reglab/housing_qa huggingface dataset:
ID Code § 26-2116 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.

26-2116. BOARD OF DIRECTORS — POWERS AND DUTIES. (1) The business and affairs of a credit union shall be managed by the board of directors of the credit union. The duties of the board include, but are not limited to, the duties enumerated in this section. The duties listed in subsection (2) of this section may not be delegated by the credit union’s board of directors. The duties listed in subsection (3) of this section may be delegated to a committee, officer or employee, with appropriate reporting to the board. (2) The board shall: (a) Retain the chief executive officer, or equivalent officer as specified in the bylaws, and set the chief executive officer’s compensation;  (b) Set the minimum amount of funds in a share account, if any, required for membership; (c) Establish policies governing the operation of the credit union; (d) Establish the conditions under which a member may be expelled for cause; (e) Approve an annual operating budget for the credit union; (f) Designate those persons or positions authorized to execute or certify documents or records on behalf of the credit union; (g) Review the supervisory committee’s annual report; and (h) Authorize the conveyance of real property and buildings. (3) In addition, unless delegated, the board shall: (a) Determine the maximum amount of shares and deposits that a member may hold in the credit union; (b) Set the rate of interest on deposits, including nonmember deposits, and the rate of dividends on shares and authorize the payment of dividends on shares; (c) Approve the charge-off of credit union losses; (d) Determine the investment of surplus funds of the credit union in investments permitted by this chapter; (e) Fill vacancies on all committees; and (f) Authorize the credit union to borrow or lend money as needed to carry on the functions of the credit union.  History: [26-2116, added 2018, ch. 165, sec. 12, p. 333.]
ID Code § 26-2117 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.

26-2117. PENALTIES FOR OFFICIAL MISCONDUCT. Any officer, director, or committee member or loan officer of a credit union who knowingly permits a loan to be made or participates in a loan to a nonmember is guilty of a misdemeanor and shall be primarily liable to the credit union for the amount thus illegally loaned and the illegality of such a loan shall be no defense in any action of the credit union to recover on the loan. Any officer, director, committee member, agent or employee who knowingly makes or subscribes to false entries or exhibits a false or fictitious paper, instrument, or security to a person authorized to examine the credit union books and records shall be guilty of a felony. Any officer, director, committee member, agent or employee who receives payments on shares knowing the credit union is insolvent shall be guilty of a misdemeanor.  History: [26-2117, added 1977, ch. 213, sec. 2, p. 592.]
ID Code § 26-2118 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.

26-2118. CREDIT COMMITTEE — APPOINTMENT — DUTIES. (1) The board may appoint a credit committee. The credit committee shall have the general supervision of all loans to members. It shall be the duty of the credit committee to review all applications for loans, to ascertain whether the loan would be for a provident or productive purpose, to determine whether the applicant qualifies for the loan under the credit union’s loan and underwriting policies, and to determine whether the security offered, in the credit committee’s judgment, is sufficient, and whether the requested terms of the loan are in accordance with the credit union’s loan and underwriting policies. (2) The credit committee shall meet as often as necessary and at least once each month to review delinquent loans. The credit committee shall keep a record of all actions taken at each meeting and shall submit a written report to the members at the annual meetings and to the board monthly. (3) The credit committee, upon approval by the board, may appoint one (1) or more loan officers to act under the supervision of the credit committee, and a loan officer, when appointed, may make loans without the necessity for a meeting or of approval by any members of the credit committee, as provided in the bylaws. No more than one (1) member of the credit committee may serve in the position of loan officer. No individual shall have authority to disburse funds of the credit union for any loan that has been approved by him in his capacity as loan officer, except that the loan officer may disburse loans approved by him that are fully secured by shares or that do not exceed the credit union’s unsecured loan limit set by the board of directors. (4) No member of the credit committee may serve as a member of the board of directors or supervisory committee while serving as a member of the credit committee.  History: [26-2118, added 2018, ch. 165, sec. 14, p. 334.]
ID Code § 26-2120 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.

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 (two) 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.]
ID Code § 26-2121 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.

26-2121. SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES. (1) A supervisory committee of at least three (3) members must be appointed by the board as provided in the bylaws. Members of the supervisory committee shall serve a term of one (1) to three (3) years, unless sooner removed under this chapter or until their successors are qualified and elected or appointed. The members of the supervisory committee shall be divided into classes so that as equal a number as is possible is appointed each year. (2) At least one (1) supervisory committee member may attend each regular meeting of the board. However, supervisory committee members may be excluded from executive sessions of board meetings. (3)(a) If a supervisory committee member is absent from more than one-fourth (1/4) of the committee meetings in any twelve (12) month period without being reasonably excused by the committee, the member shall no longer serve as a member of the committee. (b) The supervisory committee shall promptly notify the member that such member shall no longer serve as a committee member. Failure to provide notice does not affect the termination of the member’s service under paragraph (a) of this subsection. (4) A supervisory committee member must be a natural person and a member of the credit union. If a member of the supervisory committee ceases to be a member of the credit union, the member shall no longer serve as a committee member.  (5) Any vacancy on the committee must be filled by an interim member appointed by the board.  (6) No operating officer or employee of a credit union may serve on the credit union’s supervisory committee. No more than one (1) director may be a member of the supervisory committee at the same time. No member of the supervisory committee may serve on the credit committee or investment committee of the credit union while serving on the supervisory committee. No board officer of a credit union may serve as the chairperson of the supervisory committee.  History: [26-2121, added 2018, ch. 165, sec. 16, p. 334.]
ID Code § 26-2121B (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.

26-2121B. SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE. (1) The supervisory committee may, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of section 26-2113B, Idaho Code. The members participating in that meeting shall vote whether to remove the suspended person or persons. (2) For purposes of this section, "cause" means demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the supervisory committee, create a material risk to the credit union.  History: [26-2121B, added 2018, ch. 165, sec. 18, p. 336.]
ID Code § 26-2121C (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.

26-2121C. SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE. (1) The board may, for cause, suspend a member of the board or a member of the supervisory committee until a special membership meeting, called for that purpose, is held. The membership meeting must be held within ninety (90) days after the suspension. The members attending the meeting shall vote whether to remove a suspended party. (2) For purposes of this section, "cause" means demonstrated financial irresponsibility, a breach of fiduciary duty to the credit union, or activities which, in the judgment of the board, create a material risk to the credit union.  History: [26-2121C, added 2018, ch. 165, sec. 19, p. 336.]
ID Code § 26-2121D (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.

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.]
ID Code § 26-2122 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.

26-2122. COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT. No officer, director, or committee member may be compensated, directly or indirectly, for his services as such; provided, however, an elected member of the board of directors may serve as a part-time treasurer and receive a salary for his services. This shall not be construed to prevent reimbursement of directors and committee members for actual expenses they may incur in carrying out the duties of their office. The board may authorize the employment of a credit union manager and other employees as needed to conduct the business of the credit union. The board shall establish the compensation to be paid to the manager and any other employees of the credit union which shall be charged as an expense of the credit union. In the event the board of directors authorizes the employment of a manager of the credit union, the manager may not be a member of the board of directors. The credit union may provide group hospitalization and group health and accident insurance for the directors, officers and committee members which will not be considered compensation.  History: [26-2122, added 1977, ch. 213, sec. 2, p. 595.]
ID Code § 26-2123 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.

26-2123. SHARES AND CERTIFICATES OF DEPOSIT. A share may be in increments of five dollars ($5.00) with a minimum of five dollars ($5.00) and a maximum of twenty-five dollars ($25.00) as the board of directors shall establish. The shares of a credit union shall all be common shares of one (1) class and have a par value as established by the board and bylaws. A member may purchase shares which will earn dividends as duly established by the board pursuant to section 26-2130, Idaho Code. Members may also purchase certificates of deposit which will be for a specified length of time and earn interest with a guaranteed rate to be established by the board of directors pursuant to section 26-2130, Idaho Code. No certificate shall be issued to denote ownership of a share of the credit union. Shares paid for may be transferred in such manner as the bylaws may prescribe. In the event of default the credit union shall have and may exercise a lien on the shares and deposits of any member for any sum due the credit union from said member or for any loan made to, cosigned or endorsed by him. Christmas clubs, vacation clubs, travel clubs and other thrift organizations within the membership, which shall have the prior approval of the director of finance, may be established by the board of directors.  History: [26-2123, added 1977, ch. 213, sec. 2, p. 596.]
ID Code § 26-2124 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2124 - JOINT ACCOUNTS.

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.]
ID Code § 26-2125 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2125 - MINORS.

26-2125. MINORS. Shares, deposits or thrift club accounts may be issued in the name of a minor and such above accounts may be withdrawn by such minor and payments made on such withdrawals shall be valid.  History: [26-2125, added 1977, ch. 213, sec. 2, p. 597.]
ID Code § 26-2126 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2126 - TRUST ACCOUNTS.

26-2126. TRUST ACCOUNTS. Share [Shares] may be issued in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his own right, may be permitted to vote, obtain loans, hold office or be required to pay an entrance fee. Payment of part or all of such shares to such member shall, to the extent of such payment, discharge the liability of the credit union to the member and the beneficiary, and the credit union shall be under no obligation to see the application of such payment. In the event of the death of the member, and if shares are so issued or held and the credit union has been given no other written evidence of the existence or terms of any trust, such shares and any dividends or interest thereon shall be paid to the beneficiary.  History: [26-2126, added 1977, ch. 213, sec. 2, p. 597.]
ID Code § 26-2128 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 21 - IDAHO CREDIT UNION ACT|Section 26-2128 - LIQUIDITY REQUIREMENTS.

26-2128. LIQUIDITY REQUIREMENTS. (a) Every credit union shall have on hand as a liquidity reserve an amount equal to four percent (4%) of its outstanding shares, certificates of deposit, and certificates of indebtedness. Share or deposit accounts from which a member may withdraw funds by the use of a negotiable instrument shall be subject to the liquidity reserve requirements of subsection (b) of this section and not to the liquidity reserve requirements of this subsection. Said liquidity reserves, except as hereinafter otherwise provided, shall be kept in cash on hand or on deposit subject to check or draft, with any bank or banks or corporate credit union located in the state of Idaho, which shall have been approved by the director as liquidity reserve depositories and shall be computed monthly as follows: on the basis of average daily bank deposits and average daily cash on hand. (b) Every credit union which provides for its member’s share or deposit accounts from which the member may withdraw funds by the use of negotiable instrument shall have on hand as a liquidity reserve in addition to the liquidity reserve required by subsection (a) of this section an amount equal to ten percent (10%) of its share and deposit accounts which are subject to withdrawal by the use of negotiable instrument. Said liquidity reserves shall be kept in cash on hand or on deposit subject to check or draft, with any bank or banks or corporate credit union located in the state of Idaho which shall have been approved by the director as liquidity reserve depositories and shall be computed monthly as follows: on the basis of average daily bank or corporate credit union deposits, and average daily cash on hand. (c) Certificates of deposit issued by the Idaho Corporate Credit Union may be included in meeting the requirements of this section. To the extent a credit union is required to maintain reserves pursuant to the monetary control act of 1980 and the implementing regulations of the board of governors of the federal reserve system, as the same is presently enacted and as it may be amended in the future, the reserves required to be so maintained shall be considered as a part of, and not in addition to, the liquidity reserves required by this section.  History: [26-2128, added 1977, ch. 213, sec. 2, p. 598; am. 1979, ch. 230, sec. 1, p. 629; am. 1981, ch. 260, sec. 1, p. 551; am. 1991, ch. 236, sec. 3, p. 569.]