Idaho Code § 26-208 — Idaho Code / Title 26 / Chapter 2 / Section 26-208
26-208 PLACE OF MEETINGS.
Status: in_force

26-208. Place of meetings. Regular or special meetings of the board of directors or the executive committee may be held for the transaction of any business of the bank at any place within or outside of the state of Idaho. Unless restricted by the articles of incorporation or bylaws of the bank, any or all directors may participate in any meeting of the board of directors through the use of any means of communication by which all directors participating may simultaneously communicate with each other during the meeting. A director participating in a meeting by this means is deemed to be present as though in person at the meeting.

History:

[26-208, added 1979, ch. 41, sec. 2, p. 72; am. 2021, ch. 58, sec. 1, p. 186.]
Idaho Code § 26-1114 — Idaho Code / Title 26 / Chapter 11 / Section 26-1114
26-1114 SUSPENSION OR REMOVAL OF DIRECTORS, OFFICERS OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT.
Status: in_force

26-1114. Suspension or removal of directors, officers or employees — prohibition of future employment. (1) The director of the department of finance may issue a written order suspending or removing a director, officer or employee of a bank, bank holding company or trust institution, upon finding that the director, officer or employee:

(a) Has been dishonest or reckless in the performance of his official duties;

(b) Has breached his fiduciary duties to the bank, bank holding company or trust institution, in a manner that is likely to cause substantial loss to or seriously weaken the bank, bank holding company or trust institution;

(c) Has violated any provision of this title, any state or federal law or regulation pertaining to the business of the bank, bank holding company, or trust institution, or any order of the director of the department of finance;

(d) Has been convicted of any felony or a misdemeanor involving theft or dishonesty; or

(e) Has engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the bank, bank holding company or trust institution.

The order shall be issued pursuant to chapter 52, title 67, Idaho Code.

(2) In the event a director, officer or employee has been removed from office as set forth in this section, and the order has not been modified, rescinded or set aside, or if a person has been removed as a director, officer or employee of a bank, bank holding company or trust institution by a federal financial institution regulator or a financial institution regulator in another state, the person is prohibited from becoming employed by a bank, bank holding company or trust institution supervised by the director of the department of finance in this state, except as specifically permitted by the director of the department of finance.

History:

[26-1114, added 2015, ch. 204, sec. 15, p. 627.]
Idaho Code § 26-2722 — Idaho Code / Title 26 / Chapter 27 / Section 26-2722
26-2722 MERGER — REQUIREMENTS — APPLICATIONS.
Status: in_force

26-2722. Merger — Requirements — Applications. (1) A licensee shall not merge with another corporation unless:

(a) The licensee is the surviving corporation and the merger is approved by the director.

(b) The licensee is a disappearing corporation, the surviving corporation is a licensee and the merger is approved by the director.

(2) A licensee shall not purchase all or substantially all of the business of another person unless the purchase is approved by the director.

(3) A licensee shall not sell all or substantially all of its business or of the business of any of its offices to another person unless that other person is a licensee and the sale is approved by the director.

(4) The director shall approve an application for approval of a merger, purchase, or sale, if, and only if, the director determines all of the following:

(a) That the merger, purchase, or sale will be safe and sound with respect to the acquiring licensee.

(b) That, upon consummation of the merger, purchase, or sale, it is reasonable to believe that the acquiring licensee will comply with this chapter.

(c) That the merger, purchase, or sale will not have a major detrimental impact on competition in the providing of financial assistance or management assistance to business firms, or if there will be such a detrimental impact, the merger, purchase, or sale is necessary in the interests of the safety and soundness of any of the parties to the merger, purchase, or sale, or is otherwise, on balance, in the public interest.

History:

[26-2722, added 1989, ch. 252, sec. 1, p. 617.]
Idaho Code § 26-1812 — Idaho Code / Title 26 / Chapter 18 / Section 26-1812
26-1812 CONVERSIONS.
Status: in_force

26-1812. Conversions. All conversions from one (1) form of charter to another issued by the department shall be approved in advance in writing by the director. All conversion applications filed with the director involving savings banks, including conversion applications under section 26-1813, Idaho Code, shall include a plan for establishing and maintaining adequate capital to assure the continued safe and sound operation of the bank, savings bank or credit union. Capital plans shall be subject to the approval of the director.

(1) A federal savings and loan association or a federal savings bank, if organized on a capital stock basis, may convert its charter to that of an Idaho bank or a savings bank by proceeding in accordance with section 26-906, Idaho Code.

(2) A federal savings bank organized on a mutual basis may converts its charter to that of an Idaho mutual savings bank by filing an application in a form approved by the director.

(3) A savings bank may convert its state charter to a federal charter by complying with applicable federal law.

(4) A mutual savings bank may convert its form of organization to that of a stock savings bank by complying with section 26-1813, Idaho Code.

(5) A mutual savings bank may convert its form of organization to that of a credit union by filing an application in a form approved by the director.

(6) A stock savings bank may convert its charter to that of a state bank by proceeding in accordance with section 26-906, Idaho Code.

(7) A bank chartered under the Idaho bank act may convert its charter to that of a stock savings bank by filing an application on a form approved by the director.

(8) A credit union organized under chapter 21, title 26, Idaho Code, may change its charter to that of a mutual savings bank by filing an application on a form approved by the director.

(9) If permitted by federal law, a national bank may convert its charter to that of a stock savings bank by filing an application on a form approved by the director.

(10) If permitted by federal law, a federal credit union may convert its charter to that of a mutual savings bank by filing an application on a form approved by the director.

History:

[26-1812, added 1997, ch. 310, sec. 3, p. 920.]
Idaho Code § 26-309 — Idaho Code / Title 26 / Chapter 3 / Section 26-309
26-309 CUSTOMER-BANK COMMUNICATION TERMINAL.
Status: in_force

26-309. Customer-bank communication terminal. A bank may make available for use by its customers one (1) or more electronic devices or machines through which the customer may communicate to the bank a request to withdraw money either from his account or from a previously authorized line of credit, or an instruction to receive or transfer funds for the customer's benefit. The device may receive or dispense cash in accordance with such a request or instruction, subject to verification on line or off line by the bank. Any transactions initiated through such a device shall be subject to verification by the bank either by direct wire transmission or otherwise. Such facilities may be unmanned or manned.

A person may perform as would a device so long as the person does not perform any functions not specifically authorized by this section.

These devices shall be designated as a customer-bank communication terminal (CBCT). The use of a CBCT at locations other than the main office or a branch office of the bank does not constitute branch banking. A bank shall provide insurance protection under its bonding program for transactions involving such devices.

(1) The establishment and use of a CBCT is subject to the following limitations:

(a) Written notice must be given to the director's office no less than thirty (30) days before any CBCT is put into operation. Any bank presently utilizing a CBCT shall comply with the notice requirements within thirty (30) days. Such notice shall describe with regard to the communication system:

1. the location;

2. a general description of the area where located and the manner of installation;

3. the manner of operation;

4. the kinds of functions which will be performed;

5. whether the CBCT will be shared, and, if so, under what terms and with what other institutions and their location;

6. the manufacturer and, if owned, the purchase price or, if leased, a copy of the lease;

7. the distance from the nearest banking office and from the nearest similar CBCT of the reporting bank; and

8. the distance from the nearest banking office and nearest CBCT of another commercial bank, which will share the facility, and the name of such other bank or banks.

(b) The functions of the CBCT shall be limited to:

1. the receiving of deposits;

2. the cashing of checks;

3. the dispensing of cash;

4. payment of loan proceeds on a prearranged line of credit;

5. the communication of other such information directly related to the customer's account; and

6. receiving loan payments;

7. any other function authorized to be performed by national banks and approved by the director.

(c) Arrangements may be made at the CBCT for the placing or installation of a receptacle in which a customer may place packaged communication intended for the bank.

(d) The CBCT shall be a communication service available only to customers of the bank or other financial institution which the management of the bank may approve.

(e) The CBCT shall not be advertised as full service banking or as performing anything other than activities set out in subsection (1)(b) of this section.

(2) To the extent consistent with the anti-trust laws, banks are required to share unmanned CBCTs at a reasonable fee with one (1) or more other financial institutions if requested by the other financial institution. A bank may connect CBCTs with a regional or national consumer funds transfer system for the purpose of handling financial transactions of the kind authorized by subsection (1)(b) of this section. An agreement to share CBCT usage may not prohibit, limit or restrict the right of a bank to charge a customer any fee allowed by state or federal law or require the bank to limit or waive its rights or obligations under the provisions of this section. No bank may impose a fee for the use of a CBCT by those using an access device not issued by that bank unless such fee is clearly disclosed to the customer at a time and in a manner that allows the user to terminate or cancel the transaction without incurring the fee. The fee may be in addition to any other charges imposed on the user by the operator of any consumer funds transfer system or by the user's own financial institution.

(3) The director may issue a cease and desist order upon a finding that a bank utilizing a CBCT is doing so in a manner not specifically authorized in this section.

(4) This section and regulations adopted pursuant to it shall be deemed to apply to national banks operating customer-bank communication terminals and for the purpose of the bank act a financial institution shall mean any state or federally chartered commercial bank, savings and loan association or credit union authorized by the department of finance or a comparable federal agency to do business in the state of Idaho.

History:

[26-309, added 1979, ch. 41, sec. 2, p. 78; am. 1993, ch. 52, sec. 1, p. 133; am. 1993, ch. 53, sec. 2, p. 139.]
Idaho Code § 26-3806 — Idaho Code / Title 26 / Chapter 38 / Section 26-3806
26-3806 SEVERABILITY.
Status: in_force

26-3806. Severability. It is the intent of the legislature that every provision, section, subsection, sentence, clause, phrase, or word in this chapter, and every application of the provisions in this chapter, shall be severable from each other. If any application of any provision in this chapter to any person, group of persons, or circumstances is found by a court to be invalid, the remaining applications of that provision to all other persons and circumstances shall be severed and may not be affected. All constitutionally valid applications of this chapter shall be severed from any applications that a court finds to be invalid, leaving the valid applications in force, because it is the legislature's intent and priority that the valid applications be allowed to stand alone. The legislature further declares that it would have passed this chapter, and each provision, section, subsection, sentence, clause, phrase, or word, and all constitutional applications of this chapter, irrespective of the fact that any provision, section, subsection, sentence, clause, phrase, or word, or applications of this chapter, were to be declared unconstitutional.

History:

[26-3806, added 2025, ch. 164, sec. 1, p. 787.]
Idaho Code § 26-1026 — Idaho Code / Title 26 / Chapter 10 / Section 26-1026
26-1026 REOPENING OF BANK — UNSECURED DEPOSITORS AND CREDITORS — ACCEPTANCE OF PLAN — CERTIFICATE OF APPROVAL.
Status: in_force

26-1026. Reopening of bank — Unsecured depositors and creditors — Acceptance of plan — Certificate of approval. Whenever the director of the department of finance believes it to be for the best interest of the unsecured depositors and creditors of any bank that any proposed plan for maintaining or restoring the solvency of such bank, or for effecting any merger or reorganization thereof, should be carried out and made effective,the director shall issue his certificate of approval, and thereupon all other unsecured depositors and unsecured creditors of such bank shall be held to be subject to the agreement and plan so approved by the director and all depositors and creditors shall be bound thereby and their deposits and claims shall be subject thereto to the same extent and effect as if they had joined in the execution thereof, and their deposits and claims shall be paid in the manner provided in the plan so approved, as aforesaid, and not otherwise.

History:

[26-1026, added 1979, ch. 41, sec. 2, p. 113.]
Idaho Code § 26-2605 — Idaho Code / Title 26 / Chapter 26 / Section 26-2605
26-2605 ACQUISITION BY OUT-OF-STATE COMPANY.
Status: in_force

26-2605. Acquisition by out-of-state company. If an application has been submitted by such out-of-state financial institution holding company to, and prior written approval has been obtained from the director, pursuant to section 26-2606, Idaho Code, an out-of-state financial institution holding company may:

(a) Acquire control of;

(b) Acquire all or substantially all of the assets of;

(c) Merge or consolidate with; or

(d) Assume the deposit liabilities of an Idaho financial institution.

History:

[I.C., sec. 26-2605, as added by 1985, ch. 185, sec. 1, p. 474; am. 1987, ch. 294, sec. 2, p. 625; am. 1995, ch. 99, sec. 16, p. 318.]
Idaho Code § 26-31-309 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-309
26-31-309 LICENSE RENEWAL AND REINSTATEMENT REQUIREMENTS.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-309. LICENSE RENEWAL and reinstatement REQUIREMENTS. (1) The minimum standards for license renewal for mortgage loan originators licensed under this part shall include the following:

(a) The mortgage loan originator continues to meet the minimum standards for license issuance pursuant to section 26-31-306, Idaho Code;

(b) The mortgage loan originator has satisfied the annual continuing education requirements pursuant to section 26-31-310, Idaho Code; and

(c) The mortgage loan originator has filed with the director through the NMLSR, on or before December 31 of each year, a renewal application containing such information as the director may require, accompanied by a nonrefundable annual license renewal fee of one hundred dollars ($100).

(2) If a mortgage loan originator fails to timely satisfy the provisions of subsection (1) of this section, notwithstanding the provisions of section 67-5254, Idaho Code, then his license automatically and immediately expires.

(3) 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 former licensee 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 one hundred dollars ($100).

History:

[26-31-309, added 2009, ch. 97, sec. 2, p. 302; am. 2013, ch. 64, sec. 18, p. 158.]
Idaho Code § 26-3711 — Idaho Code / Title 26 / Chapter 37 / Section 26-3711
26-3711 INJUNCTIONS.
Status: in_force

26-3711. Injunctions. Whenever it appears to the director that any person has engaged in, or is about to engage in, any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, the director may:

(1) Issue an order directed at any such person requiring such person to cease and desist from engaging in such act or practice.

(2) Bring an action in any court which has appropriate jurisdiction to enjoin the acts or practices and to enforce compliance with this chapter or any rule or order hereunder. Upon a showing that a person has engaged or is about to engage in an act or practice constituting a violation of this chapter or any rule or directive of the director promulgated hereunder, a permanent or temporary injunction, restraining order or writ of mandamus shall be granted and a receiver or conservator may be appointed for the defendant or the defendant's assets. The director shall not be required to post a bond.

History:

[26-3711, added 2005, ch. 265, sec. 15, p. 823.]
Idaho Code § 26-1016 — Idaho Code / Title 26 / Chapter 10 / Section 26-1016
26-1016 NOTICE TO CREDITORS OF INSOLVENT BANK.
Status: in_force

26-1016. Notice to creditors of insolvent bank. The director shall cause notice to be given by advertisement in a newspaper of general circulation in the town or city in which said bank is situated, if there be one, and if not, then in such other newspaper published in the state of Idaho, as the director shall designate, once a week for six (6) consecutive weeks, calling on all persons who have claims against said bank to present the same to the director or his duly authorized agent at a place to be specified in said notice, and to make sworn proof thereof, in form to be fixed by him, within the time specified in said notice, not less than thirty (30) days from the date of the last publication thereof. A copy of such notice shall be mailed to all persons whose names appear as creditors upon the books of the bank.

History:

[26-1016, added 1979, ch. 41, sec. 2, p. 108.]
Idaho Code § 26-1116 — Idaho Code / Title 26 / Chapter 11 / Section 26-1116
26-1116 CIVIL ENFORCEMENT.
Status: in_force

26-1116. civil enforcement. Whenever it appears to the director that any bank, bank holding company or trust institution has engaged or is about to engage in an unsafe or unsound practice in conducting the business of such bank, bank holding company or trust institution, or any person has violated or is about to violate any provision of this act, any rule or order issued under the act, any condition imposed in writing by the director, or any written agreement entered into with the director, the director may, in his discretion, bring an action in any court of competent jurisdiction, and upon a showing of any unsafe or unsound practice, or violation, shall be granted any or all of the following:

(1) A writ or order restraining or enjoining, temporarily or permanently, any unsafe or unsound practice, or violation of any provision of this act, any rule or order issued under the act, any condition imposed in writing by the director, or any written agreement entered into with the director;

(2) An order granting a declaratory judgment;

(3) An order for disgorgement and other equitable remedies;

(4) An order appointing a receiver or conservator for the defendant or the defendant's assets;

(5) An order that the person engaged in the unsafe or unsound practice, or violating any provision of this act, any rule or order issued under the act, any condition imposed in writing by the director or any written agreement entered into with the director shall pay a civil penalty to the department in an amount not to exceed twenty-five thousand dollars ($25,000) for each violation;

(6) An order allowing the director to recover costs that may include investigative expenses and attorney's fees.

History:

[26-1116, added 2015, ch. 204, sec. 19, p. 629.]
Idaho Code § 26-3207 — Idaho Code / Title 26 / Chapter 32 / Section 26-3207
26-3207 TRUST BUSINESS OF OUT-OF-STATE TRUST INSTITUTION.
Status: in_force

26-3207. Trust business of out-of-state trust institution. An out-of-state trust institution which establishes or maintains one (1) or more offices in this state under this act, may conduct any activity at each such office which would be authorized under the laws of this state for a state trust institution to conduct at such an office.

History:

[26-3207, added 2000, ch. 288, sec. 8, p. 980.]
Idaho Code § 26-2108 — Idaho Code / Title 26 / Chapter 21 / Section 26-2108
26-2108 POWERS.
Status: in_force

26-2108. POWERS. A credit union shall have power to:

(1) Make contracts;

(2) Sue and be sued in the name of the credit union;

(3) Own, hold, or use any real or personal property or any interest therein that is necessary or incidental to the credit union's operations, subject to the provisions of this chapter;

(4) Require the payment of an entrance or membership fee of any applicant admitted to membership;

(5) Receive from its members payments on shares and deposits of any type;

(6) Pay dividends or interest on shares and deposits as provided for in this chapter;

(7) Make loans to its members in accordance with this chapter and purchase or otherwise acquire, in whole or in part, obligations of its members. A credit union may only purchase or otherwise acquire obligations of its members that it could enter into directly with the members;

(8) Charge interest and other fees on loans, impose fees and charges in connection with the accounts and services provided to members, including fees for failure to meet obligations to the credit union, and recover costs, including attorney's fees and court costs, incurred in collecting amounts owed to the credit union, subject to other applicable law;

(9) Borrow money in an aggregate amount not to exceed fifty percent (50%) of its members' shares and deposits, plus undivided earnings;

(10) Deposit funds in federally insured banks and savings and loan companies and in state or federal credit unions and otherwise invest funds as provided in this chapter;

(11) Lease tangible personal property to its members;

(12) Hold membership in other state or federally chartered credit unions and in trade or other associations related to the credit union's business;

(13) Receive funds as shares or deposits from a state or federal credit union, bank, savings bank, savings and loan association, or any other type of depository institution;

(14) Receive deposits from the federal government, a state, or any political subdivision of the federal government or a state, or a corporation or other entity established by either;

(15) Establish and operate electronic service facilities to provide services in accordance with this chapter. An electronic service facility that is not operated by personnel on the premises at which the electronic service facility is located is not a branch office for the purposes of section 26-2143, Idaho Code. At least annually, a credit union that operates one (1) or more electronic service facilities shall provide the director with a report listing any electronic service facilities that it has put into service or taken out of service since the last such report;

(16) Make charitable contributions that are reasonable in amounts in relation to the credit union's financial circumstances;

(17) Indemnify its directors, supervisory committee members, officers, employees, and others in accordance with provisions in its bylaws that are consistent with the Idaho business corporation act;

(18) Provide financial counseling services to its members, including but not limited to investment counseling or advice and debt counseling;

(19) Act as an insurance producer, employ insurance producers, or enter into other arrangements with insurance producers to offer any type of insurance to members in accordance with the Idaho insurance code;

(20) Join, make deposits in or loans to, or purchase shares of any federal reserve bank, federal home loan bank, or central liquidity facility established under federal or state law;

(21) Receive funds as shares or deposits from a deferred compensation plan or other retirement plan that serves any of the credit union's members or potential members;

(22) Sell, pledge, discount, or otherwise dispose of, in whole or in part, obligations of its members and service obligations of which it has disposed;

(23) Offer tax return preparation and filing services for its members;

(24) Enter into joint marketing, networking, or referral arrangements to facilitate members' purchases of goods and services from third parties. Such arrangements may include compensation to the credit union, subject to applicable law;

(25) Guarantee the signature of a member in connection with a transaction that involves tangible or intangible property in which a member has or seeks to acquire an interest;

(26) Perform any of the following services for any person in an underserved area, as designated in 12 CFR 1026.35(b)(2)(iv)(B), that does not have an established relationship with a financial institution or for any person in any area if the credit union has been designated as a low-income credit union as that term is defined in 12 CFR 701.34:

(a) Cashing and selling checks, drafts, or money orders;

(b) Purchasing and selling foreign currencies in exchange for United States currency;

(c) Wire transfers; and

(d) Financial counseling services;

(27) Sell all or part of its assets, purchase all or part of the assets and assume all or part of the liabilities of another credit union, out-of-state credit union, or federal credit union, subject to the approval of the director; and

(28) Exercise such incidental powers as are necessary or convenient to enable the credit union to conduct the business of a credit union or to otherwise fulfill the purposes for which it was organized, in accordance with this chapter.

History:

[26-2108, added 2022, ch. 78, sec. 4, p. 218; am. 2024, ch. 130, sec. 4, p. 523.]
Idaho Code § 26-2707 — Idaho Code / Title 26 / Chapter 27 / Section 26-2707
26-2707 ANNUAL REPORT TO LEGISLATURE REQUIRED.
Status: in_force

26-2707. Annual report to legislature required. (1) The director shall publish annually and provide to the house business committee and senate commerce and labor committee, or the appropriate germane legislative committees, information on the impact of this chapter in promoting economic development in this state. At a minimum, the information shall include aggregate statistics on each of the following:

(a) The number and dollar amount of provisions of financing assistance made by licensees to business firms.

(b) The number and dollar amount of provisions of financing assistance made by licensees to business firms classified in broad categories of industry such as divisions of the standard industrial classification manual.

(c) The number and dollar amount of provisions of financing assistance made by licensees to minority owned business firms and to woman owned business firms.

(d) Estimates of the number of jobs created or retained.

(e) Estimates of the number and dollar amount of any financial assistance provided to licensed BIDCOs, or investments in individual licensed BIDCOs, for the purpose of fostering economic development by any state or federal agency, or by public or quasi-public entities, including the public employee retirement system.

History:

[26-2707, added 1989, ch. 252, sec. 1, p. 607; am. 2002, ch. 145, sec. 2, p. 407.]
Idaho Code § 26-31-316 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-316
26-31-316 INVESTIGATION AND EXAMINATION AUTHORITY.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-316. INVESTIGATION AND EXAMINATION AUTHORITY. In addition to any authority allowed under this chapter, the director shall have the authority to conduct investigations and examinations as follows:

(1) For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or inquiry or investigation to determine compliance with this part, the director shall have the authority to access, receive and use any books, accounts, records, files, documents, information or evidence including, but not limited to:

(a) Criminal, civil and administrative history information including nonconviction data; and

(b) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in section 603(p) of the federal fair credit reporting act; and

(c) Any other documents, information or evidence the director deems relevant to the inquiry or investigation, regardless of the location, possession, control or custody of such documents, information or evidence.

(2) For the purposes of investigating violations or complaints arising under this part, or for the purposes of examination, the director may review, investigate or examine any licensee, individual or person subject to this part, as often as necessary in order to carry out the purposes of this part. The director may subpoena or order the attendance of and examine under oath all persons whose testimony may be required about the loans or the business or subject matter of any such examination or investigation, and may subpoena or order such person to produce books, accounts, records, files and any other documents the director deems relevant to the inquiry.

(3) Each licensee, individual or other person subject to this part shall make available to the director upon request the books and records relating to the operations of such licensee, individual or other person subject to this part. The director may interview the licensee's employer, its employees and agents, its independent contractors, its officers and principals, other mortgage loan originators, agents and customers of the licensee, individual or other person subject to this part. For the purposes of this section, the director shall have free access to the books and records of such persons.

(4) Each licensee, individual or other person subject to this part shall make or compile reports or prepare other information as directed by the director in order to carry out the purposes of this part including, but not limited to:

(a) Accounting compilations;

(b) Information lists and data concerning loan transactions in a format prescribed by the director; and

(c) Such other information deemed necessary to carry out the purposes of this part.

(5) In making any examination or investigation authorized by this part, the director may control access to any documents and records of the licensee or other person under examination or investigation. The director may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, no individual or person shall remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the director. Unless the director has reasonable grounds to believe the documents or records of the licensee or other person have been, or are at risk of being altered or destroyed for the purpose of concealing a violation of this chapter, the licensee or owner of the documents and records shall have access to the documents and records as necessary to conduct its ordinary business affairs.

(6) In order to carry out the purposes of this section, the director may:

(a) Retain attorneys, accountants or other professionals and specialists as examiners, auditors or investigators to conduct or assist in the conduct of examinations or investigations;

(b) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information or evidence obtained under this section;

(c) Use, hire, contract or employ public or privately available analytical systems, methods or software to examine or investigate the licensee, individual or other person subject to this part;

(d) Accept and rely on examination or investigation reports made by other government officials, including those inside and outside the state of Idaho; and

(e) Accept and rely upon audit reports made by an independent certified public accountant for the licensee, individual or other person subject to this part. The director may incorporate the audit report in the examination report, investigation report or other writing of the director.

(7) The authority of this section shall remain in effect, whether such a licensee, individual or other person subject to this part acts or claims to act under any licensing or registration law of this state, or claims to act without such authority.

(8) No licensee, individual or other person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy or secrete any books, records, computer records or other information requested by the director.

History:

[26-31-316, added 2009, ch. 97, sec. 2, p. 305.]
Idaho Code § 26-3505 — Idaho Code / Title 26 / Chapter 35 / Section 26-3505
26-3505 ISSUANCE OF CHARTER.
Status: in_force

26-3505. Issuance of charter. Upon the filing of an application the director shall make or cause to be made an investigation and examination of the facts concerning the applicant and shall issue a charter if he finds:

(1) The applicant is a corporation having powers and purposes to engage in the trust business, organized under the laws of this state or authorized to do business in this state as a foreign corporation; and

(2) The applicant has complied with all of the applicable provisions of this act; and

(3) The ability and integrity of the persons involved in the management of the applicant's business are such as to demonstrate that it will be operated in a sound and lawful manner; and

(4) The applicant has adequate facilities to engage in trust business.

History:

[26-3505, added 2000, ch. 288, sec. 11, p. 986.]
Idaho Code § 26-2906 — Idaho Code / Title 26 / Chapter 29 / Section 26-2906
26-2906 PERMISSIBLE INVESTMENTS.
Status: in_force

26-2906. Permissible investments. Each licensee licensed under the provisions of this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the director if the dollar volume of a licensee's outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to section 26-2908, Idaho Code. Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee's outstanding payment instruments in the event of the bankruptcy of the licensee, and shall be immune from attachment by creditors or judgment holders.

History:

[26-2906, added 1994, ch. 410, sec. 1, p. 1285; am. 1999, ch. 274, sec. 1, p. 688.]
Idaho Code § 26-2721 — Idaho Code / Title 26 / Chapter 27 / Section 26-2721
26-2721 ACQUISITION OF BIDCO — APPROVAL REQUIRED.
Status: in_force

26-2721. Acquisition of Bidco — Approval required. (1) Without the prior approval of the director, a person shall not acquire control of a licensee.

(2) With respect to an application for approval to acquire control of a licensee, if the director determines, that the applicant and the directors and officers of the applicant are of good character and sound financial standing; that it is reasonable to believe that, if the applicant acquires control of the licensee, the applicant will comply with this chapter; and that the applicant's plans, if any, to make a major change in the business, corporate structure, or management of the licensee are not detrimental to the safety and soundness of the licensee, the director shall approve the application. If, after notice and a hearing, the director determines otherwise, the director shall deny the application.

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

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

(b) That an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee if the plan provides for a person to become a director or officer of the licensee and that person has been convicted of, or has pleaded nolo contendere to, a crime involving fraud or dishonesty.

(4) The conditions described in subsection (3) of this section are not the only conditions upon which the director may determine that an applicant or a director or an officer of an applicant is not of good character or that an applicant's plan to make a major change in the management of a licensee is detrimental to the safety and soundness of the licensee.

History:

[26-2721, added 1989, ch. 252, sec. 1, p. 616.]
Idaho Code § 26-1104 — Idaho Code / Title 26 / Chapter 11 / Section 26-1104
26-1104 FEES.
Status: in_force

26-1104. Fees. (1) On January 15 of each year, the director shall fix and collect from each state bank a fee based upon the amount of the total assets of the bank as of December 31 of the preceding calendar year, which fees shall not exceed the amounts set forth in the following schedule:

TOTAL ASSETS MAXIMUM FEE $0 to $1 million $1,500 Flat Fee $1 million to $10 million $2,000 + $.25 per thousand dollars of assets in excess of $1 million $10 million to $50 million $4,250 + $.19 per thousand dollars of assets in excess of $10 million $50 million to $100 million $11,850 + $.12 per thousand dollars of assets in excess of $50 million $100 million to $500 million $17,850 + $.10 per thousand dollars of assets in excess of $100 million $500 million to $1 billion $57,850 + $.09 per thousand dollars of assets in excess of $500 million $1 billion to $3 billion $102,850 + $.08 per thousand dollars of assets in excess of $1 billion $3 billion to $10 billion $262,850 + $.07 per thousand dollars of assets in excess of $3 billion $10 billion to $20 billion $752,850 + $.03 per thousand dollars of assets in excess of $10 billion $20 billion and over $1,052,850 + $.02 per thousand dollars of assets in excess of $20 billion

(2) In addition to the foregoing, each state bank shall pay to the director an additional sum not to exceed one hundred dollars ($100) for each office and branch office maintained by said bank. The director shall collect from each bank for each special examination of its condition an amount sufficient to reimburse the director for the actual expenses incurred in connection therewith.

(3) The director may, in his discretion, assess state banks and state bank holding companies for the review, analysis and investigation of an application to:

(a) Charter or incorporate a bank or bank holding company;

(b) Establish a branch or office;

(c) Merge with, acquire, or be acquired by another bank or bank holding company located in or outside of Idaho; and

(d) Convert to an entity other than a state bank or bank holding company.

(4) For banks operating in Idaho with a home state other than Idaho, the director may, in his discretion, enter into a cooperative agreement with the home state supervisor of the bank to assess supervisory fees on the bank. The fees may include assessments, examination fees, branch fees, license fees and all other fees that are levied by the director on state banks. If such agreement has been entered, the director may, in his discretion, assess supervisory fees on banks operating in Idaho with home states other than Idaho.

(5) All fees, fines, examination and miscellaneous charges collected by the director pursuant to the Idaho bank act shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-1104, added 1979, ch. 41, sec. 2, p. 115; am. 1980, ch. 169, sec. 1, p. 361; am. 1984, ch. 47, sec. 1, p. 77; am. 1995, ch. 99, sec. 6, p. 303; am. 1997, ch. 225, sec. 3, p. 662; am. 2015, ch. 204, sec. 13, p. 626; am. 2021, ch. 58, sec. 4, p. 189.]
Idaho Code § 26-2416 — Idaho Code / Title 26 / Chapter 24 / Section 26-2416
26-2416 CREDIT OF STATE NOT PLEDGED.
Status: in_force

26-2416. Credit of state not pledged. Under no circumstances shall the credit of the state of Idaho be pledged to any corporation organized under the provisions of this act.

History:

[26-2416, added 1963, ch. 273, sec. 16, p. 695.]
Idaho Code § 26-31-106 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-106
26-31-106 FUNDS COLLECTED UNDER THIS CHAPTER.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-106. FUNDS COLLECTED UNDER THIS CHAPTER. Except as provided in section 26-31-110 of this chapter pertaining to the mortgage recovery fund, the director shall deposit all funds collected by the department under this chapter into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-31-106, added 2009, ch. 97, sec. 2, p. 285.]
Idaho Code § 26-3715 — Idaho Code / Title 26 / Chapter 37 / Section 26-3715
26-3715 REGULATORY AUTHORITY.
Status: in_force

26-3715. Regulatory authority. The director shall have the authority to adopt, amend or repeal such rules as are reasonably necessary for the enforcement of the provisions of this chapter.

History:

[26-3715, added 2005, ch. 265, sec. 15, p. 824.]
Idaho Code § 26-2144 — Idaho Code / Title 26 / Chapter 21 / Section 26-2144
26-2144 ADMINISTRATION, RULES AND REGULATIONS.
Status: in_force

26-2144. Administration, rules and regulations. The administration of the provisions of this chapter shall be under the general supervision and control of the director. The director may from time to time make, amend and rescind such rules, regulations and forms necessary to carry out the provisions of this chapter. No rule, regulation or form may be made unless the director finds that the action is necessary or appropriate for the public interest or for the protection of the credit union's welfare consistent with the purposes of this chapter.

History:

[26-2144, added 1977, ch. 213, sec. 2, p. 607.]
Idaho Code § 26-2136C — Idaho Code / Title 26 / Chapter 21 / Section 26-2136C
26-2136C DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.
Status: in_force

26-2136C. dISCLOSURE OF CONFIDENTIAL INFORMATION by the Department — penalty. (1) The department of finance, its director, employees, and former employees shall not disclose to any person or agency any fact or information obtained in the course of business of the department under this chapter, except in the course of their official duties for the department and in the following cases:

(a) When, by the provisions of this chapter 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 credit union;

(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 sections 26-1111(3) and 26-2136B, Idaho Code;

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

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

(2) Any person who violates 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:

[26-2136C, added 2020, ch. 214, sec. 4, p. 630.]
Idaho Code § 26-3407 — Idaho Code / Title 26 / Chapter 34 / Section 26-3407
26-3407 NOTICE OF SUBSEQUENT MERGER, TRANSFER, OR CLOSING.
Status: in_force

26-3407. Notice of subsequent merger, transfer, or closing. Each out-of-state trust institution that maintains an office in this state pursuant to this act, or the home state regulator of such trust institution, shall give at least thirty (30) days' prior written notice or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, to the director of:

(1) Any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state trust institution or any bank holding company that controls such trust institution, with the result that an application would be required to be filed pursuant to the federal change in bank control act of 1978, as amended, 12 U.S.C. 1817(j), or the federal bank holding company act of 1956, as amended, 12 U.S.C. 1841 et seq., or any successor statutes thereto;

(2) Any transfer of all or substantially all of the trust accounts or trust assets of the out-of-state trust institution to another person; or

(3) The closing or disposition of any office in this state.

History:

[26-3407, added 2000, ch. 288, sec. 10, p. 984.]
Idaho Code § 26-216 — Idaho Code / Title 26 / Chapter 2 / Section 26-216
26-216 CUSTODIAL ACCOUNTS.
Status: in_force

26-216. Custodial accounts. A bank is authorized to act as custodian or fiduciary, and may receive reasonable compensation for so acting, under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code or chapter 30, title 63, Idaho Code, if the funds of such trust or funds subject to the custodial agreement are invested only in savings accounts or deposits in such bank or in obligations or securities issued by such bank. All funds held in such custodial or fiduciary capacity by any such bank may be commingled for appropriate purposes of investment, but individual records shall be kept by the custodian for each participant and shall show in proper detail all transactions engaged in under the authority of this section.

History:

[26-216, added 1979, ch. 41, sec. 2, p. 76; am. 2020, ch. 181, sec. 1, p. 557.]
Idaho Code § 26-706 — Idaho Code / Title 26 / Chapter 7 / Section 26-706
26-706 LOANS TO OFFICERS AND DIRECTORS.
Status: in_force

26-706. Loans to officers and directors. Except as authorized under this section, no bank may extend credit in any manner to any of its own executive officers. Any extension of credit under this section must be approved by the board of directors of the bank, and may be made only if such credit extension comports with the principles of safety and soundness and is in compliance with regulation O of the board of governors of the federal reserve system, 12 CFR 215. Each executive officer and director who receives an extension of credit from the bank shall submit a personal financial statement to the chief executive officer of the bank at least once during each calendar year and such financial statement shall be made available to federal or state regulatory agencies upon request by the agency.

History:

[(26-706) 26-710, added 1979, ch. 41, sec. 2, p. 91; am. 1990, ch. 93, sec. 1, p. 193; am. 1995, ch. 99, sec. 4, p. 301; am. and redesig. 2004, ch. 159, sec. 6, p. 521; am. 2007, ch. 126, sec. 4, p. 378.]
Idaho Code § 26-1111 — Idaho Code / Title 26 / Chapter 11 / Section 26-1111
26-1111 RECORDS NOT PUBLIC.
Status: in_force

26-1111. Records not public. (1) The department of finance shall keep proper books and records of all regulatory acts, matters and things done by it under the provisions of chapters 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 18, 21, 26, 32, 33, 34, 35, 36 and 37, title 26, Idaho Code, as records of its office, but the same shall be subject to disclosure according to chapter 1, title 74, Idaho Code, except as otherwise provided in this section and in sections 26-1112 and 67-2743E, Idaho Code.

(2) All written communications and copies thereof, between the department, the director, department employees and any bank, bank holding company, trust company, savings and loan association and credit union which relate in any manner to the examination or condition of the financial institution, are the property of the department of finance and, if acquired by any person, shall be returned to the department upon written demand.

(3) (a) The director of the department of finance, any federal bank or other financial institution regulatory or supervisory agency, and any bank, bank holding company, trust company, savings and loan association, or 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 financial institution and the department of finance or federal bank or financial institution regulatory or supervisory agency 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 bank or other financial institution regulatory or supervisory agency and any such bank, bank holding company, trust company, savings and loan association or 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 financial institution or by the department of finance or the federal bank or other financial institution regulatory or supervisory agency, or by the lawyer for either. The privilege may be waived only in accordance with this section and sections 26-1112 and 67-2743E, Idaho Code.

(d) The director of the department of finance or the appropriate officer or employee of the federal bank or other financial institution regulatory or supervisory agency may disclose confidential communications between the department or agency and financial institutions 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 financial institution as a result of the claim of a privilege by the financial institution or the director of the department of finance or the officer or employee of the federal supervisory agency under this section.

History:

[26-1111, added 1979, ch. 41, sec. 2, p. 117; am. 1990, ch. 213, sec. 21, p. 502; am. 1993, ch. 187, sec. 1, p. 477; am. 2000, ch. 288, sec. 2, p. 972; am. 2005, ch. 265, sec. 16, p. 824; am. 2015, ch. 141, sec. 42, p. 413.]
Idaho Code § 26-2731 — Idaho Code / Title 26 / Chapter 27 / Section 26-2731
26-2731 CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER.
Status: in_force

26-2731. Construction — Promulgation of rules — Applicability of chapter. This chapter shall be liberally construed to accomplish its purposes.

A proceeding to promulgate rules or a proceeding regarding civil penalties under section 26-2729, Idaho Code, shall be subject to the administrative procedure act contained in chapter 52, title 67, Idaho Code.

Except as otherwise provided in this section, the provisions of a licensee's incorporating statute apply to the licensee. If a provision of the licensee's incorporating statute conflicts with any provision of this chapter, this chapter controls.

History:

[26-2731, added 1989, ch. 252, sec. 1, p. 625; am. 2002, ch. 145, sec. 14, p. 418.]
Idaho Code § 26-3406 — Idaho Code / Title 26 / Chapter 34 / Section 26-3406
26-3406 ADDITIONAL TRUST OFFICES.
Status: in_force

26-3406. Additional trust offices. An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution may establish or acquire additional offices in this state pursuant to the procedures for establishing or acquiring such offices set forth in section 26-3304, Idaho Code.

History:

[26-3406, added 2000, ch. 288, sec. 10, p. 984.]
Idaho Code § 26-1213 — Idaho Code / Title 26 / Chapter 12 / Section 26-1213
26-1213 COMMISSION FOR MAKING LOANS.
Status: in_force

26-1213. Commission for making loans. No officer, director or employee of any bank or the bank holding company owning or controlling the bank shall demand, accept or receive, directly or indirectly, any commission or other consideration on account of the making, extension, or renewal by said bank of any loan, or extension of credit, to any person, firm or corporation. This prohibition shall not apply to consideration paid by a bank to its employees.

Any person violating the provisions of this section shall be guilty of a felony.

History:

[26-1213, added 1979, ch. 41, sec. 2, p. 123; am. 1993, ch. 53, sec. 5, p. 142.]
Idaho Code § 26-901 — Idaho Code / Title 26 / Chapter 9 / Section 26-901
26-901 RESULTING NATIONAL BANK.
Status: in_force

26-901. Resulting national bank. (1) Nothing in the law of this state shall restrict the right of a state bank to merge with or convert into a resulting national bank. The action to be taken by such merging or converting state bank and its rights and liabilities and those of its stockholders shall be the same as those prescribed for national banks at the time of the action by the law of the United States and not by the law of this state, except that a vote of the holders of two-thirds (2/3) of each class of voting stock of a state bank, at a meeting called in conformity with the provisions of section 26-904, Idaho Code, shall be required for the merger or conversion, and that on conversion by a state into a national bank the rights of dissenting stockholders shall be those specified in section 26-909, Idaho Code.

(2) Upon the completion of the merger or conversion, the franchise of any merging or converting state bank shall automatically terminate.

History:

[26-901, added 1979, ch. 41, sec. 2, p. 96.]
Idaho Code § 26-1004 — Idaho Code / Title 26 / Chapter 10 / Section 26-1004
26-1004 BANK MAY BE PLACED IN DIRECTOR'S POSSESSION.
Status: in_force

26-1004. Bank may be placed in director's possession. Any bank may place its affairs and assets under the control and in the possession of the director after oral or written notice to the director by posting a notice on the front door of such bank, indicating that said bank is in his hands, which notice shall be signed, in their own handwriting, by a majority of the directors.

History:

[26-1004, added 1979, ch. 41, sec. 2, p. 103.]
Idaho Code § 26-2136 — Idaho Code / Title 26 / Chapter 21 / Section 26-2136
26-2136 FEES.
Status: in_force

26-2136. fees. (1) On or before February 15 of each calendar year, the director shall fix and collect from each credit union an assessment fee based upon the total assets of the credit union as of December 31 of the previous calendar year, which fees shall not exceed the amounts set forth in the following schedule:

TOTAL ASSETS FEE $50,000 or less $50.00 + $1.00 per thousand dollars of assets Over $50,000 and not over $100,000 $100.00 + $.99 per thousand dollars of assets in excess of $50,000 Over $100,000 and not over $250,000 $149.00 + $.94 per thousand dollars of assets in excess of $100,000 Over $250,000 and not over $1 million $291.00 + $.89 per thousand dollars of assets in excess of $250,000 Over $1 million and not over $2 million $958.00 + $.80 per thousand dollars of assets in excess of $1 million Over $2 million and not over $5 million $1,758.00 + $.61 per thousand dollars of assets in excess of $2 million Over $5 million and not over $8 million $3,588.00 + $.48 per thousand dollars of assets in excess of $5 million Over $8 million $5,028.00 + $.35 per thousand dollars of assets in excess of $8 million

(2) All fees, fines, examination and miscellaneous charges collected by the director pursuant to the Idaho credit union act shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-2136, added 1977, ch. 213, sec. 2, p. 603; am. 1980, ch. 168, sec. 1, p. 360; am. 1984, ch. 47, sec. 5, p. 79; am. 1999, ch. 202, sec. 1, p. 545; am. 2020, ch. 214, sec. 1, p. 625.]
Idaho Code § 26-2140B — Idaho Code / Title 26 / Chapter 21 / Section 26-2140B
26-2140B SUSPENSION OR REMOVAL OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS, OFFICERS, OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT.
Status: in_force

26-2140B. suspension or removal of directors, supervisory committee members, officers, or employees — prohibition of future employment. (1) The director may issue a written order, pursuant to chapter 52, title 67, Idaho Code, suspending or removing a credit union director, supervisory committee member, officer, or employee upon finding that the director, supervisory committee member, officer, or employee has:

(a) Been dishonest or reckless in the performance of his official duties;

(b) Breached his fiduciary duties to the credit union in a manner that is likely to cause substantial loss or seriously weaken the credit union;

(c) Violated any provision of this chapter, any state or federal law or regulation pertaining to the business of the credit union, or any order of the director;

(d) Been convicted of a felony or any misdemeanor involving theft or dishonesty; or

(e) Engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the credit union.

(2) In the event a director, supervisory committee member, officer, or employee has been removed from office as set forth in this section, and the order has not been modified, rescinded, or set aside, or if a person has been removed as a director, supervisory committee member, officer, or employee of a credit union by a federal financial institution regulator or a financial institution regulator in another state, the person is prohibited from becoming employed by a credit union supervised by the director in this state, except as specifically permitted by the director.

(3) The director, officer, employee, or credit union affected by order of the director may immediately petition the district court in the judicial district of the county in which the credit union has its principal place of business or in Ada county to set aside the order of the director. Upon the filing of such petition, the court shall have the jurisdiction to affirm or set aside in whole or in part and remand to the director.

(4) An order issued under this section must contain a statement of the facts that constitute grounds for removal or prohibition and cite relevant state or federal law or regulation.

(5) A prevailing party in any proceeding under this section may be awarded attorney's fees and costs pursuant to section 12-117, Idaho Code.

History:

[26-2140B, added 2020, ch. 214, sec. 8, p. 632.]
Idaho Code § 26-3208 — Idaho Code / Title 26 / Chapter 32 / Section 26-3208
26-3208 NAME OF TRUST INSTITUTION.
Status: in_force

26-3208. Name of trust institution. A state trust company or out-of-state trust institution may register any name with the director in connection with establishing a principal office, trust office or representative trust office in this state pursuant to this act, except that the director may determine that a name proposed to be registered is potentially misleading to the public and require the registrant to select a name which is not potentially misleading.

History:

[26-3208, added 2000, ch. 288, sec. 8, p. 980.]
Idaho Code § 26-107 — Idaho Code / Title 26 / Chapter 1 / Section 26-107
26-107 SECTIONS APPLICABLE TO NATIONAL BANKS.
Status: in_force

26-107. Sections applicable to national banks. The provisions of sections 26-215, 26-301 through and including 26-309, 26-311, 26-712, 26-713, 26-714, 26-1203, 26-1206, 26-1207, 26-1208, 26-1209, 26-1601 through 26-1605, 26-2601 through 26-2612, and 26-3801 through 26-3806, Idaho Code, shall also apply to national banks.

History:

[26-107, added 1979, ch. 41, sec. 2, p. 67; am. 1995, ch. 99, sec. 2, p. 300; am. 1997, ch. 225, sec. 1, p. 661; am. 2004, ch. 159, sec. 17, p. 525; am. 2025, ch. 164, sec. 2, p. 787.]
Idaho Code § 26-2909 — Idaho Code / Title 26 / Chapter 29 / Section 26-2909
26-2909 APPLICATION FEE.
Status: in_force

26-2909. Application fee. Each application must be accompanied by a nonrefundable application fee in the amount of one hundred dollars ($100) for the license. The application fee shall also constitute the license fee for the applicant's first year of activities if the license is granted. All fees, fines, examination and miscellaneous charges provided for in accordance with the provisions of this chapter shall be paid to the director and shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-2909, added 1994, ch. 410, sec. 1, p. 1288.]
Idaho Code § 26-1814 — Idaho Code / Title 26 / Chapter 18 / Section 26-1814
26-1814 ACQUISITIONS.
Status: in_force

26-1814. Acquisitions. All acquisitions shall be approved in advance in writing by the director.

(1) A mutual or stock savings bank may acquire, as defined by section 26-2605, Idaho Code, a savings bank organized in the same form.

(2) A stock savings bank may acquire or be acquired by either a state or national bank with the state or national bank being the surviving bank.

(3) A mutual savings bank may acquire or be acquired by a credit union, with the mutual savings bank being the surviving entity.

(4) A stock savings bank may acquire or be acquired by a national or state bank with the national or state bank being the surviving entity.

History:

[26-1814, added 1997, ch. 310, sec. 3, p. 921.]
Idaho Code § 26-1212 — Idaho Code / Title 26 / Chapter 12 / Section 26-1212
26-1212 LOANS TO OFFICIALS OF DEPARTMENT PROHIBITED.
Status: in_force

26-1212. Loans to officials of department prohibited. It shall be unlawful for the department of finance, its director or employees engaged in bank examination or supervision, to borrow money directly or indirectly from any state bank, or director or official of a state bank. Any person violating the provision of this section shall be guilty of a felony.

History:

[26-1212, added 1979, ch. 41, sec. 2, p. 123; am. 1993, ch. 53, sec. 4, p. 141.]
Idaho Code § 26-3405 — Idaho Code / Title 26 / Chapter 34 / Section 26-3405
26-3405 REGISTRATION OF REPRESENTATIVE TRUST OFFICE.
Status: in_force

26-3405. Registration of representative trust office. (1) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish or acquire, and maintain a representative trust office shall file a notice with the director on a form prescribed by the director which shall set forth the name of the out-of-state trust institution and the location of the proposed office and satisfactory evidence that the out-of-state trust institution is a trust institution, furnish a copy of the resolution adopted by the board authorizing the representative trust office, and pay the filing fee, if any, prescribed by the director.

(2) The out-of-state trust institution may commence business at the representative trust 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 out-of-state trust institution may establish the representative trust office only on prior written approval by the director.

(4) The director may deny approval of the representative trust 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 would be contrary to the public interests. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies.

History:

[26-3405, added 2000, ch. 288, sec. 10, p. 984.]
Idaho Code § 26-2914 — Idaho Code / Title 26 / Chapter 29 / Section 26-2914
26-2914 AUTHORITY TO CONDUCT EXAMINATIONS AND INVESTIGATIONS.
Status: in_force

26-2914. Authority to conduct examinations and investigations. (1) For the purpose of discovering violations of this chapter or rules adopted under this chapter, discovering unsafe and unsound practices, or securing information lawfully required under this chapter, the director may at any time, either personally or by designee, investigate or examine the business and wherever located, the books, accounts, records, papers, documents, files and other information used in the business of every applicant, licensee or its authorized representatives, and of every person who is engaged in the business of providing money transmission services, whether the person acts or claims to act under or without the authority of this chapter. For these purposes, the director or designated representative shall have free access to the offices and places of business, books, accounts, papers, documents, other information, records, files, safes and vaults of all such persons. The director or the director's designee may require the attendance of and examine under oath all persons whose testimony may be required about the business or the subject matter of any investigation, examination or hearing and may require such person to produce books, accounts, papers, documents, records, files and any other information the director or designated person declares is relevant to the inquiry. The director may require the production of original books, accounts, papers, documents, records, files and other information; may require that such original books, accounts, papers, documents, records, files and other information be copied; or may make copies himself or herself or by designee of such original books, accounts, papers, documents, records, files or other information. The director or designated person may issue a subpoena or subpoena duces tecum requiring attendance or compelling production of the books, accounts, papers, documents, records, files or other information. Should the director conclude that an on-site examination of a licensee is necessary, the licensee, subject to the provisions of subsection (2) of this section, shall pay all the actual costs of such examination. If the director determines, based on the licensee's financial statements and past history of operations in the state, that an on-site examination is unnecessary, the on-site examination may be conducted in conjunction with examinations to be performed by representatives of agencies of another state or states. The director, in lieu of an on-site examination, may accept the examination report of an agency of another state, or a report prepared by an independent accounting firm, and reports so accepted are considered for all purposes as an official report of the director.

(2) In the case of 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 his designee to produce documentary evidence if so ordered or to give evidence relating to the matter under investigation or in question. Any failure to obey such order of the court may be punished by the court as a contempt of court. When the director examines a licensee or an authorized representative within this state, the licensee or authorized representative shall pay all the actual costs of such examination, up to a maximum of one thousand dollars ($1,000).

History:

[26-2914, added 1994, ch. 410, sec. 1, p. 1290; am. 2005, ch. 142, sec. 1, p. 438.]
Idaho Code § 26-2401 — Idaho Code / Title 26 / Chapter 24 / Section 26-2401
26-2401 DEFINITIONS.
Status: in_force

26-2401. Definitions. As used in this act, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:

(1) "Corporation" means an Idaho industrial development corporation created under this act.

(2) "Financial institution" means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.

(3) "Member" means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this act, upon its call, and in accordance with the provisions of this act.

(4) "Board of directors" means the board of directors of the corporation created under this act.

(5) "Loan limit" means for any member, the maximum amount permitted to be outstanding at one (1) time on loans made by such member to the corporation, as determined under the provisions of this act.

History:

[(26-2401) 1963, ch. 273, sec. 1, p. 695; I.C., sec. 30-1501 (1963 Supp.).]
Idaho Code § 26-3803 — Idaho Code / Title 26 / Chapter 38 / Section 26-3803
26-3803 DEFINITIONS.
Status: in_force

26-3803. DEFINITIONS. For purposes of this chapter:

(1) "Discriminate in the provision of financial services" means utilizing a social credit score to directly or indirectly decline to provide full and equal enjoyment in the provision of financial services. "Discriminate in the provision of financial services" includes a refusal to provide, termination of, or restriction on financial services, notwithstanding the provisions of section 48-605, Idaho Code.

(2)(a) "Financial institution" means:

(i) A bank that has total assets over one hundred billion dollars ($100,000,000,000); or

(ii) A payment processor, credit card company, credit card network, payment network, payment service provider, or payment gateway that has processed more than one hundred billion dollars ($100,000,000,000) in transactions in the last calendar year.

(b) "Financial institution" includes any affiliate or subsidiary company owned by or controlled by the covered financial institution.

(3) "Financial service" means any financial product or service offered by a financial institution.

(4) "Person" means any individual, partnership, association, joint stock company, trust, corporation, nonprofit organization, or other business or legal entity.

(5) "Protected from government interference" refers to any speech, religious exercise, association, expression, or conduct that is protected by the first amendment to the United States constitution other than activities that the supreme court of the United States has expressly held are unprotected as of July 1, 2025, such as obscenity, fraud, incitement, true threats, fighting words, or defamation.

(6)(a) "Social credit score" means any analysis, rating, scoring, list, or tabulation that evaluates any of the following:

(i) Any person's exercise of religion that is protected from government interference by the first amendment to the United States constitution, section 4, article I of the constitution of the state of Idaho, or federal or state law, including all aspects of religious observance and practice, as well as belief and affiliation;

(ii) Any person's speech, expression, or association that is protected from government interference by the first amendment to the United States constitution, section 9, article I of the constitution of the state of Idaho, or federal or state law, including the person's opinions, speech, or other expressive activities, including the lawful preservation of privacy regarding those activities, such as the refusal to disclose lobbying, political activity, or contributions beyond what is required by applicable state and federal law;

(iii) Any person's failure or refusal to adopt any targets or disclosures related to greenhouse gas emissions beyond what is required by applicable law;

(iv) Any person's failure or refusal to conduct any type of racial, diversity, or gender audit or disclosure or to provide any sort of quota, preference, or benefit based, in whole or in part, on race, diversity, or gender beyond what is required by applicable law;

(v) Any person's failure or refusal to facilitate or assist employees in obtaining abortions or gender reassignment services; or

(vi) Except as provided in paragraph (b) of this subsection, participation in the following lawful business associations or business activities:

1. The exploration, production, utilization, transportation, sale, or manufacture of fossil fuel-based energy; or

2. The manufacture, distribution, wholesale, supply, or retail of knives, firearms, firearm accessories, or ammunition.

(b) For the purposes of paragraph (a)(vi) of this subsection only, "social credit score" does not include a financial institution evaluating quantifiable financial risks of a person based on impartial, financial risk-based standards that include activities described in paragraph (a)(vi) of this subsection if such standards are established in advance by the financial institution and publicly disclosed to customers and potential customers.

History:

[26-3803, added 2025, ch. 164, sec. 1, p. 785.]
Idaho Code § 26-1102 — Idaho Code / Title 26 / Chapter 11 / Section 26-1102
26-1102 EXAMINATION BY DEPARTMENT.
Status: in_force

26-1102. Examination by department. (1) The director may examine no less often than once in eighteen (18) months, and more frequently whenever he shall deem it necessary, all records and other documents in the possession of or relating to the bank, bank trust department including records in the custody of a data processor or other person or company. For this purpose, the director shall have authority to demand and inspect all books, papers, moneys, notes, bonds, or evidences of debt of such bank and may examine on oath any of the directors, officers, agents, employees, customers, or depositors of such bank. Any willful false swearing in any examination shall be deemed perjury. During examinations, the directors, officers and employees shall give any assistance required by the director, but no examiner shall interfere with the routine duty of such directors, officers and employees.

(2) Whenever it shall come to the notice of the director that any bank has failed or refused to comply with any of the provisions of this act, the director is authorized to make a special examination of said bank and to charge and collect for such special examination; and to continue such examinations and charges at intervals of not less than thirty (30) days until such provisions are complied with.

(3) The director may in his discretion at any time omit his examination of any bank as above required and accept in lieu thereof the findings or result of an examination of such bank made by any bank regulatory or insuring agency of the United States authorized to make such examination.

(4) The director may in his discretion extend the examination period to no less often than once in twenty-four (24) months if:

(a) The bank has total assets of less than one billion dollars ($1,000,000,000);

(b) The bank is well capitalized, as defined in 12 U.S.C. section 1831o, the federal deposit insurance act;

(c) When the bank was most recently examined, it was found to be well-managed and its composite condition was found to be outstanding or good; and

(d) The bank is not currently subject to a formal enforcement proceeding or order by the department or the appropriate federal banking agency.

History:

[26-1102, added 1979, ch. 41, sec. 2, p. 114; am. 2007, ch. 126, sec. 6, p. 379.]
Idaho Code § 26-31-213 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-213
26-31-213 ANNUAL STATEMENTS.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-213. annual statements. (1) A mortgage lender shall deliver to the borrower at least annually, during the month of January, a statement of the borrower's account showing the date and amount of all payments made or credited to the account for the immediately preceding twelve (12) month period and the total unpaid balance. The statement shall also clearly describe in full the amounts received on all tax and insurance reserve accounts, the disposition of such funds, and the amounts held in reserve in such accounts. The statement shall clearly indicate any penalty or interest payments because of failure to pay taxes on time. A fee shall not be charged to the borrower for the statements.

(2) A borrower may request additional statements from a mortgage lender at any time, and the mortgage lender may, unless otherwise prohibited by law, require a fee to provide each such statement. The statement shall be delivered to the borrower within thirty (30) days after receipt of a written request from the borrower.

History:

[26-31-213, added 2020, ch. 100, sec. 10, p. 269.]
Idaho Code § 26-3201 — Idaho Code / Title 26 / Chapter 32 / Section 26-3201
26-3201 TITLE.
Status: in_force

26-3201. Title. Chapters 32 through 36, title 26, Idaho Code, shall be known and may be cited as the "Idaho Trust Institutions Act."

History:

[26-3201, added 2000, ch. 288, sec. 8, p. 975.]
Idaho Code § 26-401 — Idaho Code / Title 26 / Chapter 4 / Section 26-401
26-401 DEFINITIONS.
Status: in_force

26-401. Definitions. As used in this section:

"Invest" includes any advance of funds to a bank service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment;

"Applying bank" means a bank applying to a bank service corporation for bank services; and

"Stockholding bank" means a bank which owns stock of a bank service corporation.

History:

[26-401, added 1979, ch. 41, sec. 2, p. 80.]
Idaho Code § 26-2113B — Idaho Code / Title 26 / Chapter 21 / Section 26-2113B
26-2113B SPECIAL MEMBERSHIP MEETINGS.
Status: in_force

26-2113B. SPECIAL MEMBERSHIP MEETINGS. (1) A special membership meeting of a credit union may be called by:

(a) A majority vote of the board;

(b) A majority vote of the supervisory committee to suspend a director for cause; or

(c) A written petition signed or similarly authenticated by at least ten percent (10%) or two thousand (2,000) of the members of a credit union, whichever is less.

(2) Call of a special membership meeting of a credit union shall be in writing submitted to the secretary of the credit union by the board, the petitioners or the supervisory committee as applicable and shall state specifically the purpose or purposes for which the meeting is called and the agenda item or items for consideration by the members at the meeting. If the special membership meeting is called for the removal of one (1) or more directors or supervisory committee members, the call shall state the name of each individual whose removal is sought.

(3)(a) On receipt of a call for a special membership meeting, the secretary of the credit union shall determine whether the call satisfies the requirements of this section. If so, the secretary shall determine a reasonable date and time at which the special membership meeting will be held and provide notice of the special membership meeting in accordance with the requirements of this subsection. The special membership meeting must be held in the manner prescribed by the board in accordance with the bylaws. If the meeting is conducted electronically, the credit union shall offer a means of participation in the meeting for members who are unable to participate electronically using their own communication services and equipment. The special membership meeting must be held no later than sixty (60) days after the date on which the call is received by the secretary.

(b) The secretary shall give notice of the special membership meeting at least thirty (30) days before the date of the meeting, or within such other reasonable time period as may be provided in the bylaws. The notice must state the purpose or purposes for which the special membership meeting is called and the agenda items for the meeting. If the special membership meeting is called for the removal of one (1) or more directors or supervisory committee members, the notice must state the name of each individual whose removal is sought.

(4) Except as provided in this subsection, the chairperson of the board shall preside over special membership meetings. If the purpose of the special membership meeting includes the removal of the chairperson, the next highest-ranking board officer whose removal is not sought shall preside over the meeting. If the removal of all board officers is sought, the chairperson of the supervisory committee shall preside over the special membership meeting.

(5) At the special membership meeting, only those agenda items that are stated in the notice for the meeting may be considered.

(6) Special membership meetings shall be conducted according to the rules of procedure set forth in the bylaws. If the bylaws do not specify the rules of procedure that shall govern a special membership meeting, the special membership meeting shall be conducted according to the rules of procedure approved by the board.

History:

[26-2113B, added 2018, ch. 165, sec. 4, p. 329; am. 2022, ch. 78, sec. 9, p. 222.]
Idaho Code § 26-1809 — Idaho Code / Title 26 / Chapter 18 / Section 26-1809
26-1809 POWERS.
Status: in_force

26-1809. Powers. In addition to the powers granted to banks under provisions of the Idaho bank act, and specifically section 26-1101, Idaho Code, savings banks may exercise any power or engage in any activity authorized either for federal savings banks or savings and loan associations or state savings banks or savings and loan associations.

History:

[26-1809, added 1997, ch. 310, sec. 3, p. 919.]
Idaho Code § 26-2604 — Idaho Code / Title 26 / Chapter 26 / Section 26-2604
26-2604 PROHIBITED ACQUISITION.
Status: in_force

26-2604. Prohibited acquisition. Except as authorized in this chapter, chapter 16, title 26, Idaho Code, and by the laws of the United States, no out-of-state financial institution or out-of-state financial institution holding company, nor any subsidiary or affiliate thereof, may establish or maintain an office of, or conduct the business of, a financial institution in this state; nor may such out-of-state financial institutions or out-of-state financial institution holding companies, or any subsidiaries or affiliates thereof, directly or indirectly, acquire control of, acquire substantially all of the assets of, merge with, consolidate with, or assume the deposit liabilities of an Idaho financial institution or an Idaho financial institution holding company.

History:

[26-2604, added 1985, ch. 185, sec. 1, p. 476; am. 1995, ch. 99, sec. 15, p. 318.]
Idaho Code § 26-2245 — Idaho Code / Title 26 / Chapter 22 / Section 26-2245
26-2245 DIRECTOR'S POWER TO ENJOIN VIOLATIONS.
Status: in_force

26-2245. Director's power to enjoin violations. (1) Whenever it appears to the director that any person, or employee or agent thereof, has engaged in or is about to engage in any act or practice or omission constituting a violation of any provision of this act, or any rule or order issued hereunder, he may in his discretion bring an action in any court of competent jurisdiction to enjoin any such acts, practices or omissions and to enforce compliance with this act or any rule adopted or order issued hereunder. Upon a showing that a person, or employee or agent thereof, has engaged in or is about to engage in an act, practice or omission constituting a violation of this act or any rule adopted or order issued hereunder, a permanent or temporary injunction, or restraining order shall be granted and a receiver or conservator may be appointed, which may be the director, for the defendant's assets. The director shall not be required to furnish a bond.

(2) In addition to the foregoing, the director, in his discretion and upon a showing in any court of competent jurisdiction that a person has violated any provision of this act or rule adopted or order issued hereunder, may be granted the following additional remedies:

(a) An order restoring to any person in interest any consideration that may have been acquired or transferred in violation of this act;

(b) An order that the person violating this act, rule or order issued hereunder, pay a civil penalty to the department in an amount not to exceed five thousand dollars ($5,000) for each violation;

(c) An order allowing the director to recover costs, which in the discretion of the court may include an amount representing reasonable attorney's fees and reimbursement for investigative efforts; and

(d) An order granting other appropriate remedies upon a proper showing.

History:

[26-2245, added 1970, ch. 53, sec. 24, p. 118; am. 2002, ch. 190, sec. 7, p. 549; am. 2008, ch. 347, sec. 26, p. 955.]
Idaho Code § 26-2113A — Idaho Code / Title 26 / Chapter 21 / Section 26-2113A
26-2113A ANNUAL MEMBERSHIP MEETINGS.
Status: in_force

26-2113A. ANNUAL MEMBERSHIP MEETINGS. (1) A credit union's annual membership meeting shall be held at such time and in such manner as the board prescribes, as permitted in the bylaws, and shall be conducted according to the rules of procedure approved by the board. If the meeting is conducted electronically, the credit union shall offer a means of participation in the meeting for members that are unable to participate electronically using their own communication services and equipment.

(2) Notice of the annual membership meetings of a credit union shall be given as provided in the bylaws of the credit union.

History:

[26-2113A, added 2018, ch. 165, sec. 3, p. 329; am. 2019, ch. 188, sec. 1, p. 596; am. 2022, ch. 78, sec. 8, p. 222.]
Idaho Code § 26-3506 — Idaho Code / Title 26 / Chapter 35 / Section 26-3506
26-3506 RECORDS — PRESERVATION OF RECORDS.
Status: in_force

26-3506. Records — Preservation of records. A state trust company or trust department shall keep and use in its business any books, accounts and records which will enable the director to determine whether the trust institution is complying with the provisions of this act and the rules and orders of the director. The director may by rule or order provide which books, accounts and records shall be kept, and the periods of time and the manner in which they shall be preserved.

History:

[26-3506, added 2000, ch. 288, sec. 11, p. 986.]
Idaho Code § 26-31-114 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-114
26-31-114 REVOCATION OF LICENSE FOR PAYMENT FROM MORTGAGE RECOVERY FUND.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-114. REVOCATION OF LICENSE FOR PAYMENT FROM MORTGAGE RECOVERY FUND. (1) The director may summarily revoke a license issued under this chapter if the director is required by court order under section 26-31-112, Idaho Code, to make a payment from the mortgage recovery fund based on a money judgment that includes findings of violations of this chapter by such licensee.

(2) A person whose license has been revoked under subsection (1) of this section is not eligible to be considered for the issuance of a new license under this chapter until the person has repaid in full, plus interest at the current legal rate, the amount paid from the mortgage recovery fund resulting from that person's violation of this chapter.

(3) This section does not limit the authority of the director to take disciplinary action against a licensee under this chapter for a violation of this chapter or of rules promulgated or orders issued pursuant to this chapter. The repayment in full to the mortgage recovery fund of all obligations of a licensee under this chapter does not nullify or modify the effect of any other disciplinary proceeding brought under this chapter.

History:

[26-31-114, added 2009, ch. 97, sec. 2, p. 288.]
Idaho Code § 26-2901 — Idaho Code / Title 26 / Chapter 29 / Section 26-2901
26-2901 SHORT TITLE.
Status: in_force

26-2901. Short title. This chapter may be known and cited as the "Idaho Money Transmitters Act."

History:

[26-2901, added 1994, ch. 410, sec. 1, p. 1282.]
Idaho Code § 26-1023 — Idaho Code / Title 26 / Chapter 10 / Section 26-1023
26-1023 DISPOSITION OF UNCLAIMED FUNDS.
Status: in_force

26-1023. Disposition of unclaimed funds. The director shall certify to the treasurer of the state a complete list of funds remaining in his hands uncalled for, which have been left in his hands in his official capacity, in trust for depositors in and creditors of any liquidated bank after they have been held by him for six (6) months from the date of the final liquidation of the institution. Along with this certificate, he shall transmit to the treasurer of the state the funds with accumulated interest thereon which he has so held in trust for six (6) months. A copy of such certificate shall also be filed with the state controller, who shall make a record thereof.

Any depositor or creditor of a liquidated bank who has not been paid the amount standing to his credit as thus certified to the state treasurer, may apply to the director for the amount due him, after it has been certified into the treasury of the state. The depositor or creditor shall make an affidavit and offer proof of his identity and of the amount due him by the liquidated bank. When satisfied as to the correctness of the claim and of the identity of the person, the director shall approve the claim and forward it to the state controller, who shall audit the same and if found correct issue his warrant payable to the depositor or creditor for the amount shown by the records to be due such depositor or creditor which shall be paid by the treasurer.

History:

[26-1023, added 1979, ch. 41, sec. 2, p. 112; am. 1994, ch. 180, sec. 43, p. 455.]
Idaho Code § 26-31-203 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-203
26-31-203 UNLAWFUL ACTS.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-203. unlawful acts. (1) Any person, except a person exempt under section 26-31-202, Idaho Code, who engages in mortgage brokering activities or mortgage lending activities without first obtaining a license from the department in accordance with this part, shall upon conviction be guilty of a felony.

(2) No person, except a person exempt under section 26-31-202, Idaho Code, shall engage in mortgage brokering activities or mortgage lending activities without first obtaining a license from the department in accordance with this part.

History:

[26-31-203, added 2009, ch. 97, sec. 2, p. 289.]
Idaho Code § 26-1804 — Idaho Code / Title 26 / Chapter 18 / Section 26-1804
26-1804 IDAHO BANK ACT AND GENERAL BUSINESS CORPORATION LAWS.
Status: in_force

26-1804. Idaho bank act and general business corporation laws. (1) Except as otherwise provided in this chapter, the Idaho bank act shall apply to all corporations converted and operating under this act.

(2) Except as otherwise provided herein or in the Idaho bank act, the general business corporation laws of this state shall apply to all savings banks converted and operating under this act.

History:

[26-1804, added 1997, ch. 310, sec. 3, p. 918.]
Idaho Code § 26-2418 — Idaho Code / Title 26 / Chapter 24 / Section 26-2418
26-2418 FISCAL YEAR.
Status: in_force

26-2418. Fiscal year. Corporations organized under this act shall adopt the calendar year as their fiscal year.

History:

[(26-2418) 1963, ch. 273, sec. 18, p. 695; I.C., sec. 30-1518 (1963 Supp.).]
Idaho Code § 26-2922 — Idaho Code / Title 26 / Chapter 29 / Section 26-2922
26-2922 HEARINGS — PROCEDURES.
Status: in_force

26-2922. Hearings — Procedures. The provisions of the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, shall apply to any hearing afforded pursuant to the provisions of this chapter.

History:

[26-2922, added 1994, ch. 410, sec. 1, p. 1294.]
Idaho Code § 26-2109 — Idaho Code / Title 26 / Chapter 21 / Section 26-2109
26-2109 POWER TO ACQUIRE AND HOLD REAL PROPERTY.
Status: in_force

26-2109. POWER TO ACQUIRE AND HOLD REAL PROPERTY. (1) A credit union may invest in fixed assets necessary or related to its operations, subject to the following limitations:

(a) The credit union's net worth equals at least seven percent (7%) of total assets;

(b) The board approves any investment in real property; and

(c) The aggregate book value of all such investments does not exceed seven and one-half percent (7.5%) of the total of its assets.

(2) The director may, upon written application, waive any of the limitations listed in subsection (1) of this section.

(3) A credit union may acquire property through foreclosure, deed in lieu of foreclosure, repossession, or other means in connection with protection or enforcement of the credit union's rights as a secured lender. Property acquired in this manner shall not be subject to the limitations of subsection (1) of this section.

(4) For purposes of this section:

(a) "Abandoned premises" means premises previously used to transact credit union business but no longer used for that purpose. It also means premises originally acquired to transact future credit union business but no longer intended for that purpose.

(b) "Fixed assets" means premises and furniture, fixtures, and equipment.

(c) "Immediate family member" means a spouse, domestic partner, or other family member living in the same household.

(d) "Partially occupy" means occupation and use, on a full-time basis, of at least fifty percent (50%) of each of the premises by the credit union.

(e) "Premises" means any office, branch office, suboffice, service center, parking lot, other facility, or real estate where the credit union transacts or will transact business.

(f) "Senior management employee" means the credit union's chief executive officer, any assistant chief executive officers, and the chief financial officer.

(g) "Unimproved land" or "unimproved real property" means:

(i) Raw land or land without development, significant buildings, structures, or site preparation;

(ii) Land that has never had improvements;

(iii) Land that was improved at one time but has functionally reverted to its unimproved state; or

(iv) Land that has been improved, but the improvements serve no purpose for the credit union's planned use of the property.

(5) Premises not currently used to transact credit union business.

(a) If a credit union acquires premises, including unimproved land or unimproved real property, it must partially occupy each of them within a reasonable period, but no later than six (6) years after the date of acquisition. The director may waive the partial occupation requirements based on economic or business conditions, or other conditions affecting use of the property, subject to a reasonable plan for partial occupancy. To seek a waiver, a credit union must submit a written request to the director and fully explain why it needs the waiver. The director shall provide the credit union a written response, either approving or disapproving the request. The director's decision shall be based on safety and soundness considerations.

(b) A credit union must make diligent efforts to dispose of abandoned premises and property acquired as described in subsection (3) of this section. The credit union must seek fair market value for the premises or property and record its efforts to dispose of the premises or property. The credit union must complete the sale within five (5) years of abandonment of the premises or acquisition of the property. Upon application by the credit union, the director shall approve the continued holding by the credit union for an additional period of five (5) years upon the credit union's showing of its good faith attempt to dispose of the premises or property, or that disposal within the first five (5) year period would be detrimental to the credit union. The director shall provide the credit union a written response, either approving or disapproving the application. If the director fails to respond within forty-five (45) days of receipt, the application is deemed approved. The director's decision shall be based on safety and soundness considerations.

History:

[26-2109, added 2020, ch. 230, sec. 4, p. 672; am. 2022, ch. 78, sec. 5, p. 220.]
Idaho Code § 26-1803 — Idaho Code / Title 26 / Chapter 18 / Section 26-1803
26-1803 DEFINITIONS.
Status: in_force

26-1803. Definitions. Unless the context requires otherwise, the terms below have the meaning assigned:

(1) "Department" means the Idaho department of finance.

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

(3) "Mutual savings bank" means a savings bank owned by the members of the savings bank and operating under this act.

(4) "Savings bank" means a bank converted and operating pursuant to this act whether in stock form or in mutual form.

(5) "Stock savings bank" means a savings bank owned by holders of capital stock and operating under this act.

History:

[26-1803, added 1997, ch. 310, sec. 3, p. 918.]
Idaho Code § 26-2908 — Idaho Code / Title 26 / Chapter 29 / Section 26-2908
26-2908 BOND OR OTHER SECURITY DEVICE.
Status: in_force

26-2908. Bond or other security device. (1) Each application must be accompanied by a surety bond, irrevocable letter of credit or such other similar security device, hereinafter referred to as security device, acceptable to the director in the amount of ten thousand dollars ($10,000). If the applicant proposes to engage in business under the provisions of this chapter at more than one (1) location, through authorized representatives or otherwise, then the amount of the security device will be increased by five thousand dollars ($5,000) per location, up to a maximum of five hundred thousand dollars ($500,000). The security device shall be in a form satisfactory to the director and shall run to the state for the benefit of any claimants against the licensee to secure the faithful performance of the obligations of the licensee with respect to the receipt, handling, transmission, and payment of money in connection with either the sale and issuance of payment instruments and the transmission of money. In the case of a bond, the aggregate liability of the surety in no event shall exceed the principal sum of the bond. Claimants against the licensee or its authorized representatives may themselves bring suit directly on the security device or the director may bring suit on behalf of such claimants, either in one (1) action or in successive actions. Permissible investments required in section 26-2906, Idaho Code, may be pledged as collateral for the surety bond, irrevocable letter of credit, or similar security device required in this section.

(2) In lieu of such security device or of any portion of the principal thereof, as required in this section, the licensee may deposit with the director, or with such banks in this state as the licensee may designate and the director may approve, cash, interest-bearing stocks and bonds, notes, debentures, or other obligations of the United States or any agency or instrumentality thereof, or guaranteed by the United States, or of this state, or of a city, county, town, school district or instrumentality of this state, or guaranteed by this state, to an aggregate amount, based upon principal amount or market value, whichever is lower, of not less than the amount of the security device or portion thereof. The securities or cash, or both, shall be deposited as aforesaid and held to secure the same obligations as would the security device, but the depositor shall be entitled to receive all interest and dividends thereon, shall have the right, with the approval of the director, to substitute other securities for those deposited, and shall be required to do so on written order of the director made for good cause shown.

(3) The security device shall remain in effect until cancellation, which may occur only after thirty (30) days' written notice to the director. Cancellation shall not affect any liability incurred or accrued during said period.

(4) The security device or deposit in lieu thereof shall remain in place for a period of two (2) years from the date the licensee ceases money transmission operations in this state. Notwithstanding the preceding sentence, the director shall permit the security device or deposit in lieu thereof to be reduced or eliminated prior to the expiration of the two (2) year post-cessation period to the extent that the amount of the licensee's payment instruments outstanding in this state are reduced. The director shall also permit a licensee to substitute a letter of credit or such other form of security device acceptable to the director for the security device, or deposit in lieu thereof, in place at the time the licensee ceases money transmission operations in this state.

(5) Two (2) years following the cessation of money transmission operations in this state, a former licensee has the option to transfer any funds held to pay outstanding payment instruments to the state tax commission, who shall administer said funds in accordance with chapter 5, title 14, Idaho Code.

History:

[26-2908, added 1994, ch. 410, sec. 1, p. 1287.]
Idaho Code § 26-1714 — Idaho Code / Title 26 / Chapter 17 / Section 26-1714
26-1714 INTERNATIONAL REPRESENTATIVE OFFICES.
Status: in_force

26-1714. International representative offices. (1) An international banking corporation that does not transact a banking business or any part of a banking business in or through an office in this state, but maintains an office in this state for other purposes is considered to have an international representative office in this state.

(2) An international representative office located in this state shall register with the director annually on forms prescribed by the director. The registration shall be filed before January 31 of each year, shall be accompanied by a registration fee prescribed by rule or order, and shall list the name of the local representative, the street address of the office, and the nature of the business to be transacted in or through the office.

(3) The director may review the operations of an international representative office annually or at any greater frequency as is necessary to assure that the office does not transact a banking business.

(4) An international banking corporation desiring to convert its existing registered international representative office to a licensed international bank branch or licensed international bank agency shall submit to the director the application required in section 26-1708, Idaho Code, and is required to meet the minimum criteria for licensing of an international bank branch or licensed international bank agency under this chapter.

(5) An international representative office may act in a liaison capacity with existing and potential customers of an international banking corporation and in undertaking these activities may, through its employees or agents, without limitation, solicit loans, assemble credit information, make proprietary inspections and appraisals, complete loan applications and other preliminary paperwork in preparation for making a loan, but may not solicit or accept deposits. No international representative office shall conduct any banking business or part of a banking business in this state.

History:

[26-1714, added 1995, ch. 99, sec. 10, p. 314.]
Idaho Code § 26-305 — Idaho Code / Title 26 / Chapter 3 / Section 26-305
26-305 RESPONSIBILITIES OF BANK.
Status: in_force

26-305. Responsibilities of bank. Any bank establishing a loan production office or mobile or temporary facility shall be responsible for all transactions of the loan production office or mobile or temporary facility, and for keeping accounts and books covering all business transactions of the loan production office or mobile or temporary facility.

History:

[26-305, added 1979, ch. 41, sec. 2, p. 77; am. 2015, ch. 204, sec. 10, p. 624.]
Idaho Code § 26-3303 — Idaho Code / Title 26 / Chapter 33 / Section 26-3303
26-3303 STATE TRUST COMPANY PRINCIPAL OFFICE.
Status: in_force

26-3303. State trust company principal office. (1) Each state trust company must have and continuously maintain a principal office in this state.

(2) Each executive officer at the principal office is an agent of the state trust company for service of process.

(3) A state trust company may change its principal office to any location within this state by filing a written notice with the director setting forth the name of the state trust company, the street address of its principal office before the change, the street address to which the principal office is to be changed, and a copy of the resolution adopted by the board authorizing the change.

(4) The change of principal office shall take effect on the thirty-first day after the date the director receives the notice pursuant to subsection (3) of this section, unless the director establishes an earlier or later date or unless prior to such day the director notifies the state trust company that it must establish to the satisfaction of the director that the relocation is consistent with the provisions of this act for the establishment of a state trust company at that location, in which event the change of principal office shall take effect when approved by the director.

History:

[26-3303, added 2000, ch. 288, sec. 9, p. 981.]
Idaho Code § 26-1201 — Idaho Code / Title 26 / Chapter 12 / Section 26-1201
26-1201 UNAUTHORIZED BANKING.
Status: in_force

26-1201. Unauthorized banking. It shall be unlawful for any person to engage in soliciting, receiving or accepting money or its equivalent on deposit as a regular business whether such deposit, however evidenced, is made subject to check or draft or other order unless such activity is specifically authorized by statute. Any person violating any provision of this section shall be guilty of a felony.

History:

[26-1201, added 1979, ch. 41, sec. 2, p. 121.]
Idaho Code § 26-1027 — Idaho Code / Title 26 / Chapter 10 / Section 26-1027
26-1027 PUBLIC FUNDS ON DEPOSIT — JOINDER OF OFFICIAL IN PLAN — BONDS SECURING DEPOSITS UNAFFECTED.
Status: in_force

26-1027. Public funds on deposit — Joinder of official in plan — Bonds securing deposits unaffected. Public officers and governing boards having control of public funds on deposit in any such bank are authorized to join in any plan approved as provided in section 26-1026, Idaho Code, if, in the judgment of such officers or boards, the plan is for the best interest of all persons concerned, but no such agreement shall release any surety on any bond securing public deposits or public funds, or waive any security held for any preference given to such public funds under any law of this state, or relieve any officer, or the sureties of his official bond, of the liability, if any, for such deposit, and the time for the repayment of public funds shall in no event be extended for a longer period than six (6) months from the date of said certificate of the director of the department of finance.

History:

[26-1027, added 1979, ch. 41, sec. 2, p. 114.]
Idaho Code § 26-602 — Idaho Code / Title 26 / Chapter 6 / Section 26-602
26-602 DIMINUTION OF RESERVE.
Status: in_force

26-602. Diminution of reserve. (1) When the reserve of any bank falls below the amount required by section 26-601, Idaho Code, for any reporting period, the bank shall immediately restore its reserve to the amount required by section 26-601, Idaho Code, and in addition:

(a) If a bank is deficient in reserve for two (2) nonconsecutive reporting periods in a calendar year, the bank shall pay to the department of finance at the end of the second reporting period a fine of three hundred dollars ($300).

(b) If a bank is deficient in reserves for three (3) nonconsecutive reporting periods in a calendar year, the bank shall pay to the department of finance at the end of the third reporting period a fine equal to five percent (5%) of the dollar amount by which it was deficient in reserves for the third reporting period or five hundred dollars ($500), whichever is greater.

(c) If a bank is deficient in reserves for more than three (3) nonconsecutive reporting periods or for two (2) or more consecutive reporting periods in a calendar year, the director shall proceed as provided in section 26-1115, Idaho Code. The bank shall not increase its loans or discounts until its reserve is fully restored and the director may by order set a minimum level of cash reserves which the bank must maintain until such time as the director has reason to believe that the bank will comply with the reserve requirements of section 26-601, Idaho Code.

(2) The penalties set out in subsection (1) of this section are not exclusive. The director may in proper cases proceed in his discretion as provided in section 26-1115, Idaho Code, or chapter 10, title 26, Idaho Code.

History:

[26-602, added 1979, ch. 41, sec. 2, p. 86; am. 2008, ch. 140, sec. 6, p. 405.]
Idaho Code § 26-1805 — Idaho Code / Title 26 / Chapter 18 / Section 26-1805
26-1805 PROHIBITIONS.
Status: in_force

26-1805. Prohibitions. Unless chartered under this act or federal law, it shall be unlawful for any person in this state to use in connection with a business name the term "savings bank" or words of similar import that lead the public reasonably to believe that the business so conducted is that of a savings bank.

History:

[26-1805, added 1997, ch. 310, sec. 3, p. 918.]
Idaho Code § 26-604 — Idaho Code / Title 26 / Chapter 6 / Section 26-604
26-604 DIVIDENDS — SURPLUS.
Status: in_force

26-604. Dividends — Surplus. No dividend shall be declared or paid by any bank until a surplus equal to twenty percent (20%) of the paid-in capital stock of such bank has been built up. Thereafter, the board of directors of any bank may declare a dividend of so much of its net profits as it shall deem expedient; but before any such dividend is declared or paid, not less than one-fifth (1/5) of the net profits of the bank for such period as is covered by the dividend shall be carried to the surplus fund until such surplus fund shall amount to fifty percent (50%) of the paid-in common stock. Any loss sustained by any bank in excess of its undivided profits may be charged to its surplus account, provided that its surplus funds shall thereafter be reimbursed from its earnings in the manner above provided. If such surplus fund is reduced below an amount equal to twenty percent (20%) of the common stock, no further dividend shall be declared or paid until such surplus is restored to that amount, and thereafter dividends shall only be declared and paid in the amount and in the manner above provided until such surplus shall be restored to an amount equal to fifty percent (50%) of the common stock.

The directors knowingly voting for any dividend in violation of any of the provisions of this section shall be jointly and severally liable, civilly, for any and all dividends so declared, and in addition thereto, shall be guilty of a misdemeanor.

History:

[26-604, added 1979, ch. 41, sec. 2, p. 87.]
Idaho Code § 26-3508 — Idaho Code / Title 26 / Chapter 35 / Section 26-3508
26-3508 TRUST FUNDS.
Status: in_force

26-3508. Trust funds. (1) All moneys received by a state trust company as a fiduciary on trust business within this state shall be deposited in a bank, in a specially designated account or accounts, shall not be commingled with any funds of the state trust company and shall remain on deposit until disbursed or invested in accordance with the powers and duties of the state trust company in its capacity as fiduciary.

(2) A bank which is chartered by the director to operate a trust department shall establish and maintain a trust department in which separate books and records for each trust or estate shall be maintained. All property held by the bank as a fiduciary shall be segregated from and unmingled with other property of the bank; provided, cash held by the bank as a fiduciary may be deposited to the credit of the bank as such fiduciary in time or demand deposit accounts with itself, or may be deposited in time or demand deposit accounts with any other bank in this state so long as said bank or banks are insured by the federal deposit insurance corporation. Property held by a bank as a fiduciary may be held in the name of nominees of the bank whether the bank is the sole fiduciary or acting with others, but the bank shall be responsible for the acts of any such nominee.

History:

[26-3508, added 2000, ch. 288, sec. 11, p. 987.]
Idaho Code § 26-31-319 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-319
26-31-319 NONFEDERALLY INSURED CREDIT UNIONS.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-319. NONFEDERALLY INSURED CREDIT UNIONS. Nonfederally insured credit unions which employ loan originators, as defined in P.L. 110-289, shall register such loan originators with the NMLSR by furnishing the information concerning the loan originators' identities set forth in section 1507(a)(2), P.L. 110-289.

History:

[26-31-319, added 2009, ch. 97, sec. 2, p. 308.]
Idaho Code § 26-31-204 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-204
26-31-204 POWERS AND DUTIES OF DIRECTOR.
Status: in_force

PART 2.

PROVISIONS APPLICABLE TO MORTGAGE BROKERS AND MORTGAGE LENDERS

26-31-204. powers and duties of director. In addition to any other duties imposed upon the director by law, the director shall:

(1) Administer and enforce the provisions and requirements of this part;

(2) Conduct investigations and issue subpoenas as necessary to determine whether a person has violated any provision of this part or rules promulgated pursuant to this chapter and pertinent to this part;

(3) Conduct examinations of the books and records of mortgage broker and mortgage lender licensees and conduct investigations as necessary and proper for the enforcement of the provisions of this part and the rules promulgated pursuant to this chapter and pertinent to this part;

(4) Appoint a volunteer advisory board of up to five (5) individual mortgage industry participants who are licensed or registered through the NMLSR, no less than two (2) of whom represent licensed mortgage brokers and no less than two (2) of whom represent licensed mortgage lenders;

(5) Pursuant to chapter 52, title 67, Idaho Code, issue orders and promulgate rules that, in the opinion of the director, are necessary to execute, enforce and effectuate the purposes of this part;

(6) Be authorized to set, by annual written notification to mortgage broker and mortgage lender licensees, limits on the fees and charges which are set forth in subsections (1) and (2) of section 26-31-210, Idaho Code; and

(7) Review and approve forms used by mortgage broker and mortgage lender licensees prior to their use as prescribed by the director.

History:

[26-31-204, added 2009, ch. 97, sec. 2, p. 290; am. 2013, ch. 64, sec. 5, p. 145.]
Idaho Code § 26-3602 — Idaho Code / Title 26 / Chapter 36 / Section 26-3602
26-3602 EXAMINATIONS — PERIODIC REPORTS — COOPERATIVE AGREEMENTS — ASSESSMENT OF FEES.
Status: in_force

26-3602. Examinations — Periodic reports — Cooperative agreements — Assessment of fees. (1) The director may make such examinations, with or without notice, of any office or branch established or maintained in this state pursuant to this act as the director may deem necessary to determine whether the office is being operated in compliance with the laws of this state and in accordance with safe and sound banking practices. The director may compel the attendance of any person or the production of any books, accounts and records for the purpose of such examination.

(2) The director may require periodic reports regarding any trust institution that has established or maintained an office in this state pursuant to this act. The required reports shall be provided by such trust institution or, if an out-of-state trust institution, may be provided by the home state regulator.

(3) The director may enter into cooperative, coordinating and information-sharing agreements with any other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies with respect to the periodic examination or other supervision of any office in this state of an out-of-state trust institution, or any office of a state trust institution in any host state, and the director may accept the agency's or organization's report of examination and report of investigation in lieu of conducting an examination or investigation.

(4) The director may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over any office established and maintained in this state by an out-of-state trust institution or any office established and maintained by a state trust institution in any host state; provided, that the director may at any time take such actions independently if the director deems such actions to be necessary or appropriate under this act or to ensure compliance with the laws of this state; but provided further that, in the case of an out-of-state trust institution, the director shall recognize the exclusive authority of the home state regulator over corporate governance matters and the primary responsibility of the home state regulator with respect to safety and soundness matters.

(5) Each trust institution that maintains one (1) or more offices in this state may be assessed and, if assessed, shall pay reasonable supervisory and examination fees as set by the director. Such fees may be shared with other bank supervisory agencies or any organization affiliated with or representing one (1) or more bank supervisory agencies in accordance with agreements between such parties and the director.

History:

[26-3602, added 2000, ch. 288, sec. 12, p. 988.]
Idaho Code § 26-207 — Idaho Code / Title 26 / Chapter 2 / Section 26-207
26-207 BYLAWS.
Status: in_force

26-207. Bylaws. Every banking corporation formed under the bank act must, within thirty (30) days after the issuance of its certificate of incorporation, adopt a code of bylaws as provided in the Idaho Business Corporations Act. A copy of all bylaws and of any subsequent amendments thereto and a copy of the bylaws as amended must be mailed by certified mail return receipt requested to the department within twenty (20) days after the adoption thereof, and no such bylaw or amendment shall be effective until so mailed.

History:

[26-207, added 1979, ch. 41, sec. 2, p. 71.]
Idaho Code § 26-2902 — Idaho Code / Title 26 / Chapter 29 / Section 26-2902
26-2902 DEFINITIONS.
Status: in_force

26-2902. Definitions. Unless otherwise indicated, the following definitions shall apply to the terms set forth below wherever such terms are used in this chapter:

(1) "Applicant" means a person filing an application for a license under the provisions of this chapter.

(2) "Authorized representative" means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee.

(3) "Control" means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person.

(4) "Controlling person" means any person in control of a licensee. On application the director shall determine whether a particular person qualifies as a controlling person. The director may waive any or all requirements of this chapter pertaining to a controlling person for good cause shown.

(5) "Department" means the Idaho department of finance.

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

(7) "Executive officer" means the licensee's president, chief executive officer, treasurer, chief financial officer and any other person who performs similar functions.

(8) "Key shareholder" means any person, or group of persons acting in concert, who is the owner of twenty-five percent (25%) or more of any class of an applicant's stock.

(9) "Licensee" means a person licensed under the provisions of this chapter.

(10) "Material litigation" means any litigation that, according to generally accepted accounting principles, is deemed significant to the financial health of a business and would be required to be referenced in the business's annual audited financial statements, report to shareholders or similar documents.

(11) "Money transmission" means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer.

(12) "Outstanding payment instrument" means any payment instrument issued by the licensee which has been sold in the United States directly by the licensee or by an authorized representative of the licensee, which has been reported to the licensee as having been sold and which has not yet been paid by or for the licensee.

(13) "Payment instrument" means any check, draft, money order, traveler's check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not such instrument is negotiable. The term "payment instrument" does not include any credit card voucher, any letter of credit or any instrument which is redeemable by the issuer in goods or services.

(14) "Permissible investments" means:

(a) Cash;

(b) Certificate of deposit or other debt obligations of a financial institution, either domestic or foreign;

(c) Bills of exchange or time drafts drawn on and accepted by a commercial bank, otherwise known as bankers' acceptances, which are eligible for purchase by member banks of the federal reserve system;

(d) Any investment bearing a rating of one (1) of the three (3) highest grades as defined by a nationally recognized organization that rates such securities;

(e) Investment securities that are obligations of the United States, its agencies or instrumentalities, or obligations that are guaranteed fully as to principal and interest of the United States, or any obligations of any state, municipality or any political subdivision thereof;

(f) Shares in a money market mutual fund, interest-bearing bills or notes or bonds, debentures or stock traded on any national securities exchange or on a national over-the-counter market, or mutual funds primarily composed of such securities;

(g) Any demand borrowing agreement or agreements made to a corporation or a subsidiary of a corporation whose capital stock is listed on a national exchange; or

(h) Receivables which are due to a licensee from its authorized representatives pursuant to a contract described in section 26-2918, Idaho Code, which are not past due or doubtful of collection; or any other investments approved by the director.

(15) "Person" means any individual, partnership, association, joint stock association, limited liability company, trust or corporation.

(16) "State" means the state of Idaho.

History:

[26-2902, added 1994, ch. 410, sec. 1, p. 1282.]
Idaho Code § 26-2113 — Idaho Code / Title 26 / Chapter 21 / Section 26-2113
26-2113 MEMBER VOTING.
Status: in_force

26-2113. MEMBER VOTING. (1) No member may have more than one (1) vote. A natural person may not hold more than one (1) membership in a credit union on behalf of himself or herself. An organization having membership in a credit union may cast one (1) vote through a natural person agent authorized in accordance with any requirements of the credit union.

(2) Members may vote, as prescribed in the credit union's bylaws, by mail ballot, absentee ballot, or other methods, which may include electronic methods. However, no member may vote by proxy.

(3) A member who is not at least eighteen (18) years of age is not eligible to vote as a member unless otherwise provided in the credit union's bylaws.

History:

[26-2113, added 2018, ch. 165, sec. 2, p. 329.]
Idaho Code § 26-214 — Idaho Code / Title 26 / Chapter 2 / Section 26-214
26-214 POWER OF BANKS TO GRANT OPTIONS TO PURCHASE OR SELL SHARES OF ITS STOCK TO ITS EMPLOYEES.
Status: in_force

26-214. Power of banks to grant options to purchase or sell shares of its stock to its employees. (1) Any bank may grant options to purchase, sell or enter into agreements to sell, shares of its stock to its employees whether or not such transactions qualify for special tax treatment under the Internal Revenue Code of 1954 as defined in section 63-3004, Idaho Code, and regulations promulgated thereunder, provided that the following conditions are met:

(a) Application for approval shall be made to the director of the department of finance in the form of a letter accompanied by the following information:

1. Description of all material provisions of the plan.

2. Proposed notice of stockholders' meeting, proxy and proxy statement.

3. The number of shares of authorized but unissued stock to be allocated to the plan.

4. Proposed amendments, if any, to articles of incorporation creating authorized but unissued stock and eliminating preemptive rights as to the shares reserved under the plan.

(b) The plan is administered by a committee, none of whose members may participate in the plan;

(c) The number of shares allocable to any person under the plan is reasonable in relation to the purpose of the plan and the needs of the bank; and

(d) In the case of a stock option plan, the number of shares subject to the plan is not unreasonable in relation to the bank's capital structure and anticipated growth.

(2) (a) Employees' stock option and stock purchase plans or agreements may provide that options may be exercisable or that shares may be purchased on any business day. Stock certificates representing the shares purchased pursuant to the exercise of options may be validly issued to such purchasers on receipt of the purchase price.

(b) The increase in capital represented by stock certificates issued pursuant to this section will not be applicable for the purposes of permitted investment in banking premises, permitted indebtedness, lending limits, branches, banking facilities and other like purposes until it has been duly paid in as part of the capital of such bank.

History:

[26-214, added 1979, ch. 41, sec. 2, p. 74.]
Idaho Code § 26-31-109 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-109
26-31-109 MORTGAGE RECOVERY FUND.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-109. MORTGAGE RECOVERY FUND. (1) There is hereby created in the state treasury the mortgage recovery fund.

(2) As provided in section 26-31-112, Idaho Code, the mortgage recovery fund shall be used to reimburse persons to whom an Idaho court awards actual damages resulting from acts constituting violations of this chapter by a mortgage broker, mortgage lender or mortgage loan originator who was licensed, or required to be licensed, under this chapter at the time that the act was committed.

(3) A recovery from the mortgage recovery fund shall not include punitive damages awarded by a court.

(4) Payments from the mortgage recovery fund may not be made to:

(a) Any lender whose acts, or the acts of its agent, were found by a court to be violations of this chapter and a basis of the court's award of a money judgment to a person injured by such violations;

(b) Any person who acquires a mortgage loan where acts associated with the origination of such loan are found by a court to be violations of this chapter and a basis for a judgment obtained by a person injured by such violations; or

(c) The spouse, the personal representative of the spouse of the judgment debtor or the personal representative of the judgment debtor.

History:

[26-31-109, added 2009, ch. 97, sec. 2, p. 285.]
Idaho Code § 26-2729 — Idaho Code / Title 26 / Chapter 27 / Section 26-2729
26-2729 VIOLATION OF CHAPTER — CIVIL PENALTIES.
Status: in_force

26-2729. Violation of chapter — Civil penalties. (1) If, after notice and the opportunity for a hearing, the director finds that a person has violated the provisions of this chapter, he may order that person to pay to the director a civil penalty in the amount the director specifies. However, the amount of the civil penalty shall not exceed one thousand dollars ($1,000) for each violation, or in the case of a continuing violation, one thousand dollars ($1,000) for each day during which the violation continues. Money collected for a civil penalty under this section shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

(2) The provisions of this section do not apply to any act committed or omitted in good faith in conformity with an order, rule, declaratory ruling, or written interpretative opinion of the director, notwithstanding that the order, rule, declaratory ruling, or written interpretative opinion is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.

(3) The provisions of subsection (1) of this section are additional to, and not alternative to, other provisions of this chapter which authorize the director to issue orders or to take other action on account of a violation of the provisions of this chapter.

History:

[26-2729, added 1989, ch. 252, sec. 1, p. 623; am. 2002, ch. 145, sec. 13, p. 418.]
Idaho Code § 26-701 — Idaho Code / Title 26 / Chapter 7 / Section 26-701
26-701 INVESTMENT OF FUNDS — CERTAIN LOANS PROHIBITED.
Status: in_force

26-701. Investment of funds — Certain loans prohibited. No bank shall employ its moneys, directly or indirectly, in trade or commerce, by buying and selling goods, chattels, wares and merchandise, except to the extent national banks are so authorized if approved by the director. A bank may hold and sell all kinds of property which may come into its possession as collateral security for loans, or any ordinary collection of debts, as prescribed by law. Any goods, chattels, wares or merchandise coming into the possession of any bank as collateral security or as a result of collection of debts shall be disposed of as soon as possible and shall not be considered as a part of the bank's assets after the expiration of two (2) years from the date of acquirement. The words "goods and chattels" as used in this section shall not be construed to include bonds and securities.

History:

[26-701, added 1979, ch. 41, sec. 2, p. 87; am. 1993, ch. 53, sec. 3, p. 141.]
Idaho Code § 26-1107 — Idaho Code / Title 26 / Chapter 11 / Section 26-1107
26-1107 REPORTS — DUTIES OF DEPARTMENT OF FINANCE.
Status: in_force

26-1107. Reports — Duties of department of finance. The department of finance shall receive and place on file in the office of the department the reports to be made by the banks under this act and shall prepare and furnish, on demand, to all the banks required to report blank forms for such statements or reports.

History:

[26-1107, added 1979, ch. 41, sec. 2, p. 116.]
Idaho Code § 26-3704 — Idaho Code / Title 26 / Chapter 37 / Section 26-3704
26-3704 REGISTRATION — ANNUAL FEE.
Status: in_force

26-3704. Registration — Annual fee. Each provider who provides continuing care services in this state shall register with the director on forms provided by the department and shall pay an annual registration fee. Such registration fee shall be fixed by the director but shall not exceed five hundred dollars ($500) per facility. No provider shall be allowed to operate a facility until so registered and until the provider has filed with the director a disclosure statement as set forth in section 26-3705, Idaho Code. All fees received by the director shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.

History:

[26-3704, added 2005, ch. 265, sec. 15, p. 817.]
Idaho Code § 26-203 — Idaho Code / Title 26 / Chapter 2 / Section 26-203
26-203 ARTICLES OF INCORPORATION — FORM.
Status: in_force

26-203. Articles of incorporation — Form. Proposed articles of incorporation of a banking corporation shall be in a form acceptable to the director, and must be submitted to the director for approval as to form and content before the same are filed for record in the offices of the secretary of state; provided that no bank shall be required to have the word "corporation" in its corporate name. The articles may 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:

[26-203, added 1979, ch. 41, sec. 2, p. 69; am. 1990, ch. 242, sec. 1, p. 694; am. 1998, ch. 337, sec. 1, p. 1083; am. 2008, ch. 140, sec. 4, p. 404.]
Idaho Code § 26-2124 — Idaho Code / Title 26 / Chapter 21 / Section 26-2124
26-2124 JOINT ACCOUNTS.
Status: in_force

26-2124. Joint accounts. A member may designate any person or persons to hold shares, deposits, and thrift club accounts with him in joint tenancy with the right of survivorship; but no joint tenant, unless a member in his own right, shall be permitted to vote, obtain loans, or hold office. Payment of part or all of such accounts to any of the joint tenants shall, to the extent of such payment, discharge the liability to all.

No credit union organized under the laws of this state shall be required to recognize the claim of any third party of any of the above such accounts or withhold payment of any such accounts to the depositor or to his order, unless and until the credit union is served with citation or other appropriate process issuing out of a court of competent jurisdiction in connection with a suit instituted by such third party for the purpose of recovering or establishing an interest in such above accounts.

Such above accounts issued by any credit union organized under the laws of this state in the name of two (2) or more persons or to two (2) or more persons or the survivor of either, may be withdrawn on the signature of either party of whom such accounts were issued, or in whose name such accounts were made, and no recovery shall be had against such credit union for amounts so paid. When such accounts are issued in the name of two (2) or more persons or in the name of their survivor, the survivor of either party shall have power to act in all matters relating to such accounts whether the other person or persons named in such accounts be living or dead. The repurchase or withdrawal value of such accounts issued in joint names and dividends thereon, or other rights relating thereto, may be paid or delivered, in whole or in part, to any such person who shall make requests therefor, whether the other person or persons be living or dead. The payment or delivery to any such person, on a receipt or acquittance signed by any such person, to whom any such payment or any such delivery of rights be made, shall be valid and sufficient release and discharge of any such credit union for the payment or delivery so made.

History:

[26-2124, added 1977, ch. 213, sec. 2, p. 596.]
Idaho Code § 26-31-105 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-105
26-31-105 RELATIONSHIP TO OTHER LAWS.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-105. RELATIONSHIP TO OTHER LAWS. (1) All political subdivisions of this state shall be prohibited from enacting and enforcing ordinances, resolutions, regulations and rules pertaining to the financial or lending activities of persons who:

(a) Are subject to the jurisdiction of the department, including those whose activities are subject to this chapter;

(b) Are subject to the jurisdiction or regulatory supervision of the board of governors of the federal reserve system, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission or the United States department of housing and urban development; or

(c) Originate, purchase, sell, assign, securitize or service property interests or obligations created by financial transactions or loans made, executed or originated by persons referred to in paragraph (a) or (b) of this subsection or who assist or facilitate such transactions.

(2) The requirements of this section shall apply to all ordinances, resolutions and rules pertaining to financial or lending activities, including any ordinances, resolutions or rules disqualifying persons from doing business with a political subdivision based upon financial or lending activities or imposing reporting requirements or any other obligations upon persons regarding financial or lending activities.

(3) In the event that the United States department of housing and urban development, pursuant to the authority granted to it under section 1508, P.L. 110-289, determines that a provision of this chapter does not meet the requirements of section 1508, P.L. 110-289, the director may, in his discretion, for the sole purpose of complying with the determination, refrain from enforcing the provision found by the department of housing and urban development to not meet the requirements of section 1508, P.L. 110-289, until the adjournment of the session of the legislature next following the determination by the department of housing and urban development.

History:

[26-31-105, added 2009, ch. 97, sec. 2, p. 285; am. 2015, ch. 244, sec. 11, p. 1013.]
Idaho Code § 26-1115 — Idaho Code / Title 26 / Chapter 11 / Section 26-1115
26-1115 CEASE AND DESIST ORDERS — PENALTIES.
Status: in_force

26-1115. cease and desist orders — penalties. (1) If the director of the department of finance finds that any bank, bank holding company or trust institution has engaged or is about to engage in an unsafe or unsound practice in conducting the business of such bank, bank holding company or trust institution, or any person has violated or is about to violate any provision of this act, any rule or order issued under the act, any condition imposed in writing by the director, or any written agreement entered into with the director, the director may order the bank, bank holding company, trust institution or other person to cease and desist from any such violation or practice. The order shall be issued pursuant to chapter 52, title 67, Idaho Code.

(2) After providing a notice and an opportunity for a public hearing pursuant to chapter 52, title 67, Idaho Code, the director of the department of finance may assess against and collect a civil money penalty from any bank, bank holding company or trust institution that, or from any executive officer, director, employee, agent or other person participating in the conduct of the affairs of such bank, bank holding company or trust institution who:

(a) Engages or participates in any unsafe or unsound practice in connection with a bank, bank holding company or trust institution; or

(b) Violates or knowingly permits any person to violate any of the provisions of:

(i) The Idaho bank act;

(ii) Any rule promulgated pursuant to the Idaho bank act; or

(iii) Any lawful order of the director of the department of finance issued pursuant to the Idaho bank act.

(3) The civil money penalty shall not exceed one thousand dollars ($1,000) per day for each day such violation continues. No civil money penalty shall be assessed for the same act or practice if another government agency has taken similar action against the bank, bank holding company or trust institution, or person to be assessed such civil money penalty. In determining the amount of the civil money penalty to be assessed, the director of the department of finance shall consider:

(a) The good faith of the bank, bank holding company, trust institution or person to be assessed with such civil money penalty;

(b) The gravity of the violation;

(c) Any previous violations by the bank, bank holding company, trust institution or person to be assessed with such civil money penalty;

(d) The nature and extent of any past violations; and

(e) Such other matters as the director of the department of finance may deem appropriate.

(4) Upon waiver by the respondent of the right to a public hearing concerning an assessment of a civil money penalty, the hearing or portions thereof may be closed to the public when concerns arise about prompt withdrawal of moneys from or the safety and soundness of the bank, bank holding company or trust institution.

(5) For the purposes of this section, a violation shall include, but is not limited to, any action by any person alone or with another person that causes, brings about, or results in the participation in, counseling of or aiding or abetting of a violation.

(6) The director of the department of finance may modify or set aside any order assessing a civil money penalty.

(7) Failure by a trust institution to comply with an order issued under this section within a reasonable time as the director prescribes is grounds for suspension or revocation of its charter or license issued under this act.

History:

[26-1115, added 2015, ch. 204, sec. 17, p. 628.]
Idaho Code § 26-31-310 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-310
26-31-310 CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-310. CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. (1) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight (8) hours of education each year, which shall include:

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

(b) Two (2) hours minimum of instruction on ethics, including instruction on 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) One (1) hour minimum of instruction directly related to this chapter and rules promulgated pursuant to this chapter.

(2) All continuing education courses and course providers shall be reviewed and approved by the NMLSR based upon reasonable standards.

(3) Nothing in this section shall preclude any approved education course that is provided by the mortgage loan originator's employer or an entity which is affiliated with the mortgage loan originator by an agency contract or any subsidiary or affiliate of such employer or entity.

(4) Continuing education courses may be completed either in a classroom, online or by any other means approved by the NMLSR.

(5) A licensed mortgage loan originator may only receive credit for a continuing education course in the year in which the course is taken, except as provided in section 26-31-309(3), Idaho Code, and subsection (9) of this section, and may not take the same approved course in the same or successive years in order to meet the annual continuing education requirements.

(6) A licensed mortgage loan originator who is an approved instructor may receive credit toward his required annual continuing education hours at the rate of two (2) hours of credit for every one (1) hour of instruction of an approved continuing education course.

(7) An individual having successfully completed the continuing education requirements described in subsection (1)(a) through (c) of this section for any state shall be awarded credit toward completion of continuing education requirements in Idaho.

(8) A licensed mortgage loan originator who subsequently becomes unlicensed shall complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.

(9) An individual meeting the requirements of section 26-31-309(1)(a) and (c), Idaho Code, may make up any deficiency in continuing education requirements as established by rule of the director.

History:

[26-31-310, added 2009, ch. 97, sec. 2, p. 302; am. 2013, ch. 64, sec. 19, p. 159.]
Idaho Code § 26-1025 — Idaho Code / Title 26 / Chapter 10 / Section 26-1025
26-1025 BORROWING MONEY TO FACILITATE LIQUIDATION OR REOPENING OF BANK.
Status: in_force

26-1025. Borrowing money to facilitate liquidation or reopening of bank. The director of the department of finance, when he deems it to be for the best interest of the depositors of any closed bank, shall be and hereby is authorized and empowered in his official capacity, without personal liability, and under orders of the court, to borrow from any federal agency, or any corporation or person, for the purpose of facilitating the liquidation of such bank and making distribution to depositors, and/or for the purpose of reorganizing or reopening such bank, and as security for the payment of any money so borrowed, the director may pledge or otherwise hypothecate or mortgage all or any part of the assets of such bank and enter into all such contracts or agreements in connection therewith as he may deem prudent and advisable.

History:

[26-1025, added 1979, ch. 41, sec. 2, p. 113.]
Idaho Code § 26-2714 — Idaho Code / Title 26 / Chapter 27 / Section 26-2714
26-2714 CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS.
Status: in_force

26-2714. Corporate name — Directors — Dividends — Restriction on use of public moneys. (1) The corporate name of each licensee may include the phrase "Business and Industrial Development Corporation" or may include the word "BIDCO." A licensee shall not transact business under a name other than its corporate name.

(2) The board of directors of each licensee shall consist of not less than seven (7) directors. The board of directors of each licensee shall hold a meeting not less than once each calendar quarter.

(3) Within thirty (30) days after the death, resignation, or removal of a director or officer; the election of a director; or the appointment of an officer, the licensee shall notify the director in writing of the event and shall provide any additional information which the director may require.

(4) A licensee shall not pay, or obligate itself to pay, a cash dividend or dividend in kind to its shareholders, unless that payment is consistent with a dividend policy which has been adopted by the licensee and approved by the director. In reviewing dividend policies under this section, the director shall be flexible in recognizing the special characteristics of BIDCOs and the diverse range of potentially appropriate dividend policies for BIDCOs, while at the same time protecting against unsafe or unsound acts which could threaten the viability of the licensee as an ongoing BIDCO. The director may at any time withdraw any previous approval of a dividend policy if the director determines that the withdrawal is necessary to prevent unsafe or unsound acts.

(5) Without the prior approval of the director, a licensee shall not buy back, or obligate itself to buy back a share of stock from a shareholder.

(6) Any public moneys received by a licensee shall be applied by the licensee solely to providing financing assistance or management assistance to business firms with a home office in Idaho.

History:

[26-2714, added 1989, ch. 252, sec. 1, p. 611; am. 2002, ch. 145, sec. 5, p. 409.]
Idaho Code § 26-3003 — Idaho Code / Title 26 / Chapter 30 / Section 26-3003
26-3003 DEBIT CARD AUTHORITY AND BOND.
Status: in_force

26-3003. Debit card authority and bond. (1) Any college or university located in Idaho may make available to its student body and to members of its faculty and staff a university debit card program. A debit card transaction may be used only to purchase goods or services from the college or university or through its approved vendor located on the principal campus of the college or university, which goods or services traditionally are provided by a college or university to its students, faculty or staff.

(2) A surety bond in a form approved by the governing authority of the college or university in the amount of ten thousand dollars ($10,000) shall be maintained for each employee of the college or university with access to the funds maintained in the university debit card program.

History:

[26-3003, added 1995, ch. 133, sec. 1, p. 580.]
Idaho Code § 26-2230 — Idaho Code / Title 26 / Chapter 22 / Section 26-2230
26-2230 BRANCH OFFICES.
Status: in_force

26-2230. Branch offices. A licensee must register, in a manner prescribed by the director, each additional place of business from which activities authorized under this act are directly or indirectly conducted in this state. Registered locations shall be considered branches of the licensee. The licensee shall inform the director of the opening of a branch location at least thirty (30) days prior thereto, and no later than thirty (30) days after the closing of any branch location.

History:

[26-2230, added 1995, ch. 211, sec. 8, p. 720; am. 1997, ch. 370, sec. 5, p. 1180; am. 2008, ch. 347, sec. 11, p. 947.]
Idaho Code § 26-2413 — Idaho Code / Title 26 / Chapter 24 / Section 26-2413
26-2413 MEETINGS.
Status: in_force

26-2413. Meetings. The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) days before the day appointed for the meeting. Said first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There shall be recorded in the minutes of the meeting a copy of said notice or of such unanimous agreement of the incorporators.

At such first meeting, the incorporators shall organize by the choice, by ballot, of a temporary clerk; by the adoption of bylaws; by the election by ballot of directors; and by action upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Ten (10) of the incorporators shall be a quorum for the transaction of business.

History:

[(26-2413) 1963, ch. 273, sec. 13, p. 695; I.C., sec. 30-1513 (1963 Supp.).]
Idaho Code § 26-1001 — Idaho Code / Title 26 / Chapter 10 / Section 26-1001
26-1001 GROUNDS FOR CLOSING BANK.
Status: in_force

26-1001. Grounds for closing bank. Whenever it shall appear to the department of finance that:

(1) Any bank has violated its charter or any law of this state; or

(2) Has violated any general rule or regulation of the director, made in accordance with law, or any special lawful order, direction or requirement of the director, directed to any particular bank; or

(3) That the capital of any bank is impaired or for any reason is below the amount required by law and has not been made good after fifteen (15) days' notice, as provided by law, or without such notice, in the event a majority of the board of directors of such bank notify the director in writing that the same cannot be made good within fifteen (15) days; or

(4) That such bank cannot meet or has failed to meet any of its liabilities as they become due in the regular course of business; or

(5) That its reserve has fallen below the amount required by law and it has failed to make good such reserve within fifteen (15) days after being requested to do so by the director, or, without such notice, if a majority of the directors, in writing, notify the director that such reserve cannot be made good within fifteen (15) days, or if it is continually allowing its reserve to fall below the required amount; or

(6) That it is conducting business in an unsafe and unauthorized manner, or is in an unsafe or unsound condition; or

(7) It has refused to submit its papers, books and records to the inspection of the director or his authorized agent or representative; or

(8) That any director or officer of such bank has refused to be examined on oath touching the affairs or business of any bank insofar as such relate to the solvency of the bank or matters having to do with the supervision of the director.

The director himself, or his duly authorized agent upon express authority from the director, may in his discretion, close said bank and take possession of all the books, records, assets and business of every description of such bank, and hold the same and retain possession thereof until such bank shall be authorized by him to resume business,or its operations or liquidation be turned over to the Federal Deposit Insurance Corporation as provided in this chapter, or its affairs be liquidated as herein provided, and he shall do so in cases where a bank comes into his hands voluntarily.

The powers and authority conferred on the director by this section, except in cases of voluntary surrender, shall be considered as discretionary and not as mandatory, and so long as the director acts in good faith in the matter, neither he nor his deputies shall be held liable civilly or criminally or upon their official bonds in any action taken thereunder or for any failure to act thereunder.

History:

[26-1001, added 1979, ch. 41, sec. 2, p. 102.]
Idaho Code § 26-2247 — Idaho Code / Title 26 / Chapter 22 / Section 26-2247
26-2247 INSTITUTION OF CRIMINAL PROCEEDINGS.
Status: in_force

26-2247. Institution of criminal proceedings. The director may refer such evidence as may be available concerning violations of this act or of any rule or order hereunder to the attorney general or the proper prosecuting attorney, either of whom may in his discretion, with or without such a reference, institute appropriate criminal proceedings under this act.

History:

[26-2247, added 1970, ch. 53, sec. 26, p. 118.]
Idaho Code § 26-3607 — Idaho Code / Title 26 / Chapter 36 / Section 26-3607
26-3607 IMPAIRMENT OF CAPITAL — UNSAFE CONDITION — RECEIVERSHIP.
Status: in_force

26-3607. Impairment of capital — Unsafe condition — Receivership. If it appears to the director that the capital of a state trust company is either reduced or impaired below one million five hundred thousand dollars ($1,500,000) or the affairs of the company are in an unsound condition, the director shall order the state trust company to make good any deficit or to remedy the unsafe condition of its affairs within sixty (60) days of the date of such order and may restrict and regulate the operation of the state trust company until the capital is so restored. If the deficiency in capital has not been made good and the unsafe condition remedied within sixty (60) days, the director may apply to the district court, in the county in which the principal office of the state trust company is located, to be appointed receiver for the liquidation or rehabilitation of the state trust company. The expense of such receivership shall be paid out of the assets of the state trust company.

History:

[26-3607, added 2000, ch. 288, sec. 12, p. 990.]
Idaho Code § 26-2411 — Idaho Code / Title 26 / Chapter 24 / Section 26-2411
26-2411 DEPOSITS IN BANKS.
Status: in_force

26-2411. Deposits in banks. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.

History:

[(26-2411) 1963, ch. 273, sec. 11, p. 695; I.C., sec. 30-1511 (1963 Supp.).]
Idaho Code § 26-2601 — Idaho Code / Title 26 / Chapter 26 / Section 26-2601
26-2601 SHORT TITLE.
Status: in_force

26-2601. Short title. This chapter shall be known as the "Idaho Interstate Banking Act."

History:

[26-2601, added 1985, ch. 185, sec. 1, p. 474; am. 1995, ch. 99, sec. 12, p. 316.]
Idaho Code § 26-1020 — Idaho Code / Title 26 / Chapter 10 / Section 26-1020
26-1020 PARTIAL PAYMENT OF CLAIMS — CALCULATION OF DIVIDENDS — ASSIGNMENT OF CLAIMS — CHECKS AGAINST CLOSED BANK.
Status: in_force

26-1020. Partial payment of claims — Calculation of dividends — Assignment of claims — Checks against closed bank. The director need not await the expiration of the time allowed for filing claims, as fixed in the notice to the creditors, for the payment of dividends, but he may, in his discretion, and if under the circumstances of the particular case he deems it expedient and safe, at any time after taking possession of said bank and prior to the expiration of such period fixed for filing of claims, if he has on hand in cash sufficient funds over and above the expenses of liquidation, make pro rata distribution to any class of creditors next entitled thereto, in the order of priority heretofore fixed, making such payment to said creditors as they appear on the books and records of the bank and determining the priority and basing his apportionment on the amount shown to be due by such books and records. At any time after the expiration of the date fixed for the presentation of claims against said bank and from time to time thereafter, when, in his discretion there are sufficient funds available therefor, the director shall, after making proper provision for the payment of expenses of liquidation, declare and pay dividends to all creditors of such bank pro rata in the order of their priority. If, after the time fixed for presentation of claims against the bank has expired, it appears that any person, prior to the expiration of said period, or at any other time, has been paid more than the pro rata amount due him as compared with the amounts then paid other creditors, nothing more shall be paid said creditor until such time as the payment made other creditors shall place them on equal footing. In calculating dividends, all disputed claims and deposits shall be taken into account and the amount of dividends upon such disputed claims or deposits shall be held by the director until the justice and validity of such claims or deposits shall have been finally determined. Claims against any bank in process of liquidation may be assigned as a whole, but partial assignments of such claims shall not be valid against the director of the department of finance or his agents in charge of such bank, nor recognized by them. Assignments of claims shall be binding upon the director only after the same have been filed and allowed by the director but not before, and only then subject to the payment of the assignor's liabilities to the bank. Such assignment shall be made by filing written notice, signed by the original claimant, with the director or person in charge of said bank. No assigned claim may be offset against obligations due the bank. A check or draft drawn against any bank closed or taken possession of by the director, whether issued before or after closing thereof, shall not be recognized as a claim against said bank, or as an assignment of any amount, whether protested or not protested.

History:

[26-1020, added 1979, ch. 41, sec. 2, p. 110.]
Idaho Code § 26-1710 — Idaho Code / Title 26 / Chapter 17 / Section 26-1710
26-1710 SECURITIES, BONDS AND OTHER COMMERCIAL PAPER TO BE HELD IN THIS STATE.
Status: in_force

26-1710. Securities, bonds and other commercial paper to be held in this state. (1) An international banking corporation licensed under this chapter shall hold, at its office in this state, currency, bonds, notes, debentures, drafts, bills of exchange, or other evidence of indebtedness or other obligations payable in the United States or in United States funds or, with the prior approval of the director, in funds freely convertible into United States funds in an amount that is not less than one hundred eight percent (108%) of the aggregate amount of liabilities of the international banking corporation payable at or through its office in this state or as a result of the operations of the international bank branch or international bank agency, including acceptances, but excluding:

(a) Accrued expenses; and

(b) Amounts due and other liabilities to other offices, agencies, or branches of and wholly owned, except for a nominal number of directors' shares, and subsidiaries of the international banking corporation.

(2) For the purpose of this chapter, the director shall value marketable securities at principal amount or market value, whichever is lower, and may determine the value of any nonmarketable bond, note, debenture, draft, bill of exchange, or other evidence of indebtedness or of any other obligation held by or owed to the international banking corporation in this state. In determining the amount of assets for the purpose of computing the above ratio of assets, the director may exclude any particular assets, but may give credit, subject to any rules adopted by the director, to deposits and credit balances with unaffiliated banking institutions outside this state if the deposits or credit balances are payable in United States funds or in currencies freely convertible into United States funds. In no case shall credit given for the deposits and credit balances exceed in aggregate amounts any percentage, but not less than eight percent (8%) as the director may from time to time prescribe, of the aggregate amount of liabilities of the international banking corporations.

(3) If, by reason of the existence or the potential occurrence of unusual or extraordinary circumstances, the director considers it necessary or desirable for the maintenance of a sound financial condition, for the protection of creditors and the public interest and to maintain public confidence in the business of the international bank agency of the international banking corporation, the director may reduce the credit to be given as provided in this section for deposits and credit balances with unaffiliated banking institutions outside this state and may require the assets to be held in this state under this chapter with any bank or trust company existing under the laws of this state that the international banking corporation designates and the director approves.

(4) An international bank branch and international bank agency shall file any reports with the director as the director may require in order to determine compliance by the international bank branch or international bank agency with this section.

History:

[26-1710, added 1995, ch. 99, sec. 10, p. 312.]
Idaho Code § 26-1014 — Idaho Code / Title 26 / Chapter 10 / Section 26-1014
26-1014 FEDERAL DEPOSIT INSURANCE CORPORATION ACTING AS LIQUIDATOR — POSSESSION AND CONTROL OF ASSETS AND BUSINESS OF BANK.
Status: in_force

26-1014. Federal Deposit Insurance Corporation acting as liquidator — Possession and control of assets and business of bank. Upon the acceptance of the appointment of receiver or liquidator aforesaid by said corporation, and during its continuance as such receiver or liquidator, the possession and control of all the assets, business and property of such banking institution of every kind and nature shall pass to and vest in said corporation and without the execution of any instruments of conveyance, assignment, transfer or endorsement, with the same force and effect and to the same extent as in the director of the department of finance under like circumstances.

History:

[26-1014, added 1979, ch. 41, sec. 2, p. 108.]
Idaho Code § 26-2121D — Idaho Code / Title 26 / Chapter 21 / Section 26-2121D
26-2121D REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.
Status: in_force

26-2121D. REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER. (1) The members of a credit union may remove a director of the credit union at a special membership meeting held in accordance with section 26-2113B, Idaho Code, and called for that purpose. If the members remove a director, the members may at the same special membership meeting elect an interim director to complete the remainder of the former director's term of office or authorize the board to appoint an interim director as provided in section 26-2114, Idaho Code.

(2) If at any time, because of the removal of one (1) or more credit union directors under this chapter, the board of directors of a credit union has less than a quorum of directors, all powers and functions vested in or exercisable by the board vest in and are exercisable by the director or directors remaining until such a time as there is a quorum on the board of directors. If all of the directors of a credit union are removed under this chapter, the director of the department of finance shall appoint persons to serve temporarily as directors of the credit union until such a time as their respective successors take office.

(3) The members of a credit union may remove a supervisory committee member at a special membership meeting held in accordance with section 26-2113B, Idaho Code, and called for that purpose. If the members remove a supervisory committee member, the members may at the same special membership meeting elect an interim supervisory committee member to complete the remainder of the former supervisory committee member's term of office or authorize the supervisory committee to appoint an interim supervisory committee member as provided in section 26-2121, Idaho Code.

History:

[26-2121D, added 2018, ch. 165, sec. 20, p. 337.]
Idaho Code § 26-1601 — Idaho Code / Title 26 / Chapter 16 / Section 26-1601
26-1601 SHORT TITLE.
Status: in_force

26-1601. Short title. This chapter shall be known, and may be cited as the "Idaho Interstate Branching Act."

History:

[26-1601, added 1995, ch. 99, sec. 9, p. 305.]
Idaho Code § 26-2145 — Idaho Code / Title 26 / Chapter 21 / Section 26-2145
26-2145 AUTHORITY TO EXERCISE FEDERAL POWERS.
Status: in_force

26-2145. Authority to exercise federal powers. (1) Notwithstanding any other provision of law, but subject to the limitations provided for in this section, a credit union may engage in any activity that it could engage in, exercise any power it could exercise, or make any loan or investment that it could make if it were operating as a federal credit union or a credit union chartered by another state.

(2) Before engaging in any activity or exercising any power afforded under this section, a credit union shall first notify the director of its intent to do so. This notice shall be sent to the director by United States mail, postage prepaid, certified or registered, with return receipt requested, or via email to the director with confirmation of receipt. In either case, delivery is effective as of the date of the department's confirmation of receipt. Should the director take no action on the request within twenty (20) days of delivery to the director, the right to engage in the action or power so requested shall be deemed granted.

(3) Should the director deny the request, the affected credit union shall have the right to request a hearing before the director, which hearing shall be held within thirty (30) days of the date of the denial.

(4) The director shall have the discretion to deny any request that is inconsistent with the purposes of this chapter.

(5) No such approval shall operate to deny the director of any of his authority under this chapter and such permitted activity shall be subject to regulation by the director.

History:

[26-2145, added 1984, ch. 95, sec. 2, p. 221; am. 1997, ch. 111, sec. 3, p. 270; am. 2024, ch. 130, sec. 8, p. 527.]
Idaho Code § 26-2138 — Idaho Code / Title 26 / Chapter 21 / Section 26-2138
26-2138 TAXATION.
Status: in_force

26-2138. Taxation. A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another.

History:

[26-2138, added 1977, ch. 213, sec. 2, p. 603.]
Idaho Code § 26-31-305 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-305
26-31-305 LICENSE AND REGISTRATION APPLICATION.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-305. LICENSE AND REGISTRATION APPLICATION. (1) Applicants for a license under this part shall apply through the NMLSR in a form prescribed by the director. Each form shall include such content as the director may reasonably require, shall be updated as necessary to keep the information current and shall be accompanied by a nonrefundable application fee of two hundred dollars ($200).

(2) In order to fulfill the purposes of this part, the director may establish relationships or enter into contracts with the NMLSR or other entities designated by the NMLSR to collect and maintain records and to process fees.

(3) Applicants for licensure under this part shall submit the following to the NMLSR:

(a) Fingerprints for submission to the federal bureau of investigation, and any governmental agency or entity authorized to receive such information for a state, national and international criminal history background check; and

(b) Personal history and experience in a form prescribed by the NMLSR, including the authorization for the NMLSR and the director to obtain the following:

(i) An independent credit report obtained from a consumer reporting agency described in section 603(p) of the fair credit reporting act; and

(ii) Information related to any administrative, civil or criminal findings by any governmental jurisdiction.

(4) For the purposes of this section and in order to reduce the points of contact which the federal bureau of investigation may have to maintain for purposes of subsection (3)(a) and (b)(ii) of this section, the director may use the NMLSR as a channeling agent for requesting information from and distributing information to the department of justice or any governmental agency.

(5) For the purposes of this section and in order to reduce the points of contact which the director may have to maintain for purposes of subsection (3)(b)(i) and (ii) of this section, the director may use the NMLSR as a channeling agent for requesting and distributing information to and from any source so directed by the director.

(6) Upon written request, an applicant for a license under this part is entitled to a hearing on the question of his qualifications for a license if:

(a) The director has notified the applicant in writing that his application has been denied and the request for a hearing is made not more than fifteen (15) days after the director mailed the written notification of denial; or

(b) The director has not issued the applicant a license within sixty (60) days after a complete application for the license was filed.

If a hearing is held, the applicant shall reimburse, pro rata, the director for his reasonable and necessary expenses incurred as a result of the hearing. The director shall state, in substance, his findings that support a denial of an application.

(7) 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 U.S. mail by the director or his agent using an address provided by the applicant on the license application; or

(b) E-mailed to the applicant using an e-mail address provided by the applicant on the license application; or

(c) Posted by the director or his agent on the NMLSR.

(8) The director may suspend action upon an application for a license pursuant to this part pending the resolution of any criminal charge before a court of competent jurisdiction against the applicant which could disqualify the applicant from licensure if the applicant is found guilty of or pleads guilty to the pending charge.

(9) The director may suspend action upon an application for a license pursuant to this part pending resolution of any civil action or administrative proceeding against an applicant that involves any aspect of a financial service business, the outcome of which could disqualify the applicant from licensure.

(10) A license applicant under this part shall make complete disclosure of all information required in the license application. A license applicant or person acting on behalf of the applicant is not liable in any civil action other than a civil action brought by a governmental agency related to an alleged untrue statement made pursuant to this section, unless it is shown that:

(a) The license applicant, or person acting on behalf of the license applicant, knew at the time that the statement was made that it was materially false; or

(b) The license applicant or person acting on behalf of the license applicant acted in reckless disregard as to the truth or falsity of the statement.

History:

[26-31-305, added 2009, ch. 97, sec. 2, p. 299; am. 2013, ch. 64, sec. 15, p. 155.]
Idaho Code § 26-210 — Idaho Code / Title 26 / Chapter 2 / Section 26-210
26-210 STOCKBOOK.
Status: in_force

26-210. Stockbook. A book shall be provided and kept by every bank in which shall be entered the names and residences of the stockholders thereof, the number of shares held by each, the time when such person became a stockholder, and also all transfers of stock, stating the time when made, the number of shares and by whom transferred. In all actions, suits and proceedings, said books shall be prima facie evidence of the facts therein stated.

The president, cashier or corporate secretary of every bank shall cause to be kept at all times in the principal place of business of the bank a full and correct list of the names and residences of all the shareholders. Such list shall be subject to the inspection of any stockholder of the bank and a stockholder may obtain a copy of such list upon paying the cost of the reproduction of the list.

History:

[26-210, added 1979, ch. 41, sec. 2, p. 72.]
Idaho Code § 26-31-101 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-101
26-31-101 SHORT TITLE AND SCOPE.
Status: in_force

PART 1.

GENERAL PROVISIONS

26-31-101. SHORT TITLE AND SCOPE. This chapter shall be known and may be cited as the "Idaho Residential Mortgage Practices Act," and is organized into three (3) parts. Part 1 includes provisions that apply to the entire chapter. Part 2 includes provisions for the regulation of mortgage brokers and mortgage lenders. Part 3 includes provisions for the regulation of individual mortgage loan originators.

History:

[26-31-101, added 2009, ch. 97, sec. 2, p. 283.]
Idaho Code § 26-803 — Idaho Code / Title 26 / Chapter 8 / Section 26-803
26-803 BORROWING FROM FEDERAL AGENCIES.
Status: in_force

26-803. Borrowing from federal agencies. With the consent of the director, a bank may borrow from any agency of the United States. The limitations imposed on borrowing by this chapter shall not apply to borrowings under this section.

History:

[26-803, added 1979, ch. 41, sec. 2, p. 95.]
Idaho Code § 26-713 — Idaho Code / Title 26 / Chapter 7 / Section 26-713
26-713 ADVERSE CLAIM TO BANK DEPOSIT.
Status: in_force

26-713. Adverse claim to bank deposit. Notice to any bank of an adverse claim to a deposit standing on its books to the credit of any person shall not require the bank to recognize the adverse claim unless the adverse claimant shall:

(1) Procure a restraining order, injunction or other appropriate process against the bank from a court of competent jurisdiction wherein the person to whose credit the deposit stands is made a party and served with summons; or

(2) Execute to said bank, in a form and with sureties acceptable to the bank, a bond indemnifying the bank from any and all liability, loss, damage, costs and expenses for and on account of the payment of such adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of the bank.

This section shall not apply in any instance where the person to whose credit the deposit stands is a fiduciary for such adverse claimant, and the facts constituting such relationship and the facts showing reasonable cause for belief on the part of the claimant that the fiduciary is about to misappropriate the deposit, are made to appear by the affidavit of the claimant.

History:

[(26-713) 26-717, added 1979, ch. 41, sec. 2, p. 94; am. and redesig. 2004, ch. 159, sec. 13, p. 524.]
Idaho Code § 26-2924 — Idaho Code / Title 26 / Chapter 29 / Section 26-2924
26-2924 ENFORCEMENT.
Status: in_force

26-2924. Enforcement. (1) If it appears to the director that any person has committed or is about to commit a violation of any provision of this chapter or of any rule or order of the director, the director may:

(a) Issue a cease and desist order ordering such person to cease and desist violating or continuing to violate any provision of this chapter or any rule or order issued in accordance with this chapter; or

(b) Apply to the district court for an order enjoining such person from violating or continuing to violate any provision of this chapter or any rule or order and for injunctive or such other relief as the nature of the case may require.

(2) The director may enter into consent orders at any time with any person to resolve any matter arising under the provisions of this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter or any rule or order promulgated or issued thereunder has been violated nor need it constitute a finding by the director that such person has violated any provision of this chapter or any rule or order promulgated or issued thereunder.

(3) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order unless the consent order by its terms expressly precludes the director from so doing.

History:

[26-2924, added 1994, ch. 410, sec. 1, p. 1294.]
Idaho Code § 26-31-311 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-311
26-31-311 AUTHORITY TO REQUIRE LICENSE AND REGISTRATION.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-311. authority to require license and registration. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the NMLSR. In order to carry out this requirement the director is authorized to participate in the NMLSR. For this purpose, the director may establish by rule or order requirements for licensure as a mortgage loan originator, as necessary including, but not limited to:

(1) Background checks, to include:

(a) Criminal history, through fingerprint or other databases;

(b) Civil or administrative records;

(c) Credit history; and

(d) Any other information as deemed necessary by the NMLSR.

(2) The setting or resetting as necessary of renewal or reporting dates; and

(3) Requirements for amending or surrendering a license or any other such activities as the director deems necessary for participation in the NMLSR.

History:

[26-31-311, added 2009, ch. 97, sec. 2, p. 303.]
Idaho Code § 26-2225 — Idaho Code / Title 26 / Chapter 22 / Section 26-2225
26-2225 APPROVAL OF LICENSE APPLICATION.
Status: in_force

26-2225. Approval of license application. (1) The director shall act upon all applications for a license under this act. If the director determines that the requirements of this act have been met and all applicable fees paid, and the applicant is not otherwise unqualified for licensure, the director shall issue a license to the applicant.

(2) Each license issued under this section shall remain in full force and effect unless the licensee fails to satisfy the renewal requirements of this act, or the license is relinquished, suspended, terminated or revoked.

History:

[26-2225, added 2008, ch. 347, sec. 6, p. 943.]
Idaho Code § 26-3004 — Idaho Code / Title 26 / Chapter 30 / Section 26-3004
26-3004 EXEMPTION FROM BANK ACT AND PROHIBITIONS.
Status: in_force

26-3004. Exemption from bank act and prohibitions. A college or university offering a debit card program under the provisions of this chapter shall not be considered to be a bank or to be doing banking business as those terms are defined in section 26-106, Idaho Code. Provided however, that a college or university located in this state is prohibited from operating a debit card program which would allow a student or a member of its faculty or staff either to receive cash through a debit card transaction or to receive cash through a customer bank communication terminal or other automated banking facility.

History:

[26-3004, added 1995, ch. 133, sec. 1, p. 580.]
Idaho Code § 26-1002 — Idaho Code / Title 26 / Chapter 10 / Section 26-1002
26-1002 PENALTY FOR CLOSING BANK WITH CRIMINAL INTENT.
Status: in_force

26-1002. Penalty for closing bank with criminal intent. If the director of the department of finance or official in the department of finance, shall, as a result of malice or for personal gain, declare any bank insolvent, he shall, upon conviction thereof be subject to punishment by fine not exceeding one thousand dollars ($1,000), or imprisonment in the county jail not exceeding one (1) year, or both, within the discretion of the court.

History:

[26-1002, added 1979, ch. 41, sec. 2, p. 103.]
Idaho Code § 26-2120 — Idaho Code / Title 26 / Chapter 21 / Section 26-2120
26-2120 LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.
Status: in_force

26-2120. LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER. (1) Unless otherwise provided in this chapter or by a rule pursuant to this chapter, no loan may be made to any borrower if the loan would cause the borrower and any associated borrowers to be indebted to the credit union on all types of loans in an aggregated amount exceeding one hundred thousand dollars ($100,000) or fifteen percent (15%) of the net worth of the credit union, whichever is greater, without the approval of the director.

(a) This section does not apply to a corporate credit union.

(b) Two (2) borrowers are "associated" for the purposes of this section if any of the following factors are present:

(i) One (1) of them will derive a direct benefit from the credit union's loan to the other. For this purpose, the term "direct benefit" means that the loan proceeds or assets purchased with those proceeds will be transferred to the other party other than in a bona fide arm's-length transaction where the proceeds are used to acquire property, goods, or services;

(ii) Loan proceeds for each of them are used to purchase interests in the same enterprise, and the borrowers will in the aggregate own more than fifty percent (50%) of the ownership interests in such enterprise. In such case, the borrowers are considered associated only to the extent of the loans made to purchase interests in the same enterprise;

(iii) The borrowers are related directly or indirectly through common control and either borrower derives fifty percent (50%) or more of its income from the other. For this purpose, "control" means that a person directly or indirectly owns or has the power to vote twenty-five percent (25%) or more of the ownership interest of an organization, controls the election of a majority of the directors, managers, trustees, or other persons exercising similar functions of an organization, or has the power to exercise a controlling influence over the management or policies of the organization;

(iv) The expected source of repayment is the same for each borrower, and no individual borrower has a separate source of income from which the loan may be paid, taking into account the borrower's other obligations; or

(v) One (1) borrower is generally liable for the obligations or actions of the other.

(2) The limit on a loan amount in this section does not apply to any loan that is fully secured by shares or deposits.

History:

[26-2120, added 2020, ch. 230, sec. 8, p. 676; am. 2022, ch. 111, sec. 12, p. 376.]
Idaho Code § 26-31-320 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-320
26-31-320 UNIQUE IDENTIFIER DISCLOSURE.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-320. UNIQUE IDENTIFIER DISCLOSURE. The unique identifier of any person engaged in the origination of a residential mortgage loan shall be clearly displayed on all residential mortgage loan application forms, solicitations or advertisements, including business cards, websites and other forms of media, and any other document required by rule promulgated under this chapter or order issued by the director under this chapter and pertinent to this part.

History:

[26-31-320, added 2009, ch. 97, sec. 2, p. 308; am. 2013, ch. 64, sec. 21, p. 161.]
Idaho Code § 26-1606 — Idaho Code / Title 26 / Chapter 16 / Section 26-1606
26-1606 DEPOSIT CONCENTRATIONS.
Status: in_force

26-1606. Deposit concentrations. (1) There shall be under the Idaho bank act, including this chapter and chapter 26, title 26, Idaho Code, no deposit cap or concentration limit in Idaho.

(2) The director may, by order, waive any federal deposit concentration limit that has the effect of being more limiting than subsection (1) of this section. In determining to waive the federal concentration limit, the director shall apply a standard that does not discriminate against out-of-state banks, out-of-state bank holding companies, or subsidiaries thereof, upon a finding that the waiver promotes:

(a) Availability of financial services;

(b) The marketability of Idaho banks; or

(c) Other public interest.

(3) This section is not intended to affect the applicability, if any, of federal or state antitrust laws.

History:

[26-1606, added 1995, ch. 99, sec. 9, p. 307.]
Idaho Code § 26-1808 — Idaho Code / Title 26 / Chapter 18 / Section 26-1808
26-1808 TRUST POWERS.
Status: in_force

26-1808. Trust powers. Savings banks which have received a charter from the director authorizing the operation of a trust department may engage in the trust business in accordance with chapters 32 through 36, title 26, Idaho Code.

History:

[26-1808, added 1997, ch. 310, sec. 3, p. 919; am. 2000, ch. 288, sec. 7, p. 975.]
Idaho Code § 26-1019 — Idaho Code / Title 26 / Chapter 10 / Section 26-1019
26-1019 CLAIMS — ORDER OF PAYMENT — PRIORITIES.
Status: in_force

26-1019. Claims — Order of payment — Priorities. The order of payment of the debts of a bank liquidated by the director shall be as follows:

(1) The expense of liquidation, including compensation of agents, employees and attorneys.

(2) All funds held by bank in trust.

(3) Debts due depositors, holders of cashier's checks, certified checks, drafts on correspondent banks, including protest fees, paid by them on valid checks or drafts presented after closing of the bank, pro rata. All deposit balances of other banks or trust companies and all deposits of public funds of every kind and character (except those actually placed on special deposit under the statutes providing therefor) including those of the United States, the state of Idaho, and every county, district, municipality, political subdivision or public corporation of this state, whether secured or unsecured, or whether deposited in violation of law or otherwise, are included within the terms of this subdivision and take the same priority as debts due any other depositor, anything in the statutes of the state of Idaho to the contrary notwithstanding.

(4) All other contractual liabilities pro rata.

(5) Interest on all foregoing classes of claims without regard to the priority of the principal computed as follows:

Savings accounts at the same rate they bore at the time of the closing of the bank; time certificates of deposit at the rate fixed in the certificate; all other contractual obligations bearing interest at the rate they bore at the time of closing until due by their terms; no interest to be compounded.

(6) Unliquidated claims for damages and the like.

Provided, however, that the director may, in his discretion, without regard to the priorities herein fixed in subdivisions 3, 4, 5 and 6 of this section, or in preference to the payment of any claims of creditors within these subdivisions, pay off and discharge any lien, claim or charge against the assets or property of the bank in his hands and pay out and expend such sums as he deems necessary for the preservation, maintenance, conservation and protection of any such assets and property, and likewise property on which the bank has liens by mortgage or otherwise; and he may also, in his discretion, create a fund or retain in his hands in preference to the claim of any creditors in the subdivisions above-mentioned moneys for the aforesaid purposes.

Collateral which shall have been put up or pledged as security for the payment of bills payable by any bank, or any loans or discounts which shall have been outstanding as rediscounts of any bank prior to the closing thereof, shall not be available to the other creditors of such bank in whole or in part until such bills payable or rediscounts shall have been retired.

Deposits of any person, firm or corporation in a bank which is in the possession of the director, may be offset against any indebtedness, (subject to the conditions of the preceding paragraph of this section) due to such bank from such person, firm or corporation. All dividends when declared in favor of any creditor of the bank may be applied, in the discretion of the director, in satisfaction of the indebtedness, if any, due the bank from such creditor.

History:

[26-1019, added 1979, ch. 41, sec. 2, p. 109.]
Idaho Code § 26-31-315 — Idaho Code / Title 26 / Chapter 31 / Section 26-31-315
26-31-315 CONFIDENTIALITY.
Status: in_force

PART 3.

PROVISIONS APPLICABLE TO MORTGAGE LOAN ORIGINATORS

26-31-315. confidentiality. In order to promote effective regulation and reduce regulatory burden through supervisory information sharing:

(1) Except as otherwise provided in section 1512, P.L. 110-289, the requirements under any federal law or chapter 1, title 74, Idaho Code, regarding the privacy or confidentiality of any information or material provided to the NMLSR, and any privilege arising under federal or Idaho state law, including the rules of any federal or Idaho state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the NMLSR. Such information and material may be shared with all state and federal regulatory officials having mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal law or chapter 1, title 74, Idaho Code.

(2) For these purposes, the director is authorized to enter into agreements or sharing arrangements with other governmental agencies, the conference of state bank supervisors, the American association of residential mortgage regulators or other associations representing governmental agencies as established by rule or order of the director.

(3) Information or material that is subject to a privilege or confidentiality under subsection (1) of this section shall not be subject to:

(a) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or

(b) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the NMLSR with respect to such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person, that privilege.

(4) Coordination with chapter 1, title 74, Idaho Code, relating to the disclosure of confidential supervisory information or any information or material described in subsection (1) of this section that is inconsistent with subsection (1) shall be superseded by the requirements of this section.

(5) This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the NMLSR for access by the public.

History:

[26-31-315, added 2009, ch. 97, sec. 2, p. 304; am. 2015, ch. 141, sec. 47, p. 416.]