
Status: in_force

26-2723. Violation of chapter — Director's powers — Hearings — Cease and desist. (1) If in the opinion of the director, a person violates, or there is reasonable cause to believe that a person is about to violate the provisions of this chapter, the director may bring an action in the district court to enjoin the violation or to enforce compliance with the provisions of this chapter. Upon a showing that a person has engaged in or is about to engage in, an act or practice constituting a violation of the provisions of this chapter, a restraining order, preliminary or permanent injunction, or writ of mandamus shall be granted, and a receiver or a conservator may be appointed for the defendant or the defendant's assets. The court shall not require the director to post a bond in an action brought under this chapter.

(2) If the director finds that a person has violated or that there is reasonable cause to believe that a person is about to violate the provisions of section 26-2711, Idaho Code, the director may order the person to cease and desist from the violation unless and until the person is issued a license.

(3) Within thirty (30) days after an order is issued under subsection (2) of this section, the person to whom the order is directed may file with the director an application for a hearing on the order. If the director fails to commence a hearing within fifteen (15) business days after that application is filed or within a longer period to which the person consents, the order shall be considered rescinded. Upon the conclusion of the hearing, the director shall affirm, modify, or rescind the order. A person to whom an order is directed under subsection (2) of this section may petition for judicial review of the order in conformance with the provisions of chapter 52, title 67, Idaho Code.

(4) If, after notice and the opportunity for a hearing, the director determines that a licensee or a subject person of a licensee has violated or is violating, or that there is reasonable cause to believe that a licensee or subject person of a licensee is about to violate this chapter or another applicable law, or that a licensee or subject person of a licensee has engaged or participated or is engaging or participating, or that there is a reasonable cause to believe that a licensee or subject person of a licensee is about to engage or participate in an unsafe or unsound act with respect to the business of that licensee, the director may order that licensee or subject person to cease and desist from the action or violation. The order may require the licensee or subject person to take affirmative action to correct any condition resulting from the action or violation.

(5) If the director determines that any of the factors set forth in subsection (4) of this section are true with respect to a licensee or subject person of a licensee and that the action or violation is likely to cause the insolvency of or substantial dissipation of the assets or earnings of the licensee; is likely to seriously weaken the condition of the licensee; or is likely to otherwise seriously prejudice the interests of the licensee before the completion of proceedings conducted under subsection (4) of this section, the director may order the licensee or subject person to cease and desist from that action or violation. The order may require the licensee or subject person to take affirmative action to correct any condition resulting from the action or violation.

(6) Within thirty (30) days after an order is issued under subsection (5) of this section, the licensee or subject person of a licensee to whom the order is directed may file with the director an application for a hearing on the order. If the director fails to commence a hearing within fifteen (15) business days after the application is filed or within a longer period to which the licensee or subject person consents, the order shall be considered rescinded. Upon the hearing, the director shall affirm, modify, or rescind the order. A licensee or subject person to whom an order is directed under subsection (5) of this section may petition for judicial review of the order pursuant to chapter 52, title 67, Idaho Code.

(7) If the director finds that a licensee has failed to comply with the provisions of section 26-2717(5), Idaho Code, the director shall revoke the certification of eligible equity investment and shall so notify the licensee promptly.

History:

[26-2723, added 1989, ch. 252, sec. 1, p. 617; am. 2002, ch. 145, sec. 9, p. 413.]
Idaho Code § 26-2121 — Idaho Code / Title 26 / Chapter 21 / Section 26-2121
26-2121 SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.
Status: in_force

26-2121. SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES. (1) A supervisory committee of at least three (3) members must be appointed by the board as provided in the bylaws. Members of the supervisory committee shall serve a term of one (1) to three (3) years, unless sooner removed under this chapter or until their successors are qualified and elected or appointed. The members of the supervisory committee shall be divided into classes so that as equal a number as is possible is appointed each year.

(2) At least one (1) supervisory committee member may attend each regular meeting of the board. However, supervisory committee members may be excluded from executive sessions of board meetings.

(3)(a) If a supervisory committee member is absent from more than one-fourth (1/4) of the committee meetings in any twelve (12) month period without being reasonably excused by the committee, the member shall no longer serve as a member of the committee.

(b) The supervisory committee shall promptly notify the member that such member shall no longer serve as a committee member. Failure to provide notice does not affect the termination of the member's service under paragraph (a) of this subsection.

(4) A supervisory committee member must be a natural person and a member of the credit union. If a member of the supervisory committee ceases to be a member of the credit union, the member shall no longer serve as a committee member.

(5) Any vacancy on the committee must be filled by an interim member appointed by the board.

(6) No operating officer or employee of a credit union may serve on the credit union's supervisory committee. No more than one (1) director may be a member of the supervisory committee at the same time. No member of the supervisory committee may serve on the credit committee or investment committee of the credit union while serving on the supervisory committee. No board officer of a credit union may serve as the chairperson of the supervisory committee.

History:

[26-2121, added 2018, ch. 165, sec. 16, p. 334.]
Idaho Code § 26-1211 — Idaho Code / Title 26 / Chapter 12 / Section 26-1211
26-1211 MISLEADING ADVERTISING.
Status: in_force

26-1211. Misleading advertising. No bank or bank holding company or any officer thereof shall advertise in any manner which is misleading, false or deceptive. Any bank violating the provisions of this section shall be subject to the provisions of section 26-1115, Idaho Code.

History:

[26-1211, added 1979, ch. 41, sec. 2, p. 123.]
Idaho Code § 26-2142 — Idaho Code / Title 26 / Chapter 21 / Section 26-2142
26-2142 VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.
Status: in_force

26-2142. Voluntary and/or involuntary liquidation. (1) A credit union may elect to dissolve voluntarily and wind up its affairs in the following manner: The board shall adopt a resolution recommending that the credit union be dissolved voluntarily and directing that the question of dissolution be submitted to a regular or special meeting of the members. After the adoption of the resolution to voluntarily dissolve, no receipts shall be accepted nor withdrawals permitted from its share or deposit accounts, nor shall any loans be made nor any dividends declared nor paid pending final determination by its membership on the voluntary dissolution. At a meeting specially called to consider the matter, a majority of the entire membership may vote to dissolve the credit union, provided a copy was mailed to the members of the credit union at least ten (10) days prior thereto. Any member not present at such meeting may, within the next twenty (20) days, vote in favor of or may oppose dissolution by signing a statement in form approved by the department of finance and such vote shall have the force and effect as if cast at such meeting. The credit union shall thereupon immediately cease to do business except for the purposes of liquidation, and the president and secretary shall within five (5) days following such meeting notify the department of finance of intention to liquidate and shall include a list of the names of the directors and officers of the credit union together with their addresses.

(2) If the department of finance, after issuing notice of suspension and providing opportunity for a hearing, rejects the credit union's plan to continue operations, the department of finance may issue a notice of involuntary liquidation and appoint a liquidating agent. The credit union may request a stay of execution of such action by appealing to the appropriate court of the jurisdiction in which the credit union is located. Involuntary liquidation may not be ordered prior to following the suspension procedures outlined in this chapter.

(3) The credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing all acts required in order to wind up its business and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted. The board or, in the case of involuntary dissolution, the liquidating agent shall apply and distribute the assets of the credit union or the proceeds from any disposition of the assets of the credit union in the following sequence:

(a) Secured creditors, up to the value of their collateral;

(b) Costs and expenses of liquidation, including a surety bond that shall be required;

(c) Wages due the employees of the credit union;

(d) Costs and expenses incurred by creditors in successfully opposing the release of the credit union from certain debts as allowed by the department of finance;

(e) Taxes owed to the United States or any other governmental unit;

(f) Debts owed to the United States;

(g) General creditors; secured creditors, to the extent their claims exceed the value of their collateral; and owners of deposit accounts, to the extent such accounts are uninsured; and

(h) Members, to the extent of uninsured share accounts and the organization that insured the accounts of the credit union.

As soon as the board or the liquidating agent determines that all assets from which there is a reasonable expectancy of realization have been liquidated and distributed as set forth in this section, the director shall execute a certificate of dissolution. The credit union shall be subject to examination by and reporting to the department of finance to determine that all procedures have been observed as required by this chapter and shall pay such examination fees as are determined by the department of finance in accordance with its schedules.

(4) If the credit union shall not be completely liquidated and its assets discharged within three (3) years after the special meeting of the members, the director may take possession of the books, records, and assets and proceed to complete liquidation. If the director determines after one (1) year from the commencement of liquidation proceedings that the liquidation is not proceeding in a reasonable and expeditious manner under all of the circumstances, he may take possession of the books, records, and assets and appoint a liquidating agent who shall give a bond to complete the liquidation.

History:

[26-2142, added 1977, ch. 213, sec. 2, p. 605; am. 1988, ch. 158, sec. 2, p. 286; am. 2020, ch. 214, sec. 12, p. 635.]
Idaho Code § 26-2608 — Idaho Code / Title 26 / Chapter 26 / Section 26-2608
26-2608 CONDITIONS FOR APPROVAL.
Status: in_force

26-2608. Conditions for approval. The director may make the acquisition of an Idaho financial institution by an out-of-state financial institution holding company subject to any conditions, restrictions, and requirements that would apply to the acquisition by an Idaho financial institution holding company of a financial institution or a financial institution holding company in the state where such acquiring financial institution holding company's operations are principally conducted, which conditions, restrictions and requirements would not apply to acquisitions by a financial institution or financial institution holding company all of whose financial institution subsidiaries are located in that state.

History:

[26-2608, added 1985, ch. 185, sec. 1, p. 480; am. 1995, ch. 99, sec. 19, p. 321.]
Idaho Code § 26-212 — Idaho Code / Title 26 / Chapter 2 / Section 26-212
26-212 RIGHT OF EXAMINATION BY STOCKHOLDER.
Status: in_force

26-212. Right of examination by stockholder. No stockholder of any bank who is not a director shall have the right to inspect the books and records of such bank showing its transactions with any of its customers but any such stockholder shall have the right to inspect, during business hours, the daily statement showing the general assets and liabilities of such bank.

History:

[26-212, added 1979, ch. 41, sec. 2, p. 72.]
Idaho Code § 26-3206 — Idaho Code / Title 26 / Chapter 32 / Section 26-3206
26-3206 TRUST BUSINESS OF STATE TRUST INSTITUTION.
Status: in_force

26-3206. Trust business of state trust institution. (1) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office established and maintained pursuant to this act, at a branch or at any location other than an office or branch.

(2) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the director applicable to the state trust institution; provided however, that the director may waive any such prohibition if the director determines, by order or rule, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of such state trust institutions.

History:

[26-3206, added 2000, ch. 288, sec. 8, p. 980.]
Idaho Code § 26-2610 — Idaho Code / Title 26 / Chapter 26 / Section 26-2610
26-2610 COOPERATIVE AGREEMENTS.
Status: in_force

26-2610. Cooperative agreements. (1) The director is authorized to enter into cooperative and reciprocal agreements with other financial institution regulatory agencies, both federal and state, and from bank supervisory authorities from foreign countries, to facilitate the regulation of financial institutions and financial institution holding companies doing business in this state. The director may accept reports of examinations and other records from such other agencies in lieu of conducting his own examinations of financial institutions controlled by financial institution holding companies located in other states. The director may share examination reports with such other agencies. The director may examine such institutions in Idaho, in the financial institution's home state or such other location as may be necessary. The director may take any action jointly with other regulatory agencies having concurrent jurisdiction over financial institutions and financial institution holding companies doing business in this state or may take such actions independently in order to carry out his responsibilities.

(2) The director may, in his discretion, enter into agreements with a professional association of which the department is a member. The purposes of such agreements may include the facilitation of examination of banks or bank holding companies operating in other states in addition to Idaho. Notwithstanding any other provision of law, such examination agreements may provide for the exchange of bank information, including examination reports, with such a professional association; provided however, that such communication shall not constitute a public disclosure of such records under chapter 1, title 74, Idaho Code, nor a waiver of the statutory privilege in section 26-1111, Idaho Code.

History:

[26-2610, added 1985, ch. 185, sec. 1, p. 481; am. 1995, ch. 99, sec. 21, p. 322; am. 2015, ch. 141, sec. 44, p. 414.]
Idaho Code § 26-3608 — Idaho Code / Title 26 / Chapter 36 / Section 26-3608
26-3608 LIMIT OF LEGAL ACTION.
Status: in_force

26-3608. Limit of legal action. This chapter does not limit any statutory or common law right of a person to bring an action in a court for any act involved in the transaction of trust business or the right of the state to bring an action against any person for a violation of law based on such act. The director may enforce any of his orders through injunctive proceedings or any other appropriate action brought in the name of this state.

History:

[26-3608, added 2000, ch. 288, sec. 12, p. 990.]
Idaho Code § 26-31-211A — Idaho Code / Title 26 / Chapter 31 / Section 26-31-211A
26-31-211A CONSUMER PRIVACY IN MORTGAGE APPLICATIONS.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-211A. Consumer privacy in mortgage applications. (1) For purposes of this section, "mortgage trigger lead" means a consumer report obtained pursuant to section 604(c)(1)(B) of the fair credit reporting act, 15 U.S.C. 1681b, where the issuance of the report is triggered by an inquiry made with a consumer reporting agency in response to an application for credit. "Mortgage trigger lead" does not include a consumer report obtained by a lender or servicer that holds or services existing indebtedness of the applicant who is the subject of the report.

(2) With regard to a solicitation of a consumer for a residential mortgage loan, as defined in section 26-31-102, Idaho Code, that is based, in whole or in part, on information contained in a mortgage trigger lead, the following shall be deemed to be a prohibited act or practice:

(a) The failure to clearly and conspicuously state in the initial phase of the solicitation that the solicitor is not affiliated with the lender or broker with which the consumer initially applied;

(b) The failure to clearly and conspicuously state in the initial phase of the solicitation that the solicitation is based on personal information about the consumer that was purchased, directly or indirectly, from a consumer reporting agency without the knowledge or permission of the lender or broker with which the consumer initially applied;

(c) The failure, in the initial solicitation, to comply with the provisions of the federal fair credit reporting act relating to prescreening solicitations that use consumer reports, including the requirement to make a firm offer of credit to the consumer; or

(d) Knowingly or negligently using information from a mortgage trigger lead:

(i) To solicit consumers who have opted out of prescreened offers of credit under the federal fair credit reporting act; or

(ii) To place telephone calls to consumers who have placed their contact information on a federal or state "do-not-call" list.

(3) A violation of this section shall constitute a violation of the Idaho consumer protection act.

History:

[26-31-211A, added 2025, ch. 87, sec. 1, p. 403.]
Idaho Code § 26-31-112 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-112
26-31-112 PROCEDURE FOR RECOVERY.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-112. PROCEDURE FOR RECOVERY. (1) A person who obtains against a mortgage broker, mortgage lender or mortgage loan originator a money judgment in an Idaho court that includes findings of violations of this chapter occurring on or after July 1, 2009, after final judgment has been entered, execution returned unsatisfied and the judgment has been recorded, may file a verified claim with the court in which the judgment was entered, and on twenty (20) days' written notice to the director and to the judgment debtor, may apply to the court for an order directing payment from the mortgage recovery fund of any unpaid amount on such judgment, subject to section 26-31-111, Idaho Code.

(2) At a hearing on the application, the person seeking recovery from the mortgage recovery fund must show:

(a) That the judgment has not been discharged in bankruptcy and is based on facts allowing recovery under section 26-31-109(2), Idaho Code;

(b) That the person is not a spouse of the judgment debtor, or the personal representative of the spouse;

(c) That the person is not a mortgage broker, mortgage lender or mortgage loan originator as defined by this chapter who is seeking to recover any compensation regarding the mortgage loan transaction which is the subject of the money judgment upon which a claim against the mortgage recovery fund is based; and

(d) That, based on the best available information, the judgment debtor lacks sufficient nonexempt assets in this state or any other state to satisfy the judgment.

(3) Any recovery on the money judgment received by the judgment creditor before payment from the mortgage recovery fund shall be applied by the judgment creditor to reduce the judgment creditor's actual damages which were awarded in the judgment.

(4) After giving notice and the opportunity for a hearing to the person seeking recovery, to the judgment debtor and to the department, the court may enter an order requiring the director to pay from the mortgage recovery fund the amount the court finds payable on the claim, pursuant to and in accordance with the limitations contained in this section, if the court is satisfied as to the proof of all matters required to be shown under subsection (2) of this section, and that the person seeking recovery from the mortgage recovery fund has satisfied all of the requirements of this section.

(5) When the director receives notice that a hearing is scheduled under this section, the director may enter an appearance, file a response, appear at the hearing or take any other appropriate action as he deems necessary to protect the mortgage recovery fund from spurious or unjust claims and to ensure compliance with the requirements for recovery under this section.

(6) If the court finds that the aggregate amount of claims against a mortgage broker, mortgage lender or mortgage loan originator exceeds the limits set forth in section 26-31-113, Idaho Code, the court shall reduce proportionately the amount the court finds payable on the claim.

(7) The department shall provide the court with information concerning the mortgage recovery fund necessary to enable the court to carry out its duties under this section.

History:

[26-31-112, added 2009, ch. 97, sec. 2, p. 287.]
Idaho Code § 26-3710 — Idaho Code / Title 26 / Chapter 37 / Section 26-3710
26-3710 CIVIL LIABILITY.
Status: in_force

26-3710. Civil liability. (1) Any person who, as a provider, or on behalf of a provider:

(a) Enters into a contract for continuing care at a facility which has not registered under this chapter;

(b) Enters into a contract for continuing care at a facility without having first delivered a disclosure statement meeting the requirements of this chapter to the person contracting for such continuing care;

(c) Enters into a contract for continuing care at a facility with a person who has relied on a disclosure statement which contains a misstatement of a material fact or which omits a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they are made, not misleading; or

(d) Engages in any fraudulent or deceptive practices in the provision of services to the resident, or prospective resident;

shall be deemed to have violated the terms of this chapter and shall be liable to the person contracting for such continuing care for damages and repayment of all fees paid to the provider, facility or person in violation of the provisions of this chapter, less the reasonable value of care and lodging provided to the resident by or on whose behalf the contract for continuing care was entered into prior to discovery of the violation, misstatement or omission or the time the violation, misstatement or omission should reasonably have been discovered, together with interest thereon at the legal rate for judgments and court costs and reasonable attorney's fees.

(2) Liability under this section shall exist regardless of whether or not the provider or person liable had actual knowledge of the misstatement or omission.

(3) A person may not file or maintain an action under this section if the person, before filing the action, received an offer, approved by the director, to refund all amounts paid the provider, facility or person in violation of the provisions of this chapter together with interest from the date of payment, less the reasonable value of care and lodging provided prior to the receipt of the offer and the person failed to accept the offer within thirty (30) days of receipt. At the time a provider makes a written offer of rescission, the provider shall file a copy with the director. The rescission offer shall recite the provisions of this section.

(4) An action shall not be maintained to enforce a liability created under this chapter unless brought before the expiration of six (6) years after the execution of the contract for continuing care which gave rise to the violation.

(5) Except as expressly provided in this chapter, civil liability in favor of a private party shall not arise against a person, by implication, from or as a result of the violation of this chapter or a rule or order promulgated or issued under this chapter. This chapter shall not limit a liability which may exist by virtue of any other statute or under common law if this chapter were not in effect.

History:

[26-3710, added 2005, ch. 265, sec. 15, p. 822.]
Idaho Code § 26-3701 — Idaho Code / Title 26 / Chapter 37 / Section 26-3701
26-3701 SHORT TITLE.
Status: in_force

26-3701. Short title. This chapter shall be known and may be cited as the "Idaho Continuing-Care Disclosure Act."

History:

[26-3701, added 2005, ch. 265, sec. 15, p. 816.]
Idaho Code § 26-2712 — Idaho Code / Title 26 / Chapter 27 / Section 26-2712
26-2712 DUAL LICENSURE — EXCEPTIONS.
Status: in_force

26-2712. Dual licensure — Exceptions. (1) An Idaho corporation that is licensed under another law of this state or under any law of the United States may apply for and be issued a license under this chapter unless the transaction of business by that corporation as a licensee under another law of this state or a law of the United States violates this chapter or is contrary to the purposes of this chapter.

(2) An Idaho corporation that is licensed under this chapter may apply for and be issued a license under another law of this state or a law of the United States unless the transaction of business by that corporation as a licensee under another law of this state or a law of the United States would violate this chapter or would be contrary to the purposes of this chapter.

History:

[26-2712, added 1989, ch. 252, sec. 1, p. 610.]
Idaho Code § 26-217 — Idaho Code / Title 26 / Chapter 2 / Section 26-217
26-217 BANKS EMPOWERED TO COMPLY WITH REQUIREMENTS FOR FEDERAL DEPOSIT INSURANCE.
Status: in_force

26-217. Banks empowered to comply with requirements for federal deposit insurance. Any banking institution now or hereafter organized under the laws of this state is hereby empowered, on the authority of its board of directors, or a majority thereof, to enter into such contracts, incur such obligations and generally to do and perform any and all such acts and things whatsoever as may be necessary or appropriate in order to take advantage of any and all memberships, loans, subscriptions, contracts, grants, rights, or privileges, which may at any time be available or enure to banking institutions or to their depositors, creditors, stockholders, conservators, receivers or liquidators, by virtue of those provisions of section 8 of the federal "Banking Act of 1933" (sec. 12B of the Federal Reserve Act, as amended), which establish the Federal Deposit Insurance Corporation and provide for the insurance of deposits, or of any other provisions of that or of any other act or resolution of congress to aid, regulate or safeguard banking institutions and their depositors, including any amendments of the same or any substitutions therefor; also, to subscribe for and acquire any stock, debentures, bonds or other types of securities of the Federal Deposit Insurance Corporation and to comply with the lawful regulations and requirements from time to time issued or made by such corporation.

History:

[26-217, added 1979, ch. 41, sec. 2, p. 76.]
Idaho Code § 26-405 — Idaho Code / Title 26 / Chapter 4 / Section 26-405
26-405 PROHIBITED ACTIVITIES.
Status: in_force

26-405. Prohibited activities. No bank service corporation may engage in any revenue producing activity other than the performance of bank services for banks and, to an extent not exceeding one-half (1/2) of its total activity, the performance of similar services for persons or organizations other than banks.

History:

[26-405, added 1979, ch. 41, sec. 2, p. 81.]
Idaho Code § 26-215 — Idaho Code / Title 26 / Chapter 2 / Section 26-215
26-215 FEDERAL RESERVE — MEMBERSHIP.
Status: in_force

26-215. Federal reserve — Membership. Any bank shall have the power to subscribe to the capital stock and become a member of a federal reserve bank.

Any bank incorporated under the laws of this state which is or which becomes a member of a federal reserve bank is, by the bank act, vested with all powers conferred upon member banks of the federal reserve banks by the terms of the Federal Reserve Act as fully and completely as if such powers were specifically enumerated and described herein. All such powers shall be exercised subject to all restrictions and limitations imposed by the Federal Reserve Act, or by regulations of the Federal Reserve Board, made pursuant thereto. The right of the legislature to revoke or to amend the powers herein converted is, however, expressly reserved.

Compliance on the part of any such bank with the reserve requirements of the Federal Reserve Act shall be held to be in full compliance with those provisions of the laws of this state which require banks to maintain cash balances in their vaults or with other banks, and no such bank shall be required to carry or maintain reserve other than such as is required under the terms of the Federal Reserve Act. Any such bank shall continue to be subject to the supervision and examinations required by the laws of this state, except that the Federal Reserve Board shall have the right, if it deems necessary, to make examinations; and the authorities of this state having supervision over such bank may disclose to the Federal Reserve Board or to examiners duly appointed by it, all information in reference to the affairs of any bank which has become or desires to become a member of a federal reserve bank.

History:

[26-215, added 1979, ch. 41, sec. 2, p. 75.]
Idaho Code § 26-2238 — Idaho Code / Title 26 / Chapter 22 / Section 26-2238
26-2238 VIOLATIONS — PENALTIES.
Status: in_force

26-2238. Violations — Penalties. (1) Any person who engages in activities authorized under this act, who fails to establish and maintain a separate trust account as required under this act, or fails to disburse funds in accordance with the requirements of this act, or misappropriates, transfers, or converts to his own use or benefit, funds belonging to or held for another person, shall, upon conviction, be guilty of a felony punishable by a fine not to exceed five thousand dollars ($5,000) per violation or by imprisonment for not more than five (5) years, or both.

(2) Any person, except a person exempt under section 26-2239, Idaho Code, who engages in activities authorized under this act without first obtaining a license as required by this act shall, upon conviction, be guilty of a felony punishable by a fine not to exceed five thousand dollars ($5,000) or by imprisonment for not more than five (5) years, or both.

(3) Any person who shall fail to comply with any of the other provisions of this act shall, upon conviction, be guilty of a misdemeanor.

History:

[26-2238, added 1970, ch. 53, sec. 17, p. 118; am. 1997, ch. 370, sec. 8, p. 1182; am. 2008, ch. 347, sec. 21, p. 953.]
Idaho Code § 26-802 — Idaho Code / Title 26 / Chapter 8 / Section 26-802
26-802 ISSUANCE OF CONVERTIBLE OR NONCONVERTIBLE CAPITAL DEBENTURES AND NOTES.
Status: in_force

26-802. Issuance of convertible or nonconvertible capital debentures and notes. The issuance of convertible or nonconvertible capital debentures and notes by banks in accordance with normal business considerations is permissible.

With the consent of the director, every bank is, however, authorized to issue and sell its capital notes or debentures, for all capital purposes, in an amount not to exceed one hundred percent (100%) of its unimpaired, paid-in capital stock, plus fifty percent (50%) of its unimpaired surplus fund. A bank may, with the approval of stockholders owning two-thirds (2/3) of the stock of the bank, entitled to vote, or without such approval if authorized by its articles of incorporation, issue convertible or nonconvertible capital debentures and notes in such amounts and under such terms and conditions as shall be approved by the director.

History:

[26-802, added 1979, ch. 41, sec. 2, p. 95.]
Idaho Code § 26-403 — Idaho Code / Title 26 / Chapter 4 / Section 26-403
26-403 BANKS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE BANK.
Status: in_force

26-403. Banks jointly holding stock — Effect of withdrawal by one bank. If stock in a bank service corporation has been held by two (2) banks, and one (1) of such banks ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stockholding bank, the corporation may nevertheless continue to function as such and the other bank may continue to hold stock in it.

History:

[26-403, added 1979, ch. 41, sec. 2, p. 80.]
Idaho Code § 26-3713 — Idaho Code / Title 26 / Chapter 37 / Section 26-3713
26-3713 OATHS — SUBPOENAS — PUNISHMENT — EXEMPTION FROM CRIMINAL PROSECUTION FOR TESTIMONY.
Status: in_force

26-3713. Oaths — Subpoenas — Punishment — Exemption from criminal prosecution for testimony. For the purpose of any investigation or proceeding under this chapter the director or any officer designated by him may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence and require the production of any books, papers, correspondence, memoranda, agreements or other documents or records which the director deems relevant or material to the inquiry.

(1) In case of contumacy or refusal to obey a subpoena issued to any person, any court of competent jurisdiction, upon application by the director, may issue to that person an order requiring him to appear before the director or the officer designated by him, there to produce documentary evidence if so ordered or to give evidence relating to the matter under investigation or in question and any failure to obey such order of the court may be punished by the court as a contempt of court.

(2) No person is excused from attending and testifying, from producing any document or record before the director or from obeying the subpoena of the director or any officer designated by him or in any proceeding instituted by the director on the ground that the testimony or evidence, documentary or otherwise, required of him may tend to incriminate him or subject him to a penalty or forfeiture; but no individual may be prosecuted or subjected to any penalty or forfeiture for or on account of any transaction, matter or thing concerning which he is compelled, after claiming his privilege against self-incrimination, to testify, except that the individual so testifying shall not be exempt from prosecution and punishment for perjury committed in so testifying.

History:

[26-3713, added 2005, ch. 265, sec. 15, p. 824.]
Idaho Code § 26-2236 — Idaho Code / Title 26 / Chapter 22 / Section 26-2236
26-2236 SUBPOENAS.
Status: in_force

26-2236. Subpoenas. The director shall have the power to issue subpoenas as necessary to determine whether a person has violated any provision of this act, rule or order thereunder, to swear witnesses and to take the testimony of any person by deposition, with the same fees and mileage and in the same manner as prescribed by law in judicial procedure in district courts of this state in civil cases. Any party to a proposed revocation or suspension of a license shall have the right of subpoena to compel the attendance of witnesses and produce all reasonably necessary books and writings on his behalf. In case any witness shall fail or refuse to comply with a subpoena to appear before the director, the clerk of the district court of the county in which the administrative proceedings are held shall, upon demand of the director, issue a subpoena reciting the demand therefor and summoning the witness to appear and testify at a time and place fixed; and violation of such subpoena or disobedience thereto shall be deemed and punished as a violation of a subpoena issued by the district court.

History:

[26-2236, added 1970, ch. 53, sec. 15, p. 118; am. 1993, ch. 165, sec. 4, p. 420; am. 2008, ch. 347, sec. 19, p. 952.]
Idaho Code § 26-1207 — Idaho Code / Title 26 / Chapter 12 / Section 26-1207
26-1207 CONCEALMENT OF LOANS AND DISCOUNTS.
Status: in_force

26-1207. Concealment of loans and discounts. Any officer or employee of any bank or the bank holding company owning or controlling the bank who intentionally conceals from the director of the department of finance or the directors of the bank or a committee thereof, the purchase of any security, the sale of any of its securities, or any guaranty, repurchase agreement or any other agreement whereby the bank is obligated, shall be guilty of a felony.

History:

[26-1207, added 1979, ch. 41, sec. 2, p. 122.]
Idaho Code § 26-3802 — Idaho Code / Title 26 / Chapter 38 / Section 26-3802
26-3802 CONSTRUCTION OF TERMINOLOGY.
Status: in_force

26-3802. construction of terminology. The definitions provided in section 26-3803, Idaho Code, shall be construed in favor of the broadest protection of the conduct, opinions, and beliefs protected by the first amendment to the United States constitution, the constitution of the state of Idaho, and applicable state and federal law.

History:

[26-3802, added 2025, ch. 164, sec. 1, p. 785.]
Idaho Code § 26-3001 — Idaho Code / Title 26 / Chapter 30 / Section 26-3001
26-3001 TITLE AND SCOPE.
Status: in_force

26-3001. Title and scope. (1) This chapter shall be known and cited as the "University Debit Card Act."

(2) This chapter is intended to grant authority to and set forth the terms and conditions under which colleges and universities located in Idaho may offer debit card programs to their student bodies, faculty and staff.

History:

[26-3001, added 1995, ch. 133, sec. 1, p. 579.]
Idaho Code § 26-31-103 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-103
26-31-103 DIRECTOR'S AUTHORITY UNDER THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-103. DIRECTOR'S AUTHORITY UNDER THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. (1) The legislature has determined that a nationwide mortgage licensing system and registry for mortgage brokers, mortgage lenders and mortgage loan originators is consistent with both the public interest and the purposes of this chapter.

(2) For the sole purpose of participating in the nationwide mortgage licensing system and registry, the director is authorized to:

(a) Modify by rule the license renewal dates under this chapter;

(b) Establish by rule such new requirements as are necessary for the state of Idaho to participate in the nationwide mortgage licensing system and registry upon the director's finding that each new requirement is consistent with both the public interest and the purposes of this chapter; and

(c) Require a background investigation of each applicant and each control person of an applicant for a mortgage broker, mortgage lender or mortgage loan originator license by means of fingerprint checks by the Idaho state police and the FBI for state and national criminal history record checks. The information obtained thereby may be used by the director to determine the applicant's eligibility for licensing under this chapter. The fee required to perform the criminal history record check shall be borne by the license applicant. Information obtained or held by the director pursuant to this subsection shall be considered confidential personal information and shall be exempt from disclosure pursuant to section 74-106(8) and (9), Idaho Code.

History:

[26-31-103, added 2009, ch. 97, sec. 2, p. 284; am. 2013, ch. 64, sec. 2, p. 143; am. 2015, ch. 141, sec. 46, p. 415.]
Idaho Code § 26-2251 — Idaho Code / Title 26 / Chapter 22 / Section 26-2251
26-2251 SEVERABILITY.
Status: in_force

26-2251. Severability. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of the remaining portions of this act.

History:

[26-2251, added 2008, ch. 347, sec. 31, p. 957.]
Idaho Code § 26-3402 — Idaho Code / Title 26 / Chapter 34 / Section 26-3402
26-3402 ESTABLISHING OR ACQUIRING AN INTERSTATE TRUST OFFICE OR REPRESENTATIVE OFFICE.
Status: in_force

26-3402. Establishing or acquiring an interstate trust office or representative office. (1) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish or acquire, and maintain, a trust office in this state.

(2) An out-of-state trust institution may establish or acquire, and maintain, a representative trust office in this state.

History:

[26-3402, added 2000, ch. 288, sec. 8, p. 983.]
Idaho Code § 26-1401 — Idaho Code / Title 26 / Chapter 14 / Section 26-1401
26-1401 DEFINITIONS.
Status: in_force

26-1401. Definitions. In this chapter:

(1) "Affiliated bank," with respect to a trust company or another bank, means any bank:

(a) That owns, directly or indirectly, eighty percent (80%) or more of the voting stock of such trust company or other bank; or

(b) Eighty percent (80%) or more of the voting stock of which is owned, directly or indirectly, by the same bank holding company that owns, directly or indirectly, eighty percent (80%) or more of the voting stock of such trust company or other bank.

(2) "Affiliated trust company" means a trust company with a principal place of business located within the state of Idaho, and eighty percent (80%) or more of the voting stock of which is owned, directly or indirectly, by the same bank or bank holding company that owns, directly or indirectly, eighty percent (80%) or more of the voting stock of a trust company or a bank with respect to which the affiliated trust company is participating in a transfer of fiduciary capacities as provided in this chapter.

(3) "Bank" means any state bank or national bank whose operations are principally conducted in this state and which is authorized to engage in trust business.

(4) "Bank holding company" means a bank holding company as defined in the United States bank holding company act of 1956, as amended.

(5) "Director" means the director of the department of finance.

(6) "Fiduciary account," with respect to an affiliated bank, affiliated trust company, or trust company, means an estate, trust, or other fiduciary relationship, and includes all rights, privileges, duties, obligations, and undertakings thereof, that have been established or provided for by a written instrument or in any other lawful manner with such affiliated bank, affiliated trust company or trust company.

(7) "Fiduciary capacity" means a capacity resulting from the undertaking to act alone or jointly with others as a personal representative of a decedent's estate, a guardian or conservator of an estate, a receiver, a trustee under appointment of any court or under authority of any law, or a trustee for any other purpose permitted by law.

(8) "Principal place of business," with respect to any affiliated bank, affiliated trust company, or trust company means such entity's principal place of business within the state of Idaho.

(9) "Trust company" means a corporation holding a charter to engage in the trust business in this state, issued pursuant to chapters 32 through 36, title 26, Idaho Code, with a principal place of business located within the state of Idaho.

History:

[26-1401, added 1991, ch. 215, sec. 2, p. 515; am. 1992, ch. 87, sec. 1, p. 271; am. 2000, ch. 288, sec. 6, p. 974.]
Idaho Code § 26-3304 — Idaho Code / Title 26 / Chapter 33 / Section 26-3304
26-3304 TRUST OFFICE — REPRESENTATIVE TRUST OFFICE.
Status: in_force

26-3304. Trust office — Representative trust office. (1) A state trust institution may establish or acquire, and maintain, trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire, and maintain, such an office shall file a written notice with the director setting forth the name of the state trust institution, the location of the proposed additional office and whether the additional office will be a trust office or a representative trust office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee, if any, prescribed by the director.

(2) The state trust institution may commence business at the additional office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date.

(3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the director.

(4) The director may deny approval of the additional office if the director finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.

History:

[26-3304, added 2000, ch. 288, sec. 9, p. 981.]
Idaho Code § 26-2126 — Idaho Code / Title 26 / Chapter 21 / Section 26-2126
26-2126 TRUST ACCOUNTS.
Status: in_force

26-2126. trust accounts. Share may be issued in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his own right, may be permitted to vote, obtain loans, hold office or be required to pay an entrance fee. Payment of part or all of such shares to such member shall, to the extent of such payment, discharge the liability of the credit union to the member and the beneficiary, and the credit union shall be under no obligation to see the application of such payment. In the event of the death of the member, and if shares are so issued or held and the credit union has been given no other written evidence of the existence or terms of any trust, such shares and any dividends or interest thereon shall be paid to the beneficiary.

History:

[26-2126, added 1977, ch. 213, sec. 2, p. 597.]
Idaho Code § 26-2417 — Idaho Code / Title 26 / Chapter 24 / Section 26-2417
26-2417 CORPORATION DEEMED A STATE DEVELOPMENT COMPANY.
Status: in_force

26-2417. Corporation deemed a state development company. Any corporation organized under the provisions of this act shall be a state development company, as defined in the Small Business Investment Act of 1958, and amendments thereto, or any other similar federal legislation, and shall be authorized to operate on a statewide basis.

History:

[(26-2417) 1963, ch. 273, sec. 17, p. 695; I.C., sec. 30-1517 (1963 Supp.).]
Idaho Code § 26-1013 — Idaho Code / Title 26 / Chapter 10 / Section 26-1013
26-1013 CLOSED BANKS — PLEDGE OR SALE OF ASSETS BY DIRECTOR OR LIQUIDATOR TO FEDERAL DEPOSIT INSURANCE CORPORATION — COURT ORDER.
Status: in_force

26-1013. Closed banks — Pledge or sale of assets by director or liquidator to Federal Deposit Insurance Corporation — Court order. With respect to any banking institution, which is now or may hereafter be closed on account of inability to meet the demands of its depositors or by action of the director of the department of finance or of a court or by action of its directors or in the event of its insolvency or suspension, the director of the department of finance and/or the receiver or liquidator of such institution with the permission of said director of finance may borrow from said corporation and furnish any part or all of the assets of said institution to said corporation as security for a loan from same, provided, that where said corporation is acting as such receiver or liquidator, the order of a court of record of competent jurisdiction shall be first obtained approving such loan. Said director upon the order of a court of record of competent jurisdiction, and upon a like order and with the permission of said director, the receiver or liquidator of any such institution may sell to said corporation any part or all of the assets of such institution.

The provisions of this section shall not be construed to limit the power of any banking institution, the director of the department of finance or receivers or liquidators to pledge or sell assets in accordance with any existing law.

History:

[26-1013, added 1979, ch. 41, sec. 2, p. 107.]
Idaho Code § 26-1009 — Idaho Code / Title 26 / Chapter 10 / Section 26-1009
26-1009 RECOURSE OF AGGRIEVED BANK.
Status: in_force

26-1009. Recourse of aggrieved bank. Any bank deeming itself aggrieved by the action of the director in taking possession of its assets or closing its doors may, within ten (10) days after such possession shall have been taken, apply to the district court of the county in which its principal place of business is located, or to the judge thereof in chambers, to enjoin further proceedings by the director, and the court or the judge thereof in chambers, after notifying the director to appear at a specified time and place to show cause why further proceedings should not be enjoined, and after hearing the allegations and proofs of the parties, and determining facts, may, on the merits, dismiss such application, or enjoin the director from further proceeding and direct him to surrender the business and assets of said bank. Such application for injunction may be heard at any time after five (5) days' notice from the time of service on said director in the discretion of the court, or the judge thereof, or at any time prior thereto by the consent of the director. Application therefor shall be made on the verified complaint of the bank, in the ordinary form used in civil actions in district court, and a copy of such complaint shall be served on the director with the order to show cause. The director shall, at least two (2) days before the time set for hearing, file in the cause, and serve upon counsel for plaintiff an answer to the complaint, also in the ordinary form used in civil actions in the district court. Demurrers and motions directed to pleadings are not permissible in proceedings had under this section, but any questions raised by demurrer or motion in other actions may be raised in the answer. On the issues thus made on the complaint and answer, the court, or the judge thereof at chambers, at the time fixed for showing cause, or at such other time to which he, in his discretion, may continue the same, shall try the matter on the merits by hearing the allegations and proofs of the parties in the same manner as on the trial of ordinary civil actions in the district court, and the rules governing the trial of ordinary civil actions and for the production and taking of evidence and hearing the examinations of witnesses and the entry of findings and judgments therein, shall prevail. In the event the director makes no appearance in the time limited, the court shall enter his default and proceed to hear the proofs of the plaintiff in like manner as in civil actions under similar circumstances, and enter judgment accordingly. The judgment entered either after hearing on the merits or by default, shall be final judgment from which either party shall have the right, by notice filed within twenty (20) days after entry, to appeal to the supreme court, in the same manner as from final judgment in a civil action.

History:

[26-1009, added 1979, ch. 41, sec. 2, p. 104.]
Idaho Code § 26-2248 — Idaho Code / Title 26 / Chapter 22 / Section 26-2248
26-2248 ADMINISTRATION OF ACT.
Status: in_force

26-2248. Administration of act. The administration of the provisions of this act shall be under the general supervision and control of the director, subject to chapter 52, title 67, Idaho Code. The director may from time to time adopt, amend, and rescind rules and issue orders necessary to carry out the provisions of this act. No rule or order may be made unless the director finds that the action is necessary or appropriate for the public interest or for the protection of the public consistent with the purposes of this act.

History:

[26-2248, added 1970, ch. 53, sec. 27, p. 118; am. 2008, ch. 347, sec. 29, p. 957.]
Idaho Code § 26-2414 — Idaho Code / Title 26 / Chapter 24 / Section 26-2414
26-2414 DURATION OF CORPORATION.
Status: in_force

26-2414. Duration of corporation. Unless otherwise provided in the articles of incorporation, the period of duration of the corporation shall be perpetual, subject, however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of said period as provided in section 26-2415.

History:

[(26-2414) 1963, ch. 273, sec. 14, p. 695; I.C., sec. 30-1514 (1963 Supp.).]
Idaho Code § 26-3712 — Idaho Code / Title 26 / Chapter 37 / Section 26-3712
26-3712 DENIAL, SUSPENSION, REVOCATION OF REGISTRATION — GROUNDS.
Status: in_force

26-3712. Denial, suspension, revocation of registration — Grounds. The director may by order deny, suspend or revoke registration of any provider:

(1) If he finds the order is in the public interest; or

(2) Any of the conditions described in section 26-3705(2)(c), Idaho Code, apply to the provider.

In addition the director may impose an administrative fine in an amount not to exceed five thousand dollars ($5,000) for each violation of the provisions of this chapter.

Prior to the revocation or suspension of any registration, the provider shall be given an opportunity for an appropriate contested case in accordance with the provisions of chapter 52, title 67, Idaho Code. Judicial review of the final order of the director shall be governed by chapter 52, title 67, Idaho Code.

History:

[26-3712, added 2005, ch. 265, sec. 15, p. 823.]
Idaho Code § 26-1704 — Idaho Code / Title 26 / Chapter 17 / Section 26-1704
26-1704 APPLICATION OF THIS CHAPTER.
Status: in_force

26-1704. Application of this chapter. International banking corporations, other than federal international bank institutions, are subject to this chapter, except where it appears, from the context or otherwise, that a provision is clearly applicable only to banks or trust companies organized under the laws of this state or the United States. An international banking corporation has no greater right under, or by virtue of, this chapter than is granted to banks organized under the laws of this state.

History:

[26-1704, added 1995, ch. 99, sec. 10, p. 309.]
Idaho Code § 26-2128 — Idaho Code / Title 26 / Chapter 21 / Section 26-2128
26-2128 LIQUIDITY REQUIREMENTS.
Status: in_force

26-2128. Liquidity requirements. (a) Every credit union shall have on hand as a liquidity reserve an amount equal to four percent (4%) of its outstanding shares, certificates of deposit, and certificates of indebtedness. Share or deposit accounts from which a member may withdraw funds by the use of a negotiable instrument shall be subject to the liquidity reserve requirements of subsection (b) of this section and not to the liquidity reserve requirements of this subsection. Said liquidity reserves, except as hereinafter otherwise provided, shall be kept in cash on hand or on deposit subject to check or draft, with any bank or banks or corporate credit union located in the state of Idaho, which shall have been approved by the director as liquidity reserve depositories and shall be computed monthly as follows: on the basis of average daily bank deposits and average daily cash on hand.

(b) Every credit union which provides for its member's share or deposit accounts from which the member may withdraw funds by the use of negotiable instrument shall have on hand as a liquidity reserve in addition to the liquidity reserve required by subsection (a) of this section an amount equal to ten percent (10%) of its share and deposit accounts which are subject to withdrawal by the use of negotiable instrument. Said liquidity reserves shall be kept in cash on hand or on deposit subject to check or draft, with any bank or banks or corporate credit union located in the state of Idaho which shall have been approved by the director as liquidity reserve depositories and shall be computed monthly as follows: on the basis of average daily bank or corporate credit union deposits, and average daily cash on hand.

(c) To the extent a credit union is required to maintain reserves pursuant to the monetary control act of 1980 and the implementing regulations of the board of governors of the federal reserve system, as the same is presently enacted and as it may be amended in the future, the reserves required to be so maintained shall be considered as a part of, and not in addition to, the liquidity reserves required by this section.

History:

[26-2128, added 1977, ch. 213, sec. 2, p. 598; am. 1979, ch. 230, sec. 1, p. 629; am. 1981, ch. 260, sec. 1, p. 551; am. 1991, ch. 236, sec. 3, p. 569; am. 2026, ch. 231, sec. 2, p. 1009.]
Idaho Code § 26-703 — Idaho Code / Title 26 / Chapter 7 / Section 26-703
26-703 REAL ESTATE LOANS.
Status: in_force

26-703. Real estate loans. Any bank may make real estate loans secured by liens upon improved real estate, including improved farm land and improved business and residential properties, as are consistent with safe and sound banking practices. A loan secured by real estate within the meaning of this section shall be in the form of an obligation or obligations secured by mortgage, trust deed, or other such instrument which shall constitute a lien upon real estate.

History:

[26-703, added 1979, ch. 41, sec. 2, p. 88; am. 2004, ch. 159, sec. 2, p. 515; am. 2007, ch. 126, sec. 3, p. 378.]
Idaho Code § 26-2405 — Idaho Code / Title 26 / Chapter 24 / Section 26-2405
26-2405 APPLICATION FOR MEMBERSHIP — LOANS.
Status: in_force

26-2405. Application for membership — Loans. Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acceptance of such application by said board.

Each member of the corporation shall make loans to the corporation as and when called upon by it to do so on such terms and other conditions as shall be approved from time to time by the board of directors, subject to the following conditions:

(1) All loan limits shall be established at the thousand dollar ($1,000) amount nearest to the amount computed in accordance with the provisions of this section.

(2) No loan to the corporation shall be made if immediately thereafter the total amount of the obligations of the corporation would exceed ten (10) times the amount then paid in on the outstanding capital stock of the corporation.

(3) The total amount outstanding on loans to the corporation made by any member at any time, when added to the amount of the investment in the capital stock of the corporation then held by such member, shall not exceed:

(a) Twenty percent (20%) of the total amount then outstanding on loans to the corporation by all members, including in said total amount outstanding, amounts validly called for loan but not yet loaned.

(b) The following limit, to be determined as of the time such member becomes a member on the basis of the audited balance sheet of such member at the close of its fiscal year immediately preceding its application for membership, or in the case of an insurance company, its last annual statement to the director of the department of insurance; two and one-half percent (2 1/2%) of the capital and surplus of commercial banks and trust companies; one-half of one percent (1/2%) of the total outstanding loans made by savings and loan associations, and building and loan associations; two and one-half percent (2 1/2%) of the capital and unassigned surplus of stock insurance companies, except fire insurance companies, two and one-half percent (2 1/2%) of the unassigned surplus of mutual insurance companies, except fire insurance companies; one-tenth of one percent (1/10%) of the assets of fire insurance companies; and such limits as may be approved by the board of directors of the corporation for other financial institutions.

(4) Subject to paragraph (a) of subsection (3) of this section, each call made by the corporation shall be prorated among the members of the corporation in substantially the same proportion that the adjusted loan limit of each member bears to the aggregate of the adjusted loan limits of all members. The adjusted loan limit of a member shall be the amount of such member's loan limit, reduced by the balance of outstanding loans made by such member to the corporation and the investment in capital stock of the corporation held by such member at the time of such call.

(5) All loans to the corporation by members shall be evidenced by bonds, debentures, notes, or other evidences of indebtedness of the corporation, which shall be freely transferable at all times, and which shall bear interest at a rate of not less than one-quarter of one percent (1/4%) in excess of the rate of interest determined by the board of directors to be the prime rate prevailing at the date of issuance thereof on unsecured commercial loans.

History:

[(26-2405) 1963, ch. 273, sec. 5, p. 695; I.C., sec. 30-1505 (1963 Supp.).]
Idaho Code § 26-1105 — Idaho Code / Title 26 / Chapter 11 / Section 26-1105
26-1105 DIRECTORS TO BE ADVISED OF CONDITIONS.
Status: in_force

26-1105. Directors to be advised of conditions. The department of finance shall, after each examination, address a letter to the president or chairman of the board of directors, calling attention to the condition of the bank at the time of examination. Such letter from the department shall be read at the first meeting of the board of directors following its receipt and the bank or company's minute book shall show the receipt of such letter and the reply thereto as approved by the directors.

History:

[26-1105, added 1979, ch. 41, sec. 2, p. 116.]
Idaho Code § 26-1810 — Idaho Code / Title 26 / Chapter 18 / Section 26-1810
26-1810 DEMAND DEPOSITS.
Status: in_force

26-1810. Demand deposits. Savings banks may accept deposits subject to withdrawal or to be paid upon checks of the depositor. All such deposits shall be payable on demand, without notice, except when the deposit agreement provides otherwise.

History:

[26-1810, added 1997, ch. 310, sec. 3, p. 919.]
Idaho Code § 26-1806 — Idaho Code / Title 26 / Chapter 18 / Section 26-1806
26-1806 INSURANCE REQUIRED.
Status: in_force

26-1806. Insurance required. All savings banks shall obtain and maintain federal deposit insurance through an insurance corporation created by an act of Congress.

History:

[26-1806, added 1997, ch. 310, sec. 3, p. 918.]
Idaho Code § 26-2925 — Idaho Code / Title 26 / Chapter 29 / Section 26-2925
26-2925 CRIMINAL PENALTIES.
Status: in_force

26-2925. Criminal penalties. Any person who knowingly and wilfully violates any provision of this chapter is guilty of a felony.

History:

[26-2925, added 1994, ch. 410, sec. 1, p. 1295.]
Idaho Code § 26-1602 — Idaho Code / Title 26 / Chapter 16 / Section 26-1602
26-1602 STATEMENT OF PURPOSE.
Status: in_force

26-1602. Statement of purpose. It is the policy of the state of Idaho to allow out-of-state banks, chartered either by other states or by the federal government, to branch within the state of Idaho on the terms and conditions set out in this chapter, chapter 3, title 26, Idaho Code, and federal law; further, it is the policy of the state of Idaho to allow banks chartered by or located in this state to establish, operate, and maintain branches in other states in any manner authorized by this act, the law of such other states, and federal law. It is an express purpose of this chapter to authorize mergers between banks in Idaho and banks located in other states.

History:

[26-1602, added 1995, ch. 99, sec. 9, p. 306; am. 2015, ch. 204, sec. 23, p. 631.]
Idaho Code § 26-2503 — Idaho Code / Title 26 / Chapter 25 / Section 26-2503
26-2503 FEES PROHIBITED UNTIL A LOAN IS MADE.
Status: in_force

26-2503. Fees prohibited until a loan is made. No loan broker shall directly or indirectly receive any fee, interest or other charge of any nature until a loan or extension of credit is made or a written commitment to loan or extend credit is made by any person exempt under section 26-2502, Idaho Code.

History:

[26-2503, added 1979, ch. 298, sec. 1, p. 781; am. 1992, ch. 28, sec. 1, p. 89.]
Idaho Code § 26-3706 — Idaho Code / Title 26 / Chapter 37 / Section 26-3706
26-3706 SPECIFICATION FOR RESIDENCE CONTRACTS.
Status: in_force

26-3706. Specification for residence contracts. (1) In addition to such other provisions as may be considered proper to effectuate the purpose of any continuing care agreement, each agreement executed on and after the date of the adoption of this chapter shall be written in nontechnical language easily understood by a layperson and shall:

(a) Show the value of all property transferred, including donations, subscriptions, fees and any other amounts paid or payable by, or on behalf of, the resident or residents;

(b) Specify in detail all services which are to be provided by the provider to each resident;

(c) Describe the health and financial conditions upon which the provider may have the resident relinquish his space in the designated facility;

(d) State the fees and conditions that will apply if the resident marries while at the designated facility;

(e) Provide that the agreement may be canceled upon the giving of notice of cancellation of at least thirty (30) days by the resident. An agreement may be canceled by the provider if there has been a good faith determination in writing, signed by the medical director and the administrator of the facility, that a resident is a danger to himself or others;

(f) Provide in print no smaller than the largest type used in the body of said agreement, the terms governing the refund of any portion of the entrance fee;

(g) State the terms under which an agreement is canceled by the death of the resident. The agreement may contain a provision to the effect that, upon the death of the resident, the moneys paid for the continuing care of such resident shall be considered earned and become the property of the provider;

(h) Provide for advance notice to the resident, of not less than thirty (30) days, before any change in fees or charges or the scope of care or services may be effective, except for changes required by state or federal assistance programs;

(i) Provide that charges for care paid in one (1) lump sum shall not be increased or changed during the duration of the agreed upon care, except for changes required by state or federal assistance programs.

(2) A resident shall have the right to rescind a continuing care agreement, without penalty or forfeiture, within seven (7) days after making an initial deposit or executing the agreement. A resident shall not be required to move into the facility designated in the agreement before the expiration of the seven (7) day period.

(3) If a resident dies before occupancy date, or through illness, injury or incapacity is precluded from becoming a resident under the terms of the continuing care agreement, the agreement is automatically rescinded and the resident or his legal representative shall receive a full refund of all moneys paid to the facility, except those costs specifically incurred by the facility at the request of the resident and set forth in writing in a separate addendum, signed by both parties to the agreement.

(4) No agreement for care shall permit dismissal or discharge of the resident from the facility providing care prior to the expiration of the agreement, without just cause for such a removal. Just cause may include, but not be limited to, a good faith determination in writing, signed by the medical director and the administrator of the facility that a resident is a danger to himself or others while remaining in the facility. Dismissal for just cause shall not affect the resident's qualification for a refund under the contract.

(5) No act, agreement or statement of any resident, or of any individual purchasing care for a resident under any agreement to furnish care to the resident, shall constitute a valid waiver of any provision of this chapter intended for the benefit or protection of the resident or the individual purchasing care for the resident.

History:

[26-3706, added 2005, ch. 265, sec. 15, p. 819.]
Idaho Code § 26-3805 — Idaho Code / Title 26 / Chapter 38 / Section 26-3805
26-3805 ENFORCEMENT.
Status: in_force

26-3805. enforcement. (1) A violation of this chapter is a violation of the Idaho consumer protection act, chapter 6, title 48, Idaho Code.

(2) The attorney general may undertake any and all actions authorized by the Idaho consumer protection act to investigate and enforce a violation of this chapter.

(3) A person harmed by a violation of this chapter may initiate a civil action and may seek remedies pursuant to section 48-608, Idaho Code.

History:

[26-3805, added 2025, ch. 164, sec. 1, p. 787.]
Idaho Code § 26-2244 — Idaho Code / Title 26 / Chapter 22 / Section 26-2244
26-2244 CEASE AND DESIST ORDERS, PENALTY.
Status: in_force

26-2244. Cease and desist orders, penalty. (1) Whenever it appears to the director that it is in the public interest, he may order any person to cease and desist from acts, practices, or omissions which constitute a violation of this act or a rule adopted or an order issued under this act.

(2) Whenever, after notice and the opportunity for a hearing, the director finds that any person has engaged in any act, practice, or omission constituting a violation of any provision of this act or a rule adopted or an order issued under this act, the director may order the person to cease and desist from such acts, practices or omissions and:

(a) Impose a civil penalty of not more than five thousand dollars ($5,000) for each violation upon any person found to have violated any provision of this act or a rule adopted or an order issued under this act;

(b) Issue an order restoring to any person in interest any consideration that may have been acquired or transferred in violation of this act or a rule adopted or an order issued under this act; and

(c) Issue an order that the person violating this act or a rule adopted or an order issued under this act pay costs, which in the discretion of the director may include an amount representing reasonable attorney's fees and reimbursement for investigative efforts.

History:

[26-2244, added 1970, ch. 53, sec. 23, p. 118; am. 1974, ch. 24, sec. 28, p. 744; am. 1990, ch. 346, sec. 9, p. 936; am. 1993, ch. 165, sec. 7, p. 421; am. 2002, ch. 190, sec. 6, p. 549; am. 2008, ch. 347, sec. 25, p. 955.]
Idaho Code § 26-1701 — Idaho Code / Title 26 / Chapter 17 / Section 26-1701
26-1701 TITLE AND SCOPE.
Status: in_force

26-1701. Title and scope. (1) This chapter shall be known, and may be cited as the "Idaho International Banking Act."

(2) This chapter is intended to set forth the terms and conditions under which an international banking corporation may enter and do business in Idaho.

History:

[26-1701, added 1995, ch. 99, sec. 10, p. 307.]
Idaho Code § 26-31-307 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-307
26-31-307 PRELICENSING AND RELICENSING EDUCATION OF MORTGAGE LOAN ORIGINATORS.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-307. PRELICENSING AND RELICENSING EDUCATION OF MORTGAGE LOAN ORIGINATORS. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the prelicensing education requirement by completing at least twenty (20) hours of course instruction that has been approved by the NMLSR and administered by a provider approved by the NMLSR. Course instruction shall include:

(a) Three (3) hours minimum of instruction on federal law and regulation;

(b) Three (3) hours minimum of instruction on ethics, which shall include fraud, consumer protection and fair lending issues;

(c) Two (2) hours minimum of instruction on lending standards for the nontraditional mortgage product marketplace; and

(d) Two (2) hours minimum of instruction directly related to this chapter and rules promulgated pursuant to this chapter.

(2) Nothing in this section shall preclude any prelicensing education course approved by the NMLSR that is provided by the applicant's employer, an entity affiliated with the applicant by an agency contract or any subsidiary or affiliate of such employer or entity.

(3) The prelicensing education may be completed in a classroom, online or by any other means approved by the NMLSR.

(4) The prelicensing education requirements approved by the NMLSR in subsection (1)(a) through (c) of this section for any state shall be accepted as credit toward completion of prelicensing education requirements in Idaho.

(5) An individual licensed prior to the effective date of this part who is applying to be relicensed shall submit proof that he has completed all of the continuing education requirements for the year in which the license was last held.

History:

[26-31-307, added 2009, ch. 97, sec. 2, p. 301.]
Idaho Code § 26-3404 — Idaho Code / Title 26 / Chapter 34 / Section 26-3404
26-3404 CONDITIONS FOR APPROVAL.
Status: in_force

26-3404. Conditions for approval. (1) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless:

(a) The out-of-state trust institution shall have confirmed in writing to the director that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state;

(b) The out-of-state trust institution shall have provided satisfactory evidence to the director of compliance with:

(i) Any applicable requirements of part 15, chapter 1, title 30, Idaho Code, and

(ii) The applicable requirements of its home state regulator for acquiring or establishing and maintaining such office.

(c) The director, acting within sixty (60) days after receiving notice under section 26-3403, Idaho Code, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the director pursuant to subsection (2) of this section have been satisfied.

(2) The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the director receives the notice unless the director specifies an earlier or later date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the director shall have conditioned such approval on the satisfaction by the out-of-state trust institution of any requirement applicable to a state trust company pursuant to this act, such institution shall have satisfied such conditions and provided to the director satisfactory evidence thereof.

(3) The sixty (60) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the director.

(4) The director may deny approval of the office if the director finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies.

History:

[26-3404, added 2000, ch. 288, sec. 10, p. 983.]
Idaho Code § 26-1711 — Idaho Code / Title 26 / Chapter 17 / Section 26-1711
26-1711 FINANCIAL CERTIFICATION — RESTRICTIONS ON INVESTMENTS, LOANS AND ACCEPTANCES.
Status: in_force

26-1711. Financial certification — Restrictions on investments, loans and acceptances. (1) Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed under this act shall certify to the director the amount of its paid-in capital, its surplus, and its undivided profits, each expressed in the currency of the country of its incorporation. The dollar equivalent of this amount, as determined by the director, is considered to be the amount of its capital, surplus, and undivided profits.

(2) Purchases and discounts of bills of exchange, bonds, debentures, and other obligations and extensions of credit and acceptances by an international bank agency within this state are subject to the same limitations as to amount in relation to capital, surplus, and undivided profits as are applicable to banks organized under the laws of this state. With the prior approval of the director, the capital notes and capital debentures of the international banking corporation may be treated as capital in computing the limitations.

History:

[26-1711, added 1995, ch. 99, sec. 10, p. 313.]
Idaho Code § 26-709 — Idaho Code / Title 26 / Chapter 7 / Section 26-709
26-709 STATUTORY BAD DEBT.
Status: in_force

26-709. Statutory bad debt. Every bank carrying any bad debt, or a debt of doubtful value, as an asset shall, upon the request or demand of the director, collect the same or put it in good bankable condition or charge it out of its books. Any debt on which interest is past due and unpaid for a period of six (6) months, unless the same is well secured and in process of collection, shall be considered a bad debt within the meaning of this section.

History:

[(26-709) 26-713, added 1979, ch. 41, sec. 2, p. 93; am. and redesig. 2004, ch. 159, sec. 9, p. 523.]
Idaho Code § 26-2136B — Idaho Code / Title 26 / Chapter 21 / Section 26-2136B
26-2136B EXAMINATION REPORTS AND SPECIFIED OTHER INFORMATION CONFIDENTIAL — EXCEPTIONS — PENALTY.
Status: in_force

26-2136B. EXAMINATION REPORTS AND SPECIFIED OTHER INFORMATION CONFIDENTIAL — EXCEPTIONS — PENALTY. (1) The following shall be confidential and privileged and not subject to public disclosure under chapter 1, title 74, Idaho Code, and shall be subject to the provisions of section 26-1111, Idaho Code:

(a) Examination reports and information obtained by the department of finance in conducting examinations and investigations under this chapter;

(b) All written communications between the department of finance and any credit union that relate in any manner to the examination or condition of the credit union;

(c) Examination reports and related information from other financial institution regulators obtained by the department of finance;

(d) Reports or parts of reports accepted in lieu of an examination under section 26-2136A, Idaho Code; and

(e) Business plans and other proprietary information obtained by the department of finance in connection with a credit union's application or notice to the department.

(2)(a) The director, any federal or other financial institution regulatory or supervisory agency, a private insurer authorized pursuant to section 26-2153, Idaho Code, and any credit union incorporated or chartered under title 26, Idaho Code, or under federal law or the law of any state and doing business in the state of Idaho shall each have a privilege to refuse to disclose and to prevent any other person from disclosing confidential communications, and the contents of any documents relating to any confidential communications, between the credit union and the department of finance or federal financial institution regulatory or supervisory agency or private insurer made during the regulatory relationship.

(b) A communication is confidential if it is made during the regulatory relationship between the department of finance or the federal financial institution regulatory or supervisory agency or private insurer and any such credit union, and if the communication is not designed or intended for disclosure to any other parties.

(c) The privilege may be claimed by the credit union or by the department of finance or the federal financial institution regulatory or supervisory agency, or by the lawyer for either. The privilege may be waived only in accordance with this section and section 26-1111, Idaho Code.

(d) The director or the appropriate officer or employee of the federal financial institution regulatory or supervisory agency or private insurer may disclose confidential communications between the department of finance or agency or private insurer and credit union to the court, in camera, in a civil action. Such disclosure shall also be a privileged communication and the privilege may be claimed by the director, officer, or employee, or his lawyer.

(e) No sanction may be imposed upon any credit union as a result of the claim of a privilege by the credit union or the director or the officer or employee of the federal supervisory agency under this section.

(3) Notwithstanding subsection (1) of this section, the director may furnish examination reports, work papers, final orders, or other information obtained in the conduct of an examination or investigation prepared by the director to:

(a) Federal agencies empowered to examine credit unions or other financial institutions;

(b) Officials empowered to investigate criminal charges. The director may furnish only that part of the report that is necessary and pertinent to the investigation, and only after notifying the affected credit union and members of the credit union who are named in that part of the examination report, or other person examined, that the report is being furnished to the officials, unless the officials requesting the report obtain a waiver of the notice requirement for good cause from a court of competent jurisdiction;

(c) The examined credit union or other person examined, solely for its confidential use or for the confidential use of the credit union's attorney, auditor, accountant, independent attorney, independent auditor, or independent accountant;

(d) The attorney general in his role as legal advisor to the director;

(e) Prospective merger partners or conservators, receivers, or liquidating agents of a troubled credit union;

(f) Credit union regulators in other states or foreign jurisdictions regarding an out-of-state or foreign credit union conducting business in this state under this chapter, or regarding a credit union conducting business in the other state or jurisdiction;

(g) A person officially connected with the credit union or other person examined, as officer, director, supervisory committee member, attorney, auditor, accountant, independent attorney, independent auditor, or independent accountant;

(h) Organizations that have bonded the credit union to the extent that information is relevant to the renewal of the bond coverage or to a claim under the bond coverage;

(i) Organizations insuring or guaranteeing the shares of, or deposits in, the credit union;

(j) The federal home loan bank of which the credit union is a member or to which the credit union has applied for membership; or

(k) Other persons as the director may determine necessary to protect the public interest and confidence.

(4) Examination reports, work papers, temporary and final orders, consent orders, other information obtained in the conduct of an examination or investigation furnished under subsection (3) of this section, and all written communication between the department of finance and any credit union that relate in any manner to the condition of the credit union remain the property of the director and, if acquired by any person, shall be returned to the department of finance upon written demand. No person to whom reports are furnished or any officer, director, or employee thereof may disclose or make public the reports or information contained in the reports except in published statistical information that does not disclose the affairs of a person, except that nothing prevents the use in a criminal prosecution of reports furnished under subsection (3)(b) of this section.

(5) In a civil action in which the reports or information are sought to be discovered or used as evidence, they may be disclosed only in accordance with subsection (2) of this section and section 26-1111, Idaho Code. After in-camera review of the reports or information in accordance with subsection (2) of this section and section 26-1111(3)(d), Idaho Code, the court may permit discovery and introduction of only those portions of the report or information that are relevant and otherwise unobtainable by the requesting party. To the extent the court permits discovery and introduction of relevant portions of the report or information, the court shall attach any limitations and restrictions necessary to ensure that the portions of the report or information discovered and introduced shall not be disclosed to the public. This subsection does not apply to an action brought or defended by the director.

(6) Any person who knowingly violates a provision of this section shall be guilty of a misdemeanor.

History:

[26-2136B, added 2020, ch. 214, sec. 3, p. 628.]
Idaho Code § 26-2104 — Idaho Code / Title 26 / Chapter 21 / Section 26-2104
26-2104 DEFINITION AND USE OF TERMS.
Status: in_force

26-2104. Definition and use of terms. As used in this chapter, unless the context otherwise requires:

(1) "Credit union" means a cooperative nonprofit corporation chartered under the provisions of this chapter.

(2) "Director" means the director of the department of finance of the state of Idaho.

(3) "Electronic service facility" means an electronic device that is operated by a credit union and that can be used to conduct transactions or obtain services offered by the credit union.

(4) "Federal supervisory agency" means the national credit union administration.

(5) "Financial institution" means any institution the deposits of which are insured by the federal deposit insurance corporation, any federal credit union, and any credit union chartered under the laws of this state or another state.

(6) "Immediate family member" means a spouse, parent, grandparent, child, grandchild, sibling, stepparent, stepchild, stepsibling, step grandparent, or grandchild, including adoptive relationships and persons who are in a relationship in the same residence maintaining a single economic unit.

(7) "Interstate credit union" means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating both in Idaho and in one (1) or more other states.

(8) "Net worth" means the total of the following:

(a) The retained earnings balance of the credit union as determined in accordance with United States generally accepted accounting principles;

(b) If the credit union has acquired another credit union in a mutual combination, the retained earnings balance of the acquired credit union, or of an integrated set of activities and assets, less any bargain purchase gain recognized in either case to the extent the difference between the two is greater than zero, determined at the time of acquisition in accordance with United States generally accepted accounting principles;

(c) For a low-income designated credit union, the outstanding principal amount of any subordinated debt treated as regulatory capital in accordance with 12 CFR 702, and the amount of any secondary capital that is treated as regulatory capital in accordance with 12 CFR 702, in each case that is uninsured and subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the credit union's share insurer; and

(d) Loans to and accounts in a credit union to the extent that such loans and accounts:

(i) Have a remaining maturity of more than five (5) years;

(ii) Are subordinate to all other claims, including those of shareholders, creditors, and the credit union's share insurer;

(iii) Are not pledged as security on a loan to, or other obligation of, any party;

(iv) Are not insured by a share insurer;

(v) Have non-cumulative dividends;

(vi) Are transferable; and

(vii) Are available to cover operating losses realized by the credit union that exceed its available earnings.

(9) "Reserves" includes all regular reserves and special reserves designated by a credit union pursuant to section 26-2129, Idaho Code.

(10) "Risk assets" means all of a credit union's assets except:

(a) Cash;

(b) Loans to the extent secured by shares or deposits in the credit union;

(c) Obligations of the United States government, federal reserve bank stock, and national credit union administration central liquidity facility stock;

(d) Obligations described in 12 CFR 702.104(c)(2)(i)(B)(3);

(e) Insured balances on deposit with federally insured credit unions or federally insured banks;

(f) Covered loans issued under the United States small business administration paycheck protection program; and

(g) The portion of loans subject to guaranty by the United States or an agency thereof, or by any state or an agency thereof.

(11) "Surplus funds" means those funds that are not needed to meet a credit union's members' loan needs and credit union expenses.

(12) "Unsafe or unsound practice" means any action or lack of action that is contrary to the generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits.

History:

[26-2104, added 1977, ch. 213, sec. 2, p. 583; am. 1997, ch. 111, sec. 1, p. 269; am. 2022, ch. 78, sec. 1, p. 217; am. 2024, ch. 130, sec. 1, p. 520.]
Idaho Code § 26-2157 — Idaho Code / Title 26 / Chapter 21 / Section 26-2157
26-2157 AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.
Status: in_force

26-2157. AUTHORITY OF DIRECTOR TO CALL and attend SPECIAL MEETING OF THE BOARD. The director may require and attend a special meeting of the board of a credit union if an examination of the credit union results in a composite capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (CAMELS) rating of "3," "4," or "5." The director's request for a special board meeting must be made in writing to the chairman and the secretary of the board. On receipt of such a request, the secretary shall designate a time and place for the special board meeting, which shall be held within thirty (30) days after receipt of the request. The director may require the attendance of all of the directors at the special board meeting, and an absence unexcused by the director constitutes a violation of this chapter.

History:

[26-2157, added 2020, ch. 214, sec. 14, p. 637.]
Idaho Code § 26-1015 — Idaho Code / Title 26 / Chapter 10 / Section 26-1015
26-1015 ENFORCEMENT OF INDIVIDUAL LIABILITY OF DIRECTORS OF CLOSED BANK.
Status: in_force

26-1015. Enforcement of individual liability of directors of closed bank. Among its other powers, said corporation, in the performance of its powers and duties as such receiver or liquidator, when acting as such in lieu of the director of the department of finance, shall have the right and power upon the order of the court of record of competent jurisdiction to enforce any individual liability of the directors of any such banking institution.

History:

[26-1015, added 1979, ch. 41, sec. 2, p. 108.]
Idaho Code § 26-31-202 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-202
26-31-202 EXEMPTIONS.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-202. exemptions. The provisions of this part do not apply to:

(1) Agencies of the United States and agencies of this state and its political subdivisions;

(2) An owner of real property who offers credit secured by a contract of sale, mortgage, or deed of trust on the property sold;

(3) A loan that is made by a person to an employee of that person if the proceeds of the loan are used to assist the employee in meeting his housing needs;

(4) Regulated lenders licensed under the Idaho credit code and regularly engaged in making regulated consumer loans other than those secured by a security interest in real property;

(5) Trust companies as defined in section 26-3203, Idaho Code;

(6) Any person licensed or chartered under the laws of any state or of the United States as a bank, savings and loan association, credit union, or industrial loan company. The terms "bank," "savings and loan association," "credit union," and "industrial loan company" shall include employees and agents of such organizations as well as wholly owned subsidiaries of such organizations, provided that the subsidiary is regularly examined by the chartering state or federal agency for consumer compliance purposes;

(7) Attorneys duly authorized to practice in this state, to the extent that they are retained by their clients to engage in activities authorized by this part and such activities are ancillary to the attorney's representation of the client;

(8) Accountants with an active license under chapter 2, title 54, Idaho Code, provided that they are retained by their clients to engage in activities authorized by this part and such activities are ancillary to the representation of the client;

(9) Persons employed by, or who contract with, a licensee under this part to perform only clerical or administrative functions on behalf of such licensee and who do not solicit borrowers or negotiate the terms of loans on behalf of the licensee;

(10) Any person not making more than five (5) residential mortgage loans with his own funds for his own investment, in any period of twelve (12) consecutive months; or

(11) Any person who funds a residential mortgage loan that has been originated and processed by a licensee under this part or by an exempt person under this part, who does not directly or indirectly solicit borrowers in this state for the purpose of making residential mortgage loans, and who does not participate in the negotiation of residential mortgage loans with the borrower. For the purpose of this subsection, "negotiation of residential mortgage loans" does not include setting the terms under which a person may buy or fund a residential mortgage loan originated by a licensee under this part or an exempt person under this part.

History:

[26-31-202, added 2009, ch. 97, sec. 2, p. 289; am. 2013, ch. 64, sec. 4, p. 144; am. 2020, ch. 100, sec. 5, p. 263.]
Idaho Code § 26-2156 — Idaho Code / Title 26 / Chapter 21 / Section 26-2156
26-2156 BOND COVERAGE.
Status: in_force

26-2156. BOND COVERAGE. (1) Each credit union must be adequately insured against risk. The board of directors of each credit union must at least annually review its bond and other insurance coverage to ensure that it is adequate in relation to the potential risks facing the credit union and the minimum requirements set by the board.

(2) Each credit union must purchase a blanket fidelity bond that:

(a) Covers the officers, employees, directors, members of official committees, attorneys and other agents;

(b) Covers against loss caused by fraud and dishonesty; and

(c) Has the following required minimum dollar amount of coverage:

Assets Minimum Bond $0 to $4,000,000 Lesser of total assets or $250,000 $4,000,001 to $50,000,000 $100,000 plus $50,000 for each million or fraction thereof over $1,000,000 $50,000,001 to $500,000,000 $2,550,000 plus $10,000 for each million or fraction thereof over $50,000,000, to a maximum of $5,000,000 Over $500,000,000 1% of assets rounded to the nearest hundred million, to a maximum of $9,000,000

(3) The maximum amount of allowable deductible is computed based on the credit union's asset size and capital level, as follows:

Assets Maximum Deductible $0 to $100,000 No deductible allowed $100,001 to $250,000 $1,000 $250,001 to $1,000,000 $2,000 Over $1,000,000 $2,000 plus .001 of total assets, to a maximum of $200,000; for credit unions that received a composite capital, asset, management, earnings, liquidity, and sensitivity (CAMELS) rating of "1" or "2" for the last two (2) full examinations and maintained a net worth classification of "well-capitalized" under national credit union administration (NCUA) regulations part 702 for six (6) immediately preceding quarters or, if subject to a risk-based net worth (RBNW) requirement under NCUA regulations part 702, has remained "well-capitalized" for the six (6) immediately preceding quarters after applying the applicable RBNW requirements, the maximum deductible is $1,000,000

(4) The director may require an additional amount of bond coverage for a credit union, taking into account the size of the credit union, the credit union's field of membership, risk level of the credit union, and any other factors the director finds relevant to the determination of appropriate bond coverage for a credit union.

(5) The board of directors should purchase additional or enhanced coverage when circumstances warrant.

(6) If a credit union fails to maintain a blanket fidelity bond in the amount prescribed by the director, the director may order the credit union to cease its operations until such time when the credit union obtains the required bond.

(7) When a credit union receives notice that its fidelity bond coverage will be suspended or terminated, the credit union shall notify the director in writing no fewer than thirty (30) days prior to the effective date of the suspension or termination.

History:

[26-2156, added 2018, ch. 165, sec. 21, p. 337; am. 2019, ch. 188, sec. 4, p. 599.]
Idaho Code § 26-2726 — Idaho Code / Title 26 / Chapter 27 / Section 26-2726
26-2726 DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS.
Status: in_force

26-2726. Disclosure to shareholders — Board of directors. (1) If, in the opinion of the director, disclosure to shareholders regarding a matter is warranted, the director may require a licensee, in such a form and manner as the director may specify, to disclose to the shareholders of a licensee the results of a communication or order from the director addressed to the licensee or to a subject person of the licensee.

(2) If the director considers it expedient, the director may call a meeting of the board of directors of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each director either by personal service or by registered or certified mail sent to the director's last known address as shown in the records of the director.

(3) If the director considers it expedient, the director may call a meeting of the shareholders of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each shareholder either by personal service or by registered or certified mail sent to the shareholder's last known address as shown by the books of the licensee. The licensee shall pay the expenses of the notice and of a meeting called under this subsection.

History:

[26-2726, added 1989, ch. 252, sec. 1, p. 621.]
Idaho Code § 26-31-108 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-108
26-31-108 REPORT TO NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-108. REPORT TO NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. The director shall regularly report to the NMLSR violations of this chapter, as well as enforcement actions and other relevant information, subject to the provisions of section 26-31-315, Idaho Code.

History:

[26-31-108, added 2009, ch. 97, sec. 2, p. 285.]
Idaho Code § 26-805 — Idaho Code / Title 26 / Chapter 8 / Section 26-805
26-805 EXTENT ASSETS MAY BE PLEDGED.
Status: in_force

26-805. Extent assets may be pledged. No bank, banker or bank officer shall, except as otherwise authorized by law, pledge or hypothecate as collateral security for money borrowed, its assets in a ratio exceeding one and one-half (1 1/2) times the amount borrowed (except as otherwise authorized by the director).

History:

[26-805, added 1979, ch. 41, sec. 2, p. 96.]
Idaho Code § 26-2409 — Idaho Code / Title 26 / Chapter 24 / Section 26-2409
26-2409 BUSINESS OF CORPORATION MANAGED BY BOARD OF DIRECTORS.
Status: in_force

26-2409. Business of corporation managed by board of directors. The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number, not less than eleven (11) nor more than twenty-one (21), at least two-thirds (2/3) of which directors shall be officers or employees of members, as defined in section 26-2401, Idaho Code, as shall be determined in the first instance by the incorporators and thereafter annually by the stockholders of the corporation. The board of directors may exercise all the powers of the corporation except such as are conferred by law or by the bylaws of the corporation upon the stockholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director which shall be filled as hereinafter provided. The board of directors shall be elected in the first instance by the incorporators and thereafter at the annual meeting, which annual meeting shall be held during the month of January, or, if no annual meeting shall be held in the year of incorporation, then within ninety (90) days after the approval of the articles of incorporation at a special meeting as hereinafter provided. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after the election and until their successors are elected and qualified unless sooner removed in accordance with the provisions of the by-laws. Any vacancy in the office of a director shall be filled by the directors.

Directors and officers shall not be responsible for losses unless the same shall have been occasioned by the wilful misconduct of such directors and officers.

History:

[(26-2409) 1963, ch. 273, sec. 9, p. 695; I.C., sec. 30-1509 (1963 Supp.); am. 1965, ch. 74, sec. 3, p. 117.]
Idaho Code § 26-1219 — Idaho Code / Title 26 / Chapter 12 / Section 26-1219
26-1219 ADVERTISING BRANCHES.
Status: in_force

26-1219. Advertising branches. It shall be unlawful for any bank to advertise that a branch office will be established or available for bank customers until a branch charter has been issued by the director for that branch office under the provisions of chapter 3, title 26, Idaho Code. It shall be unlawful for any person or group of persons to advertise that a unit bank will be established until approval for a bank charter has been issued by the director under the provisions of chapter 2, title 26, Idaho Code.

History:

[26-1219, added 1979, ch. 41, sec. 2, p. 124; am. 2015, ch. 204, sec. 22, p. 630.]
Idaho Code § 26-2410 — Idaho Code / Title 26 / Chapter 24 / Section 26-2410
26-2410 EARNED SURPLUS.
Status: in_force

26-2410. Earned surplus. Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (1/2) of the amount paid in on capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.

History:

[(26-2410) 1963, ch. 273, sec. 10, p. 695; I.C., sec. 30-1510 (1963 Supp.).]
Idaho Code § 26-1008 — Idaho Code / Title 26 / Chapter 10 / Section 26-1008
26-1008 POWERS OF DIRECTOR ON CLOSING BANK.
Status: in_force

26-1008. Powers of director on closing bank. Upon taking the assets and business of any bank into his possession, the director is authorized to collect all moneys due to such bank, assess the stock of such bank, and to do such other acts as are necessary to conserve its assets and business, and he shall proceed to liquidate the affairs thereof. He shall have general and inclusive power and authority, except as otherwise limited by the terms of this act, to do any and all acts, to take any and all steps necessary, or, in his discretion, desirable for the protection of the property and assets of such bank and the speedy and economical liquidation of the assets and affairs of such bank and the payment of its creditors, or for the reopening and resumption of business by said bank, where that is in his discretion practicable or desirable.

The director may institute, in his own name as director, or in the name of the bank, such suits and actions and other legal proceedings as he deems expedient for such purposes, and by making application to the district court of the county in which such bank is located, or to the judge thereof, in chambers, may procure an order to sell, compromise or compound any bad or doubtful debt or claim, and to sell and dispose of any or all the assets, which sale may be made to stockholders, officers, directors, or others interested in such bank, on consent of the court. Any such application or petition by the director may be had at any time, either in term or vacation in court, or in chambers, as the court may order.

History:

[26-1008, added 1979, ch. 41, sec. 2, p. 104; am. 1987, ch. 76, sec. 1, p. 147.]
Idaho Code § 26-2229 — Idaho Code / Title 26 / Chapter 22 / Section 26-2229
26-2229 CONTRACTS.
Status: in_force

26-2229. Contracts. (1) Contracts between collection agency licensees or collection agencies required to be licensed under this act and creditor clients shall be in writing.

(2) It shall be a violation of this act for any collection agency contract to:

(a) Authorize a collection agency to retain any sums collected on behalf of a creditor client, other than the regular collection fees or commissions authorized by this act;

(b) Penalize a creditor client for any unintentional error, mistake or omission in furnishing the correct name or address of any debtor to a collection agency; or

(c) Require the payment of any fee, commission or compensation in excess of fifty percent (50%) of the amount actually collected on any account, bill, claim or other indebtedness entrusted to the collection agency for collection. However, in the case that a collection agency collects interest on an account, the creditor client and the collection agency may agree in writing for division of such interest between them without such percentage limitation. Furthermore, in the case of the collection of checks dishonored by nonacceptance or nonpayment, the creditor client and the collection agency, by written agreement between them, may provide, in place of a percentage fee, for the payment of a set dollar amount collection fee not to exceed the amount provided in section 28-22-105, Idaho Code, which shall not be subject to the fifty percent (50%) limitation. Collection agreements to proceed under section 1-2301A, Idaho Code, shall be subject to the fifty percent (50%) limitation.

(3) (a) No debt counselor, credit counselor or credit repair organization licensed or required to be licensed under this act shall take or receive for services performed for any one (1) person more than fifteen percent (15%) of the amount received by it at any one (1) time from or on behalf of that person for payment or prorating to creditors, and no other charges shall be made or received for any such service.

(b) Debt counselors or credit counselors who do not receive, hold or disburse funds from debtors for payment to creditors shall not charge or accept as a fee for their services more than twenty percent (20%) of the principal amount of the debtor's unsecured debt at the time of contracting for services for the management of debt. In the event of cancellation of the contract by the debtor prior to its successful completion, the debt counselor or credit counselor shall refund fifty percent (50%) of any collected fees associated with the amount of debt remaining unsettled at the time of the termination of the contract.

History:

[26-2229, added 1970, ch. 53, sec. 8, p. 118; am. 1973, ch. 263, sec. 1, p. 538; am. 1974, ch. 24, sec. 24, p. 744; am. 1982, ch. 107, sec. 1, p. 306; am. 1984, ch. 47, sec. 8, p. 81; am. 1995, ch. 211, sec. 5, p. 718; am. 1996, ch. 373, sec. 4, p. 1270; am. 1997, ch. 370, sec. 3, p. 1178; am. 2008, ch. 347, sec. 9, p. 945.]
Idaho Code § 26-1208 — Idaho Code / Title 26 / Chapter 12 / Section 26-1208
26-1208 FALSE REPORTS OR ENTRIES.
Status: in_force

26-1208. False reports or entries. Any director, officer, or employee of any bank or bank holding company who shall willingly and knowingly subscribe to or make or cause to be made any false statement or false entry on the books or in any report or statement of the bank or bank holding company, or shall knowingly make or exhibit any false reports, entries or statements with the intent to deceive any person or persons authorized to examine into the affairs of the bank or bank holding company or the board of directors of the bank or bank holding company or shall knowingly state or publish any false report or statement of any bank or bank holding company, shall be guilty of a felony.

History:

[26-1208, added 1979, ch. 41, sec. 2, p. 122.]
Idaho Code § 26-1402 — Idaho Code / Title 26 / Chapter 14 / Section 26-1402
26-1402 TRANSFER OF FIDUCIARY CAPACITIES TO AN AFFILIATED BANK OR AN AFFILIATED TRUST COMPANY.
Status: in_force

26-1402. Transfer of fiduciary capacities to an affiliated bank or an affiliated trust company. (1) A bank or trust company may transfer some or all of its fiduciary capacities to an affiliated bank or an affiliated trust company. To accomplish such a transfer, the bank or trust company shall file a verified application in the district court of the county in which the bank's or trust company's principal place of business is located, requesting that every fiduciary capacity of the bank or trust company, except as may be expressly excluded in such application, be transferred to an affiliated bank or affiliated trust company specified in the application, and the specified affiliated bank or affiliated trust company shall join in such application. The application shall indicate the county in which the principal place of business of the affiliated bank or affiliated trust company joining in the application is located.

(2) When any application under subsection (1) of this section has been filed, the clerk of the court where the application is filed shall enter an order fixing a date and time (which date shall not be more than sixty (60) days from the date the application is filed) for a hearing on the application. The bank or trust company filing an application under subsection (1) of this section shall prepare a notice as provided in subsection (3) of this section, and shall cause a copy of such notice to be published at least once a week for three (3) successive weeks preceding the hearing date, the first such publication to be at least thirty (30) days preceding the hearing date. Proof of such publication shall be made by certified copy of the notice or by affidavit, and the same shall be filed with the district court wherein the application was filed. Such publication shall be in a newspaper of general circulation published in each county in which the principal place of business of the bank or trust company is located or, if in any case there is no such newspaper, then in a newspaper of general circulation published in a contiguous county. In addition, at least thirty (30) days preceding the hearing date, the bank or trust company shall cause a copy of such notice to be mailed by first class mail to all persons entitled to and then receiving trust accountings from the bank or trust company.

(3) The notice to be published and mailed with respect to each application shall state the time and place of the hearing on the application, the name of the bank or trust company that has filed the application, the name of the affiliated bank or affiliated trust company which has joined in the application, that a transfer is requested of fiduciary capacities to the affiliated bank or affiliated trust company specified in the application, and that any interested person may file with the clerk of the court, on or before the date of the hearing, a written objection to the transfer as provided in subsection (4) of this section.

(4) On or before the date and time of the hearing on the application, any interested person, who is authorized by a will or relevant trust instrument to prohibit, challenge, amend or revoke a transfer of a fiduciary capacity otherwise allowed under this chapter and arising from a fiduciary account in which the person is interested, may file an objection to such transfer with the clerk of the court. Failure to file an objection on or before the date and time of the hearing on the application shall constitute a waiver by such interested person of the right to object under this subsection, and waiver of any power under a will or relevant trust instrument to prohibit, challenge, amend, or revoke with respect to any transfer of fiduciary capacity otherwise authorized under this chapter.

(5) At the hearing, upon finding that notice has been given as required in this section, and upon finding that the affiliated bank or affiliated trust company has been duly authorized by the director to commence the business for which it is organized, the district court shall enter an order transferring to the affiliated bank or affiliated trust company every fiduciary capacity of the bank or trust company, excepting as may be otherwise specified in the application and excepting fiduciary capacities with respect to which a proper objection has been filed pursuant to subsection (4) of this section. Upon entry of the order, the affiliated bank or affiliated trust company shall, without further act and by operation of law, be substituted in every such fiduciary capacity. The transfer may be made a matter of record in any county of this state by filing a certified copy of the order of transfer in the office of the clerk of any district court in this state or by filing a certified copy of such order in the office of the recorder of any county in this state, to be recorded and indexed by such officer in like manner and with like effect as other orders and decrees of courts are recorded and indexed. Any fiduciary capacities of the bank or trust company excepted from the order of transfer shall remain with such bank or trust company.

(6) Each designation of the bank or trust company as fiduciary in a will or other relevant trust instrument executed before or after the date the order of transfer is entered shall be deemed a designation of the affiliated bank or affiliated trust company substituted for such bank or trust company pursuant to this section, except when such will or other relevant trust instrument is executed after the order of transfer and expressly negates the application of the provisions of this section. Any grant in any such will or other relevant trust instrument of any discretionary power shall be deemed conferred upon the affiliated bank or affiliated trust company deemed designated as the fiduciary pursuant to an order of transfer under the provisions of this section.

(7) Each bank or trust company shall account jointly with the affiliated bank or affiliated trust company which has been substituted as fiduciary pursuant to this section for the accounting period during which the affiliated bank or affiliated trust company is initially so substituted. Upon a transfer of fiduciary capacities pursuant to the provisions of this section, each bank or trust company shall deliver to the affiliated bank or affiliated trust company all related fiduciary accounts and assets held by such bank or trust company (except assets held for accounts with respect to which there has been no transfer of fiduciary capacities pursuant to this section), and upon such transfer the affiliated bank or affiliated trust company shall, without the necessity of any instrument of transfer or conveyance, succeed to all rights, privileges, duties, obligations and undertakings under any fiduciary capacity and fiduciary account transferred in the manner authorized in this chapter.

History:

[26-1402, added 1991, ch. 215, sec. 2, p. 516; am. 1992, ch. 87, sec. 2, p. 272.]
Idaho Code § 26-201 — Idaho Code / Title 26 / Chapter 2 / Section 26-201
26-201 GENERAL CORPORATION LAWS APPLICABLE.
Status: in_force

26-201. General corporation laws applicable. Except as otherwise provided herein, the general business corporation laws of this state shall apply to all corporations organized and operating under the bank act. In the event of any conflict between the provisions of the bank act and the provisions of the general business corporation laws, the laws governing limited liability companies, partnerships and other business associations and entities, or the laws governing entity mergers, acquisitions, conversions, domestications, interest exchanges and divisions, the bank act shall control.

History:

[26-201, added 1979, ch. 41, sec. 2, p. 68; am. 2008, ch. 140, sec. 3, p. 404.]
Idaho Code § 26-2224 — Idaho Code / Title 26 / Chapter 22 / Section 26-2224
26-2224 LICENSE APPLICATION.
Status: in_force

26-2224. License application. (1) Every applicant for a license under this chapter shall file an application through an electronic system of licensing prescribed by the director that shall include:

(a) The name of the applicant; if the applicant is a corporation, a list of its officers and directors and their addresses; if the applicant is a partnership, a list of the partners and their addresses; or if the applicant is a limited liability company, a list of its members or managers and their addresses.

(b) The street address of the applicant's principal location.

(c) All names by which the applicant engages in collection activities.

(d) The names of all persons and organizations with which the applicant is affiliated and the location of the principal office or place of business of each such affiliate.

(e) A complete description of the business to be conducted, or plan of operation contemplated, by the applicant in this state.

(f) Copies of all contracts, forms, form letters, and advertisements or solicitations to be used by the applicant in its business activities under this chapter, which must accompany the application and be identified as exhibits by number.

(g) If the applicant is a corporation, a limited liability company, partnership, or limited liability partnership, a copy of its articles of incorporation, articles of organization, partnership agreement, or operating agreement, duly authenticated.

(h) A list of the names, business addresses, and telephone numbers of all agents who will contact persons or solicit business for the applicant in this state.

(i) The name and business address of the applicant's agent for service of process located in this state.

(j) A nonrefundable application fee of one hundred fifty dollars ($150).

(k) An agreement of consent authorizing the director to examine any and all of the applicant's financial accounts used for business activities under this chapter.

(l) Such other information concerning the applicant as the director may reasonably require. Such application shall be executed and verified on oath by the applicant. Information required at the time of application, except for advertisements and solicitations, shall be updated and filed with the director as necessary to keep the information current.

(2) A license application shall be deemed withdrawn and void if an applicant submits an incomplete license application and, after receipt of a written notice of the application deficiency, fails to provide the director with information necessary to complete the application within sixty (60) days of receipt of the deficiency notice. A written deficiency notice shall be deemed received by a license applicant when:

(a) Placed in regular United States mail by the director or his agent using an address provided by the applicant on the license application;

(b) Emailed to the applicant using an email address provided by the applicant on the license application; or

(c) Posted by the director or his agent on the electronic system of licensing as prescribed by the director.

History:

[26-2224, added 1970, ch. 53, sec. 3, p. 118; am. 1974, ch. 154, sec. 2, p. 1379; am. 1990, ch. 213, sec. 23, p. 503; am. 1995, ch. 211, sec. 3, p. 716; am. 2002, ch. 190, sec. 3, p. 546; am. 2008, ch. 347, sec. 4, p. 941; am. 2022, ch. 286, sec. 2, p. 906.]
Idaho Code § 26-31-208 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-208
26-31-208 RECORDS — REPORTS — RENEWAL AND REINSTATEMENT OF LICENSE.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-208. RECORDS — REPORTS — RENEWAL and reinstatement OF LICENSE. (1) Every licensee under this part shall maintain records in the United States, including financial records in conformity with generally accepted accounting principles, in a manner that will enable the director to determine whether the licensee is complying with the provisions of this part. The recordkeeping system of the licensee shall be sufficient if it makes the required information reasonably available to the director. The records need not be kept in the place of business where residential mortgage loans are made, if the director is given free access to the records wherever located. The records pertaining to any loan need not be preserved for more than three (3) years after making the final entry relating to the loan.

(2) Every mortgage broker or mortgage lender licensed under this part that employs or contracts with a mortgage loan originator licensed under part 3 of this chapter, for the purpose of conducting mortgage loan origination activities in Idaho, shall:

(a) Notify the director through the NMLSR, or as otherwise prescribed by the director, of the employment of, or contractual relationship with, a mortgage loan originator licensee within thirty (30) days of such employment or contract;

(b) Notify the director through the NMLSR, or as otherwise prescribed by the director, of the termination of employment of, or contractual relationship with, a mortgage loan originator licensee within thirty (30) days of such termination; and

(c) Maintain any records relating to the employment of, or contractual relationship with, a mortgage loan originator licensee, for a period not to exceed three (3) years.

(3) On or before December 31 of each year, every mortgage broker and mortgage lender licensee under this part shall pay through the NMLSR, or as otherwise prescribed by the director, a nonrefundable annual license renewal fee of one hundred fifty dollars ($150), and file with the director through the NMLSR, or as otherwise prescribed by the director, a renewal application containing such information as the director may require. Notwithstanding the provisions of section 67-5254, Idaho Code, a license issued under this part automatically expires if not timely renewed according to the requirements of this section. Notwithstanding the provisions of section 67-5254, Idaho Code, branch licenses issued under this part also expire upon the expiration, relinquishment or revocation of a license issued under this part to a licensee's designated home office.

(4) The director may reinstate an expired license during the time period of January 1 through February 28, immediately following license expiration if the director finds that the applicant meets the requirements for licensure under this part after submission to the director of:

(a) A complete application for renewal;

(b) The fees required to apply for license renewal unless previously paid for the period for which the license renewal applies; and

(c) A reinstatement fee of two hundred dollars ($200).

(5) Within forty-five (45) days of the end of each calendar quarter, each mortgage broker and mortgage lender licensee under this part shall submit quarterly mortgage call reports through the NMLSR, which shall be in such form and shall contain such information as the director may require.

(6) Within forty-five (45) days of the end of each calendar year, each mortgage broker and mortgage lender licensee under this part shall submit an annual report of financial condition through the NMLSR, which shall be in such form and shall contain such information as the director may require.

History:

[26-31-208, added 2009, ch. 97, sec. 2, p. 293; am. 2013, ch. 64, sec. 8, p. 149.]
Idaho Code § 26-2927 — Idaho Code / Title 26 / Chapter 29 / Section 26-2927
26-2927 SEVERABILITY.
Status: in_force

26-2927. Severability. Should any provision, sentence, clause, section or part of this act for any reason be held unconstitutional, illegal or invalid, such unconstitutionality, illegality, or invalidity shall not affect or impair any of the remaining provisions, sentences, clauses, sections or parts of this act. It is hereby declared to be the intention of this legislature that this act would have been adopted had such unconstitutional, illegal or invalid sentence, clause, section or part thereof not been included herein.

History:

[26-2927, added 1994, ch. 410, sec. 1, p. 1295.]
Idaho Code § 26-2717 — Idaho Code / Title 26 / Chapter 27 / Section 26-2717
26-2717 FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES.
Status: in_force

26-2717. Forms of financial and management assistance — Interest rates. (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including, but not limited to, forms such as loans; purchase of debt instruments; straight equity investments such as purchase of common stock or preferred stock; debt with equity features such as warrants to purchase stock, convertible debentures, or receipt of a percent of net income or sales; royalty based financing; guaranteeing of debt; or leasing of property. A licensee may purchase securities of a business firm either directly or indirectly through an underwriter. A licensee may participate in the program of the small business administration pursuant to section 7(a) of the small business act, Public Law 85-536, 15 U.S.C. 636(a) or any successor statute, or any other government program for which the licensee is eligible and which has as its function the provision or facilitation of financing assistance or management assistance to business firms. If a licensee participates in a program referred to in this subsection, the licensee shall comply with the requirements of that program.

(2) Management assistance provided by a licensee to a business firm may encompass both management or technical advice and management or technical services.

(3) Financing assistance or management assistance provided by a licensee to a business firm shall be for the business purposes of that business firm.

(4) A licensee may exercise the incidental powers that are necessary or convenient to carry on the business of, or are reasonably related to the business of, providing financing assistance and management assistance to business firms.

(5) In connection with an extension of credit by a person to a licensee or an extension of credit by a licensee to a business entity, the parties may agree to any rate of interest.

History:

[26-2717, added 1989, ch. 252, sec. 1, p. 612.]
Idaho Code § 26-103 — Idaho Code / Title 26 / Chapter 1 / Section 26-103
26-103 CONSTRUCTION AGAINST IMPLICIT REPEAL.
Status: in_force

26-103. Construction against implicit repeal. This act being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

History:

[26-103, added 1979, ch. 41, sec. 2, p. 63.]
Idaho Code § 26-1112 — Idaho Code / Title 26 / Chapter 11 / Section 26-1112
26-1112 PENALTY FOR DISCLOSURE OF CONFIDENTIAL INFORMATION.
Status: in_force

26-1112. Penalty for disclosure of confidential information. (1) Neither the department of finance, its director nor its employees shall disclose to any person or agency any fact or information obtained in the course of business of the department under this act, except in the following cases:

(a) When by the terms of this act or chapter 1, title 74, Idaho Code, it is made the duty of the department to make public records and publish the same.

(b) When the department is required by law to take special action regarding the affairs of any bank.

(c) When called as a witness in any criminal proceeding in a court of competent jurisdiction, provided that the court must review such information in chambers to determine the necessity of disclosing such information, and subject to the privilege provided by subsection (3) of section 26-1111, Idaho Code.

(d) When, in the case of a problem bank, it is necessary or advisable, in the discretion of the director, for the good of the public or of the depositors.

(e) When, in the discretion of the department, it is advisable to disclose any such information to a state or federal bank supervisory agency.

(2) Any person violating the provisions of this section shall be guilty of a felony and conviction shall subject the offender to a forfeiture of his office or employment.

History:

[26-1112, added 1979, ch. 41, sec. 2, p. 117; am. 1990, ch. 213, sec. 22, p. 502; am. 1993, ch. 187, sec. 2, p. 478; am. 2015, ch. 141, sec. 43, p. 414.]
Idaho Code § 26-908 — Idaho Code / Title 26 / Chapter 9 / Section 26-908
26-908 SALE OF ASSETS OF BANK OR DEPARTMENT.
Status: in_force

26-908. Sale of assets of bank or department. (1) Any state bank may sell to any other bank:

(a) all or substantially all of the selling bank assets and business; or

(b) all or substantially all of the assets and business of any department of the selling bank.

(2) Any state bank may, upon assuming the liabilities relating thereto, purchase:

(a) all or substantially all of the assets and business of another bank; or

(b) all or substantially all of the assets and business of any department of another bank.

(3) The agreement of purchase and sale shall be authorized, approved by the director, approved by the vote of a majority of the stockholders of the purchasing and selling bank at a meeting called for the purpose in like manner as meetings to approve mergers are called and filed with the director accompanied by evidence of such stockholders' approval in like manner as agreements of mergers are filed. After such approval is given by the stockholders a notice of such sale shall be published once a week for three (3) successive weeks in a newspaper of large general circulation in the county in which the selling bank has its principal office, and proof of such publication shall be filed with the director.

(4) Notwithstanding any term of the agreement, or of his contract of deposit, any depositor whose business is thus sold has the right to withdraw his deposit in full on demand after such sale unless by dealing with purchasing bank with knowledge of the purchase he ratifies the transfer.

(5) The agreement of sale may provide for the transfer to the purchasing bank of all fiduciary positions held by the selling bank subject to the right of the court, on petition of any interested party, to appoint another or succeeding fiduciary to the positions so transferred. Until the court appoints another or succeeding fiduciary the purchasing bank shall, if qualified to do so, exercise any fiduciary function vested in the selling bank.

(6) No right against or obligation of the selling bank in respect of assets or business sold shall be released or impaired by the sale until one (1) year from the last date of publication of the notice pursuant to subsection (3) of this section, but after the expiration of such year, no action can be brought against the selling bank on account of any deposit, obligation, trust, or asset transferred to or liability assumed by the purchasing bank.

(7) A bank may, with the prior approval of the director, purchase assets and the charter of and assume deposit liabilities or a branch office of another bank or sell assets and the charter of a branch and permit the assumption of deposit liabilities by the purchasing bank. The sale or acquisition of a branch office and deposit liabilities shall comply with all capital requirements and other statutory requirements and restrictions relating to the maintenance of branch offices as required by this law. Banks which desire to sell, purchase or exchange branches shall apply to the director and shall provide all information required by the director to properly evaluate the impact upon public need and convenience and the impact upon depositors, stockholders and creditors of both the selling and acquiring banks. The director may in his discretion require a public hearing for the purpose of obtaining public impact and evaluating public need and convenience issues. The department shall make an investigation of the proposed sale, purchase or exchange of branches. The actual cost of an investigation, administrative procedure or hearing, shall be shared equally by the selling and acquiring banks. All fees shall be paid to the department of finance by the applicant banks following the approval or denial by the director. A bank selling a branch shall publish notice of the sale once a week for three (3) successive weeks in a newspaper of general circulation in the county in which the branch is located.

History:

[26-908, added 1979, ch. 41, sec. 2, p. 99.]
Idaho Code § 26-505 — Idaho Code / Title 26 / Chapter 5 / Section 26-505
26-505 DIRECTOR OF FINANCE — REPORTS — REQUIREMENTS.
Status: in_force

26-505. Director of finance — Reports — Requirements. The director may require reports made under oath to be filed in the department of finance to keep it informed as to the operation of any bank holding company. The director may make examinations of each bank holding company and each subsidiary thereof under the provisions of section 26-1102, Idaho Code, the actual cost of which may be assessed against and paid by such holding company. The director may accept reports of examinations made by the federal reserve board, the comptroller of the currency, or the federal deposit insurance corporation in lieu of making an examination by the department.

History:

[26-505, added 1979, ch. 41, sec. 2, p. 83; am. 2001, ch. 137, sec. 3, p. 498.]
Idaho Code § 26-905 — Idaho Code / Title 26 / Chapter 9 / Section 26-905
26-905 EFFECTIVE DATE OF MERGER — FILING OF APPROVED AGREEMENT — CERTIFICATE OF MERGER AS EVIDENCE.
Status: in_force

26-905. Effective date of merger — Filing of approved agreement — Certificate of merger as evidence. (1) A merger or sale which is to result in a state bank shall, unless a later date is specified in the agreement, become effective upon the filing with the director of the executed agreement together with copies of the resolutions of the stockholders of each merging purchasing and selling bank approving it and a list of the owners of the shares voted against the merger or purchase, certified by the bank's president or a vice-president and a secretary or cashier. The charters of the merging banks, other than the resulting bank, shall thereupon automatically terminate.

(2) The director shall promptly issue to the resulting bank a certificate of merger specifying the name of each merging bank and the name of the resulting state bank. Such certificate shall be conclusive evidence of the merger and of the correctness of all proceedings therefor in all courts and places, and may be recorded in the office of the county recorder of any county wherein property of the merging banks is held, to evidence the new name in which the property of the merging banks is held.

History:

[26-905, added 1979, ch. 41, sec. 2, p. 98.]
Idaho Code § 26-2708 — Idaho Code / Title 26 / Chapter 27 / Section 26-2708
26-2708 ANNUAL LICENSE REVIEW BY DIRECTOR.
Status: in_force

26-2708. Annual license review by director. (1) The director shall examine each licensee not less than once each calendar year to determine whether or not the licensee is in compliance with the provisions of this chapter.

(2) The director may at any time examine a licensee or subsidiary of a licensee.

(3) A director, officer, or employee of a licensee or of a subsidiary of a licensee being examined by the director, or a person having custody of any of the books, accounts, or records of the licensee or of the subsidiary, shall exhibit to the director, on request, any of the books, accounts, and other records of the licensee or of the subsidiary and shall otherwise facilitate the examination so far as it is in their power to do so.

(4) If in the director's opinion it is necessary in the examination of a licensee or of a subsidiary of a licensee, the director may retain a certified public accountant, attorney, appraiser, or other person to assist the director. Within ten (10) days after receipt of a statement from the director, the licensee being examined shall pay the fees of a person retained by the director under this subsection.

History:

[26-2708, added 1989, ch. 252, sec. 1, p. 608.]
Idaho Code § 26-1005 — Idaho Code / Title 26 / Chapter 10 / Section 26-1005
26-1005 EFFECT OF POSTING NOTICE.
Status: in_force

26-1005. Effect of posting notice. The posting of such notice by the directors of any bank, or of a like notice signed by the director, shall be sufficient to place all assets and property of such bank, of whatever nature and wherever situate, in possession of the director, and shall operate as a bar to any attachment or any other legal proceedings against such bank or its assets, and no valid lien or claim can be acquired or created, or transfer or assignment made in any manner, binding or affecting any of the assets of such bank after the posting of such notice or after taking possession of any bank by the director.

History:

[26-1005, added 1979, ch. 41, sec. 2, p. 103.]
Idaho Code § 26-3703 — Idaho Code / Title 26 / Chapter 37 / Section 26-3703
26-3703 DEFINITIONS.
Status: in_force

26-3703. Definitions. As used in this chapter:

(1) "Continuing care" means the furnishing to an individual, other than an individual related by blood, marriage, or adoption to the person furnishing the care, of lodging together with nursing services, medical services, or other health related services, pursuant to an agreement requiring an entrance fee.

(2) "Department" means the department of finance.

(3) "Director" means the director of the department of finance or his authorized designee.

(4) "Entrance fee" means an initial or deferred transfer to a provider of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of a specified individual as a resident in a facility. A fee which is less than the sum of the regular periodic charges for six (6) months of residency will not be considered to be an entrance fee for the purposes of this chapter.

(5) "Facility" means the place or places in which a person undertakes to provide continuing care to an individual.

(6) "Living unit" means a room, apartment, cottage or other area within a facility set aside for the exclusive use or control of one (1) or more identified individuals.

(7) "Provider" means the promoter, developer, or owner of a continuing care facility, whether a natural person, partnership, unincorporated association, trust, or corporation, or any other person, or that person's successors or assigns that solicits or undertakes to provide continuing care to the public under a continuing care facility contract.

(8) "Resident" means an individual entitled to receive continuing care in a facility.

History:

[26-3703, added 2005, ch. 265, sec. 15, p. 816.]
Idaho Code § 26-2911 — Idaho Code / Title 26 / Chapter 29 / Section 26-2911
26-2911 RENEWAL OF LICENSE AND ANNUAL REPORT.
Status: in_force

26-2911. Renewal of license and annual report. (1) Each licensee shall file with the director an annual report, in a form prescribed by the director, which form shall be sent by the director to each licensee no later than three (3) months immediately preceding the thirtieth day of June of each year, or as the director in his discretion, may determine. The licensee must include each of the following in its annual renewal report:

(a) A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder's equity and statement of changes in financial position; or, in the case of a licensee that is a wholly owned subsidiary of a parent corporation, the consolidated audited annual financial statement of the parent corporation may be filed with the licensee's unaudited annual financial statement. In the event any licensee does not otherwise obtain audited financial statements, such licensee shall, in lieu of audited financial statements required in this section, furnish the director with federal income tax returns covering the required periods together with copies of such unaudited, compiled or reviewed financial statements as the licensee shall have prepared or obtained for other purposes, including, without limitation, the most recent financial statements, if any, furnished to licensee's bank or other lending institution.

(b) For the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than one hundred twenty (120) days prior to the renewal date, the licensee must provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding.

(c) Any material changes in any of the information submitted by the licensee on its original application which have not previously been reported to the director on any other report required to be filed under the provisions of this chapter.

(d) A list of the licensee's permissible investments; and if an audited financial statement has not been provided, the licensee shall provide a certification by an independent certified public accountant that the licensee has complied with the provisions of section 26-2906, Idaho Code.

(e) A list of the locations within this state at which business regulated by the provisions of this chapter is being conducted by either the licensee or its authorized representative.

(2) A licensee that has not filed an annual report by the renewal filing deadline and has not been granted an extension of time to do so by the director shall be notified by the director, in writing, that a hearing will be scheduled at which time the licensee will be required to show cause why its license should not be suspended pending compliance with this requirement.

History:

[26-2911, added 1994, ch. 410, sec. 1, p. 1289.]
Idaho Code § 26-1815 — Idaho Code / Title 26 / Chapter 18 / Section 26-1815
26-1815 FOREIGN SAVINGS AND LOAN ASSOCIATIONS.
Status: in_force

26-1815. Foreign savings and loan associations. A savings and loan association or savings bank chartered and operating under the laws of another state which has received a valid permit from the director of finance to do business as a savings and loan association or savings bank within this state pursuant to an application filed with and approved by the director shall be authorized to conduct such business in this state.

History:

[26-1815, added 1997, ch. 310, sec. 3, p. 921.]
Idaho Code § 26-2110 — Idaho Code / Title 26 / Chapter 21 / Section 26-2110
26-2110 MEMBERSHIP.
Status: in_force

26-2110. Membership. (1) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such other persons having the common bond set forth in the articles of incorporation as have been duly admitted members, have paid the entrance fee, if any, as provided in the bylaws, have subscribed and paid for one (1) or more shares, and have complied with such other requirements as the articles of incorporation or bylaws may specify.

(2) Credit union organizations shall be limited to groups having a common bond of occupation or association, or to residents within a well-defined neighborhood, community, or rural district, employees of a common employer, or members of a bona fide fraternal, religious, cooperative, labor, rural, educational, or similar organization and members of the immediate family of such persons.

(3) Organizations composed entirely of individuals who are within the field of membership of the credit union, or that have a physical presence within the neighborhood, community, or rural district served by the credit union, may be admitted to membership in the same manner and under the same conditions as individuals.

(4) An individual who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board and as provided in the bylaws.

(5) An employer, including the state and its political subdivisions, may become a member of a credit union, of which its employee is a member, only for the purpose of placing shares or deposits in the credit union pursuant to an employee deferred compensation plan qualified under chapter 400 of the Internal Revenue Code of 1954, as amended, or other retirement plans set out in section 26-2151, Idaho Code.

(6) Credit unions may become members of other Idaho credit unions.

(7) A credit union may add to its membership persons who reside in or work in a geographic area that the director determines is underserved.

History:

[26-2110, added 1977, ch. 213, sec. 2, p. 588; am. 1980, ch. 69, sec. 1, p. 144; am. 2021, ch. 321, sec. 2, p. 946; am. 2024, ch. 130, sec. 5, p. 525.]
Idaho Code § 26-301 — Idaho Code / Title 26 / Chapter 3 / Section 26-301
26-301 BRANCH — REQUIREMENTS.
Status: in_force

26-301. Branch — Requirements. No bank shall maintain any branch except as provided for in this act. Any bank organized and chartered under the laws of Idaho may, upon written application to and with the approval of the director, establish and operate one (1) or more branches for the transaction of its business at any location. Any such bank may establish and operate a branch in a state other than Idaho, provided that the bank shall comply with all applicable provisions of Idaho law, the law of the other state and federal law. Any bank organized and chartered under the laws of another state or under federal law may establish and operate one (1) or more branches in Idaho as permitted by chapter 16, title 26, Idaho Code, and federal law.

History:

[26-301, added 1979, ch. 41, sec. 2, p. 76; am. 1995, ch. 99, sec. 3, p. 301; am. 2015, ch. 204, sec. 6, p. 623.]
Idaho Code § 26-2404 — Idaho Code / Title 26 / Chapter 24 / Section 26-2404
26-2404 RIGHT TO PURCHASE OR TRANSFER CAPITAL STOCK OR OBLIGATIONS OF CORPORATION.
Status: in_force

26-2404. Right to purchase or transfer capital stock or obligations of corporation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust indentures:

(1) Any person, including all domestic corporations organized for the purpose of carrying on business within this state and further including without implied limitation, public utility companies and insurance companies, and foreign corporations licensed to do business within this state, and all financial institutions as defined herein, and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of, the corporation, and while owners of said stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state except as otherwise provided in this act; provided, however, that a financial institution which does not become a member of the corporation shall not be permitted to acquire any shares of the capital stock of the corporation;

(2) All financial institutions are hereby authorized to become members of the corporation and to make loans to the corporation as provided herein and;

(3) Each financial institution which becomes a member of the corporation is hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of, any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of the corporation, and while owners of said stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state; provided, that the amount of the capital stock of the corporation which may be acquired by any member pursuant to the authority granted herein shall not exceed ten percent (10%) of the loan limit of such member.

The amount of capital stock of the corporation which any member is authorized to acquire pursuant to the authority granted herein is in addition to the amount of capital stock in corporations which such member may otherwise be authorized to acquire.

History:

[(26-2404) 1963, ch. 273, sec. 4, p. 695; I.C., sec. 30-1504 (1963 Supp.).]
Idaho Code § 26-1707 — Idaho Code / Title 26 / Chapter 17 / Section 26-1707
26-1707 ACTIONS AGAINST INTERNATIONAL BANKING CORPORATIONS.
Status: in_force

26-1707. Actions against international banking corporations. (1) A "resident of this state" may maintain an action against an international banking corporation doing business in this state for any cause of action. For purposes of this subsection, the term resident of this state includes any individual domiciled in this state, or any corporation, partnership, or trust formed under the laws of this state.

(2) An international banking corporation or a nonresident of this state may maintain an action against an international banking corporation doing business in this state in the following cases only:

(a) Where the action is brought to recover damages for the breach of a contract made or to be performed within this state or relating to property situated within this state at the time of the making of the contract;

(b) Where the subject matter of the litigation is situated within this state;

(c) Where the cause of action arose within this state, except where the object of the action is to affect the title of real property situated outside this state; or

(d) Where the action is based on a liability for acts done within this state by an international banking corporation or its international bank agency, international bank branch, or international representative office.

(3) The limitations contained in subsection (2) of this section, do not apply to a corporation formed and existing under the laws of the United States and that maintains an office in this state.

History:

[26-1707, added 1995, ch. 99, sec. 10, p. 310.]
Idaho Code § 26-2719 — Idaho Code / Title 26 / Chapter 27 / Section 26-2719
26-2719 SOUND BUSINESS PRACTICES REQUIRED.
Status: in_force

26-2719. Sound business practices required. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition.

(2) In determining whether a licensee is transacting business in a safe and sound manner or has committed an unsafe or unsound act, the director shall not consider the risk of a provision of financing assistance to a business firm, unless the director determines that the risk is so great compared with the realistically expected return as to demonstrate gross mismanagement.

(3) The provisions of subsection (2) of this section do not limit the authority of the director to do any of the following:

(a) Determine that a licensee's financing assistance to a single business firm or a group of affiliated business firms is in violation of subsection (1) of this section or constitutes an unsafe or unsound act, if the amount of that financing assistance is unduly large in relation to the total assets or the total shareholders equity of the licensee.

(b) Require that a licensee maintain a reserve in the amount of anticipated losses.

(c) Require that a licensee have in effect a written financing assistance policy, approved by its board of directors, including credit evaluation and other matters. The director shall not require that a licensee adopt a financing assistance policy that contains standards which prevent the licensee from exercising needed flexibility in evaluating and structuring financing assistance to business firms on a deal by deal basis.

History:

[26-2719, added 1989, ch. 252, sec. 1, p. 614.]
Idaho Code § 26-31-314 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-314
26-31-314 REMEDIES AVAILABLE TO THE DEPARTMENT.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-314. REMEDIES AVAILABLE TO THE DEPARTMENT. (1) If the director determines that a person subject to this part has engaged in or is about to engage in any act or practice constituting a violation of any provision of the truth in lending act, the real estate settlement procedures act, regulation X, regulation Z or of this part or any rule promulgated or order issued under this chapter and pertinent to this part, then the director may bring an action in any court of competent jurisdiction, and upon a showing of any violation, there shall be granted any or all of the following:

(a) A writ or order restraining or enjoining, temporarily or permanently, any act or practice violating any provision of this part or any rule promulgated or order issued under this chapter and pertinent to this part, and to enforce compliance with this part or any rule promulgated or order issued under this chapter and pertinent to this part;

(b) An order that the person violating any provision of this part, or a rule promulgated or order issued under this chapter and pertinent to this part pay a civil penalty to the department in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation;

(c) An order allowing the director to recover costs, which may include investigative expenses and attorney's fees;

(d) A declaratory judgment that a particular act, practice or method is a violation of the provisions of this part;

(e) Other appropriate remedies including restitution to borrowers.

(2) If the director finds that a person subject to this part has violated, is violating, or that there is reasonable cause to believe that a person is about to violate the provisions of this part, or any rule promulgated or order issued under this chapter and pertinent to this part, the director may, in his discretion, order the person to cease and desist from the violations.

History:

[26-31-314, added 2009, ch. 97, sec. 2, p. 304.]
Idaho Code § 26-402 — Idaho Code / Title 26 / Chapter 4 / Section 26-402
26-402 INVESTMENT IN SERVICE CORPORATION.
Status: in_force

26-402. Investment in service corporation. No limitation or prohibition otherwise imposed by any provision of the laws of the state of Idaho exclusively relating to banks shall prevent or prohibit any two (2) or more banks from investing not more than ten percent (10%) of the paid-in and unimpaired capital and unimpaired surplus of each of them in a bank service corporation.

History:

[26-402, added 1979, ch. 41, sec. 2, p. 80.]
Idaho Code § 26-2232A — Idaho Code / Title 26 / Chapter 22 / Section 26-2232A
26-2232A DEBT COUNSELORS, CREDIT COUNSELORS, CREDIT REPAIR ORGANIZATIONS — BONDS.
Status: in_force

26-2232A. Debt counselors, credit counselors, credit repair organizations — Bonds. (1) Upon approval of the application and prior to the issuance of a license under this act, an applicant for a license as a debt counselor, credit counselor or credit repair organization shall file in the department of finance a surety bond in a form prescribed by the director. The bond shall be executed by the applicant as principal and by a surety company authorized to do business in this state, and shall be for the term of the license issued to the applicant. In lieu of the bond required by this section, a certificate of deposit issued by a financial institution authorized to conduct business in Idaho may be provided to the director in the same principal amount as required for the bond. The interest on the certificate of deposit shall be payable to the licensee. The certificate of deposit shall be maintained at all times during which the licensee is authorized to do business under this act. The certificate of deposit must provide that it will remain in effect for at least three (3) years following discontinuance of operations, unless released earlier by the director when all statutory requirements have been met.

(2) The surety bond shall be executed to the state of Idaho in the sum of fifteen thousand dollars ($15,000) or upon renewal in such larger sum as hereinafter provided. In any case where a licensee or its representatives have failed to account for and pay over moneys accepted, received or held for another in the licensee's conduct of business authorized by this act, a person injured thereby shall have, in addition to all other legal remedies, a right of action in his own name on such bond without the necessity of joining the licensee in such action. The bond shall be continuous in form and shall remain in full force and effect for the license period. The surety may cancel the bond provided that the surety shall in such event provide the licensee and the director with notice no less than thirty (30) days prior to cancellation of the bond. Such notice shall be by registered or certified mail with request for a return receipt and addressed to the licensee at its main office and to the director. In no event shall the liability of the surety for any and all claims against the bond exceed the face amount of such bond.

(3) Upon renewal of a license, the licensee shall supply the director with a statement of the moneys accepted, received or held for another in the licensee's conduct of business authorized by this act. The amount of the bond upon renewal shall be in the amount of fifteen thousand dollars ($15,000), or two (2) times the average monthly amount over the preceding year of moneys accepted, received or held for another in the licensee's conduct of business authorized by this act computed to the next highest one thousand dollars ($1,000), whichever sum is greater, up to a maximum of one hundred thousand dollars ($100,000).

History:

[26-2232A, added 2008, ch. 347, sec. 15, p. 950.]
Idaho Code § 26-3504 — Idaho Code / Title 26 / Chapter 35 / Section 26-3504
26-3504 MINIMUM CAPITAL.
Status: in_force

26-3504. Minimum capital. (1) A charter shall not be issued to a corporation applying for a state trust company charter having a paid-in capital of less than one million five hundred thousand dollars ($1,500,000).

(2) A charter to operate a trust department shall not be issued to a bank unless the capital of the bank is in an amount of not less than one million five hundred thousand dollars ($1,500,000), in addition to its statutory required minimum capital for a bank charter required by section 26-205, Idaho Code.

(3) Subject to subsection (4) of this section, a state trust company or state bank shall at all times maintain capital in at least the amount required under subsections (1) and (2) of this section.

(4) The director may require additional capital for a proposed or existing state trust company or state bank or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company or state bank.

History:

[26-3504, added 2000, ch. 288, sec. 11, p. 986.]
Idaho Code § 26-2121B — Idaho Code / Title 26 / Chapter 21 / Section 26-2121B
26-2121B SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.
Status: in_force

26-2121B. SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE. (1) The supervisory committee may, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of section 26-2113B, Idaho Code. The members participating in that meeting shall vote whether to remove the suspended person or persons.

(2) For purposes of this section, "cause" means demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, create a material risk to the credit union.

History:

[26-2121B, added 2018, ch. 165, sec. 18, p. 336.]
Idaho Code § 26-2502 — Idaho Code / Title 26 / Chapter 25 / Section 26-2502
26-2502 EXCEPTIONS.
Status: in_force

26-2502. Exceptions. This chapter shall not apply to:

(a) Any person doing business under any law of this state or of the United States relating to banks, credit unions, trust companies, savings and loan associations, insurers, pension trusts, real estate investment trusts and other financial institutions, or under the Idaho credit code;

(b) Any corporation, association, syndicate, joint stock company, or partnership engaged exclusively in the business of marketing agricultural, horticultural, viticultural, dairy, livestock, poultry, or bee products on a cooperative nonprofit basis in loaning or advancing money to the members thereof or in connection with any such business;

(c) Any corporation securing money or credit from any federal intermediate credit bank organized and existing pursuant to the provisions of an act of congress entitled "Agricultural Credits Act of 1923," in loaning or advancing money or credit so secured;

(d) Any person who is a F.H.A. (Federal Housing Administration) approved mortgagor;

(e) Loans made by a broker-dealer licensed under the Idaho securities act if the loan is made in accordance with applicable provisions of the Idaho securities act, the securities act of 1933, the securities exchange act of 1934 and regulation T of the federal reserve board, code of federal regulations, part 220 of title 12; or

(f) Fees and charges authorized by laws of this state or the laws of the United States if the maximum charge and the manner of collecting the charge are set out in the law or in regulations adopted under the law.

(g) Any person licensed as a mortgage broker or mortgage banker pursuant to chapter 31, title 26, Idaho Code.

History:

[26-2502, added 1979, ch. 298, sec. 1, p. 780; am. 1996, ch. 324, sec. 2, p. 1108; am. 1998, ch. 337, sec. 4, p. 1083.]
Idaho Code § 26-2709 — Idaho Code / Title 26 / Chapter 27 / Section 26-2709
26-2709 REQUIREMENTS FOR LICENSURE.
Status: in_force

26-2709. Requirements for licensure. (1) An Idaho corporation may apply to the director for licensure as a BIDCO. A person other than an Idaho corporation shall not apply for a license.

(2) After a review of information regarding the directors, officers, and controlling persons of the applicant, a review of the applicant's business plan, including at least three (3) years of detailed financial projections and other relevant information, and a review of additional information considered relevant by the director, the director shall approve an application for a license if, and only if, the director determines all of the following:

(a) The applicant has a net worth, or firm financing commitments which demonstrate that the applicant will have a net worth when the applicant begins transacting business as a BIDCO, in liquid form available to provide financing assistance, that is adequate for the applicant to transact business as a BIDCO as determined under subsection (3) of this section.

(b) Each director, officer, and controlling person of the applicant is of good character and sound financial standing; each director and officer of the applicant is competent to perform his or her functions with respect to the applicant; and the directors and officers of the applicant are collectively adequate to manage the business of the applicant as a BIDCO.

(c) It is reasonable to believe that the applicant, if licensed, will comply with this chapter.

(d) The applicant has reasonable promise of being a viable, ongoing BIDCO and of satisfying the basic objectives of its business plan.

(3) In determining if the applicant has a net worth or firm financing commitments adequate to transact business as a BIDCO, the director shall consider the types and variety of financing assistance that the applicant plans to provide; the experience that the directors, officers, and controlling persons of the applicant have in providing financing and managerial assistance to business firms; the financial projections and other relevant information from the applicant's business plan; and whether the applicant intends to operate as a profit or nonprofit corporation. Except as otherwise provided in this chapter, the director shall require a minimum net worth of not less than one million dollars ($1,000,000) and not more than ten million dollars ($10,000,000). The director may require a minimum net worth of less than one million dollars ($1,000,000), but not less than five hundred thousand dollars ($500,000), if, in the context of the applicant's business plan, the initial capitalization amount is adequate for the applicant to transact business as a BIDCO because of special circumstances including, but not limited to, funded overhead, low overhead, or specialized opportunities.

(4) For the purposes of subsection (2) of this section, the director may find any of the following:

(a) That a director, officer, or controlling person of an applicant is not of good character if the director, officer, or controlling person, or a director or officer of a controlling person, has been convicted of, entered a plea of guilty to, has been found guilty of, or has pleaded nolo contendere to a crime involving fraud or dishonesty.

(b) That it is not reasonable to believe that an applicant, if licensed, will comply with this chapter, if the applicant has been convicted of, entered a plea of guilty to, has been found guilty of, or has pleaded nolo contendere to a crime involving fraud or dishonesty.

(5) For purposes of subsection (2) of this section, subsection (4) of this section shall not be considered to be the only grounds upon which the director may find that a director, officer, or controlling person of an applicant is not of good character or that it is not reasonable to believe that an applicant, if licensed, will comply with the provisions of this chapter.

History:

[26-2709, added 1989, ch. 252, sec. 1, p. 608; am. 2002, ch. 145, sec. 3, p. 408.]
Idaho Code § 26-204 — Idaho Code / Title 26 / Chapter 2 / Section 26-204
26-204 ARTICLES OF INCORPORATION — AMENDMENT.
Status: in_force

26-204. Articles of incorporation — Amendment. Any proposed amendment to the articles of incorporation of a bank shall, before the same is adopted, be submitted to the director for his approval as to form and content. In addition to the articles of amendment to be filed with the secretary of state under the provisions of the general business corporation act, like articles and a copy of the articles of incorporation as amended must be filed in the office of the director and no amendment shall be operative nor effective until such articles be filed in the office of the director and shall have been approved in writing by the director. The articles of incorporation may be amended to include a provision which eliminates or limits the personal liability of the directors of the bank in accordance with section 30-1-202, Idaho Code, provided that such provision shall not eliminate or limit the liability of a director under section 26-213(5), Idaho Code.

History:

[26-204, added 1979, ch. 41, sec. 2, p. 69; am. 1990, ch. 242, sec. 2, p. 694; am. 1998, ch. 337, sec. 2, p. 1083.]
Idaho Code § 26-2226 — Idaho Code / Title 26 / Chapter 22 / Section 26-2226
26-2226 FALSE OR FRAUDULENT DEBT REDUCTION AND ELIMINATION PRACTICES.
Status: in_force

26-2226. False or fraudulent debt reduction and elimination practices. (1) No person shall obtain or attempt to obtain a fee, compensation or consideration from a person through a false or fraudulent representation or statement that a debt, loan, or extension of credit could or would be eliminated, reduced or substituted, if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the person making the representation or statement does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.

(2) (a) Whenever it appears to the director that a person has violated subsection (1) of this section, the director shall have the powers and remedies set forth in sections 67-2754 and 67-2755, Idaho Code, as well as the powers and remedies found in this chapter, as to any such violation.

(b) Any person who violates subsection (1) of this section shall be subject to the criminal proceedings and penalties set forth in sections 67-2757, 67-2758 and 67-2759, Idaho Code, as well as the criminal proceedings and penalties provided in this chapter.

History:

[26-2226, added 2005, ch. 265, sec. 17, p. 825.]
Idaho Code § 26-3204 — Idaho Code / Title 26 / Chapter 32 / Section 26-3204
26-3204 PERSONS AUTHORIZED TO ACT AS A FIDUCIARY.
Status: in_force

26-3204. Persons authorized to act as a fiduciary. (1) No person shall act as a fiduciary in this state except:

(a) A state trust company;

(b) A state bank;

(c) A savings bank organized under the laws of this state and authorized to act as a fiduciary pursuant to the savings bank act, chapter 18, title 26, Idaho Code;

(d) A national bank authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. 92a;

(e) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;

(f) An out-of-state bank with a branch in this state established or maintained pursuant to the interstate banking act, chapter 26, title 26, Idaho Code, or the interstate branching act, chapter 16, title 26, Idaho Code, or a trust office licensed by the director pursuant to this act;

(g) An out-of-state trust company with a trust office licensed by the director pursuant to this act;

(h) A foreign bank with a trust office licensed by the director pursuant to this act; or

(i) Such other person as may be authorized by the director, in his discretion, and upon such conditions as he may require.

(2) No person shall engage in an unauthorized trust activity.

History:

[26-3204, added 2000, ch. 288, sec. 8, p. 978.]
Idaho Code § 26-2133 — Idaho Code / Title 26 / Chapter 21 / Section 26-2133
26-2133 REPORTS — FINANCIAL AND STATISTICAL DATA.
Status: in_force

26-2133. REPORTS — FINANCIAL AND STATISTICAL DATA. Each credit union shall timely file with the director any financial and statistical report or other information that a federally insured state-chartered credit union is required to file with the national credit union administration. Each report must be certified by the principal operating officer of the credit union. In addition, a credit union shall file reports as may be required by the director.

History:

[26-2133, added 2020, ch. 230, sec. 15, p. 680.]
Idaho Code § 26-708 — Idaho Code / Title 26 / Chapter 7 / Section 26-708
26-708 VALUATION OF ASSETS.
Status: in_force

26-708. Valuation of assets. No bank shall enter or at any time carry on its books any of its assets at a valuation exceeding their actual cost to the bank; nor shall the value of any of its assets be increased on the books of the bank without the written consent of the director. Additional charges, delinquency charges and other similar charges on consumer credit transactions permitted by and made in compliance with the Idaho Credit Code and added to the principal balance of the loan, shall not come within the prohibition of this section.

History:

[(26-708) 26-712, added 1979, ch. 41, sec. 2, p. 93; am. and redesig. 2004, ch. 159, sec. 8, p. 523; am. 2008, ch. 140, sec. 8, p. 406.]
Idaho Code § 26-3601 — Idaho Code / Title 26 / Chapter 36 / Section 26-3601
26-3601 ADMINISTRATION AND RULES.
Status: in_force

26-3601. Administration and rules. Every authorized trust institution shall be under the supervision of the director. The director may issue, promulgate, amend and rescind rules or orders necessary or proper to carry out the provisions of this act. All authorized trust institutions doing business under the provisions of this act shall conduct their business in a manner consistent with all laws relating to authorized trust institutions, and all rules or orders that may be promulgated or issued by the director.

History:

[26-3601, added 2000, ch. 288, sec. 12, p. 988.]
Idaho Code § 26-3501 — Idaho Code / Title 26 / Chapter 35 / Section 26-3501
26-3501 PREREQUISITE TO ENGAGING IN TRUST BUSINESS.
Status: in_force

26-3501. Prerequisite to engaging in trust business. (1) A corporation duly organized for the purpose of engaging in the trust business may apply for a charter to operate as a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.

(2) A bank having the power to engage in the trust business, which is organized under the laws of this state or authorized to do business in this state, and which is chartered under the provisions of the Idaho bank act to engage in banking business in the state of Idaho, may apply for a charter from the director authorizing it to operate a trust department.

(3) To the extent not inconsistent with specific provisions of this chapter, and in the discretion of the director, provisions of the Idaho bank act regarding organization, operation and closing of banks shall apply to applicants for a charter under this chapter and to state trust companies.

History:

[26-3501, added 2000, ch. 288, sec. 11, p. 985.]
Idaho Code § 26-907 — Idaho Code / Title 26 / Chapter 9 / Section 26-907
26-907 CONTINUATION OF CORPORATE ENTITY — USE OF OLD NAME.
Status: in_force

26-907. Continuation of corporate entity — Use of old name. (1) A resulting state or national bank shall be the same business and corporate entity as each merging bank or as the converting bank with all the property, rights, powers, and duties of each merging bank or the converting bank, except as affected by the law of this state in the case of a resulting state bank or the laws of the United States in the case of a resulting national bank, and by the charter and bylaws of the resulting bank.

(2) A resulting bank shall have the right to use the name of any merging bank or of the converting bank whenever it can do any act under such name more conveniently.

(3) Any reference to a merging or converting bank in any writing, whether executed or taking effect before or after the merger or conversion, shall be deemed a reference to the resulting bank if not inconsistent with the other provisions of such writing, except when the resulting bank is not authorized to or has not qualified to exercise the powers conferred or required by the writing.

History:

[26-907, added 1979, ch. 41, sec. 2, p. 99.]
Idaho Code § 26-3709 — Idaho Code / Title 26 / Chapter 37 / Section 26-3709
26-3709 AUDITS.
Status: in_force

26-3709. Audits. Each provider upon annual renewal of registration shall provide to the director certified audited reports of the financial condition of the facility and shall amend the disclosure required by section 26-3704, Idaho Code, as necessary. The annual audited reports shall be prepared by or under the supervision and direction of a certified public accountant according to generally accepted accounting principles and shall contain such additional information as may be required by the director. The annual renewal of registration shall be filed with the director not later than ninety (90) days after the close of the provider's fiscal year as used for state income tax purposes.

History:

[26-3709, added 2005, ch. 265, sec. 15, p. 822.]
Idaho Code § 26-2130 — Idaho Code / Title 26 / Chapter 21 / Section 26-2130
26-2130 DIVIDENDS.
Status: in_force

26-2130. DIVIDENDS. (1) After allocation to required reserves, the board of directors may, at the end of any dividend period duly established, declare a dividend to be paid on shares or share certificates from undivided earnings as the bylaws may provide. Dividends may be paid at various rates, or not paid at all, with due regard to the conditions that pertain to each class of share.

(2) Subject to the approval of the board of directors, accounts closed between dividend periods may be credited with dividends at the rate set by the board of directors.

(3) Extraordinary dividends must be calculated on a rational means determined by the board of directors. For purposes of this section, "extraordinary dividends" means all irregularly scheduled and declared dividends.

History:

[26-2130, added 2020, ch. 230, sec. 13, p. 679.]
Idaho Code § 26-2154 — Idaho Code / Title 26 / Chapter 21 / Section 26-2154
26-2154 CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.
Status: in_force

26-2154. Credit unions eligible as depositories. Notwithstanding any other provision of this chapter, any state credit union or federal credit union located within this state may become a state depository by making application for that purpose to the state treasurer and may accept such funds as nonmember deposits.

History:

[26-2154, added 1986, ch. 74, sec. 1, p. 221.]
Idaho Code § 26-2249 — Idaho Code / Title 26 / Chapter 22 / Section 26-2249
26-2249 JUDICIAL REVIEW OF FINAL ORDERS OF DIRECTOR.
Status: in_force

26-2249. Judicial review of final orders of director. Any person aggrieved by a final order of the director may obtain judicial review of that order pursuant to the provisions of chapter 52, title 67, Idaho Code.

History:

[26-2249, added 1970, ch. 53, sec. 28, p. 118; am. 1993, ch. 216, sec. 12, p. 596.]
Idaho Code § 26-2913 — Idaho Code / Title 26 / Chapter 29 / Section 26-2913
26-2913 CHANGES IN CONTROL OF A LICENSE.
Status: in_force

26-2913. Changes in control of a license. (1) Within fifteen (15) days of a change or acquisition of control of a licensee that is a publicly traded corporation or is a direct or indirect subsidiary of a publicly traded corporation, the licensee shall provide notice of such event to the director in writing.

(2) Licensees other than publicly traded corporations or direct or indirect subsidiaries of publicly traded corporations must notify the director in writing thirty (30) days prior to a change of control.

History:

[26-2913, added 1994, ch. 410, sec. 1, p. 1290.]
Idaho Code § 26-3302 — Idaho Code / Title 26 / Chapter 33 / Section 26-3302
26-3302 BRANCHES AND OFFICES OF STATE TRUST INSTITUTIONS.
Status: in_force

26-3302. Branches and offices of state trust institutions. (1) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this act, and at a branch in this state.

(2) A state trust institution may not act as a fiduciary but may otherwise engage in a trust business at a representative trust office as permitted by this act.

(3) Notwithstanding subsections (1) and (2) of this section, a state trust institution may not engage at an out-of-state office in any trust business not permitted for such an office by the host state to trust institutions chartered by such state.

History:

[26-3302, added 2000, ch. 288, sec. 9, p. 981.]
Idaho Code § 26-1713 — Idaho Code / Title 26 / Chapter 17 / Section 26-1713
26-1713 DISSOLUTION.
Status: in_force

26-1713. Dissolution. (1) When an international banking corporation licensed to maintain an international bank branch or an international bank agency in this state is dissolved or its authority or existence is otherwise terminated or canceled in the jurisdiction of its incorporation, a certificate of the official responsible for records of banking corporations of the jurisdiction of incorporation of the international banking corporation attesting to the occurrence of this event or a certified copy of an order or decree of a court of the jurisdiction directing the dissolution of the international banking corporation or the termination of its existence or the cancellation of its authority shall be delivered to the director. The filing of the certificate, order, or decree has the same effect as the revocation of the international banking corporation's license as provided in section 26-1709(4), Idaho Code.

(2) An international banking corporation that proposes to terminate the operation in this state of an international bank branch, an international bank agency, or an international representative office shall comply with procedures as the director may prescribe by rule or order to insure an orderly cessation of business in a manner that is not harmful to the public interest and shall surrender its license to the director or shall surrender its right to maintain an office in this state, as applicable.

(3) The director shall continue as agent of the international banking corporation upon whom process against it may be served in any action based upon any liability or obligation incurred by the international banking corporation within this state before the filing of the certificate, order, or decree; and the director shall promptly cause a copy of the process to be mailed by registered or certified mail, return receipt requested, to the international banking corporation at the post office address specified for this purpose on file with the director's office.

History:

[26-1713, added 1995, ch. 99, sec. 10, p. 314.]
Idaho Code § 26-2704 — Idaho Code / Title 26 / Chapter 27 / Section 26-2704
26-2704 APPLICATIONS — INVESTIGATIONS — SERVICE OF PROCESS.
Status: in_force

26-2704. Applications — Investigations — Service of process. (1) An application filed with the director under this chapter shall be in such a form and contain such information as the director may require.

(2) The director may make public or private investigations within or outside this state that the director considers necessary to determine whether to approve an application filed with the director under the provisions of this chapter, to determine whether a person has violated or is about to violate the provisions of this chapter, to aid in the enforcement of the provisions of this chapter or to aid in issuing an order or promulgating a rule under this chapter.

(3) For purposes of an investigation, examination, or other proceeding under this chapter, the director may administer oaths and affirmations, subpoena witnesses, compel the attendance of witnesses, take evidence, and require the production of books, papers, correspondence, memoranda, agreements, or other documents or records which the director considers relevant or material to the proceeding.

(4) If a person fails to comply with a subpoena issued by the director or to testify with respect to a matter concerning which the person may be lawfully questioned, the court, on application of the director, may issue an order requiring the attendance of the person and the giving of testimony or production of evidence.

(5) Service of process authorized to be made by the director in connection with a noncriminal proceeding under this chapter may be made by registered or certified mail.

History:

[26-2704, added 1989, ch. 252, sec. 1, p. 605.]
Idaho Code § 26-2905 — Idaho Code / Title 26 / Chapter 29 / Section 26-2905
26-2905 LICENSE QUALIFICATIONS.
Status: in_force

26-2905. License qualifications. (1) Each licensee licensed under the provisions of this chapter shall at all times have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one (1) location or through authorized representatives shall have an additional net worth of twenty-five thousand dollars ($25,000) per location or authorized representative located in the state, as applicable, to a maximum of two hundred fifty thousand dollars ($250,000).

(2) Every corporate applicant, at the time of filing of an application for a license under the provisions of this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the time of the filing of an application for a license under the provisions of this chapter and at all times after a license is issued, have all necessary registrations or qualifications to do business in this state.

History:

[26-2905, added 1994, ch. 410, sec. 1, p. 1284.]
Idaho Code § 26-2732 — Idaho Code / Title 26 / Chapter 27 / Section 26-2732
26-2732 SHORT TITLE.
Status: in_force

26-2732. Short title. This chapter may be cited as the "Business and Industrial Development Corporation Act."

History:

[26-2732, added 1989, ch. 252, sec. 1, p. 626.]