reglab/housing_qa huggingface dataset:
ID Code § 26-2707 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2707 - ANNUAL REPORT TO LEGISLATURE REQUIRED.

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.]
ID Code § 26-2708 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2708 - ANNUAL LICENSE REVIEW BY DIRECTOR.

26-2708. ANNUAL LICENSE REVIEW BY DIRECTOR. (1) The director shall examine each licensee not less than once each calendar year to determine whether or not the licensee is in compliance with the provisions of this chapter. (2) The director may at any time examine a licensee or subsidiary of a licensee. (3) A director, officer, or employee of a licensee or of a subsidiary of a licensee being examined by the director, or a person having custody of any of the books, accounts, or records of the licensee or of the subsidiary, shall exhibit to the director, on request, any of the books, accounts, and other records of the licensee or of the subsidiary and shall otherwise facilitate the examination so far as it is in their power to do so. (4) If in the director’s opinion it is necessary in the examination of a licensee or of a subsidiary of a licensee, the director may retain a certified public accountant, attorney, appraiser, or other person to assist the director. Within ten (10) days after receipt of a statement from the director, the licensee being examined shall pay the fees of a person retained by the director under this subsection.  History: [26-2708, added 1989, ch. 252, sec. 1, p. 608.]
ID Code § 26-2710 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2710 - PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE.

26-2710. PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE. (1) A person may apply to the director for preliminary approval of an application for a license. Notwithstanding that commitments to invest in the equity of the applicant have not been obtained and that all directors and officers of the applicant have not been identified, the director may grant preliminary approval. In issuing an order granting preliminary approval, the director shall indicate that, for the director to determine that the requirements of section 26-2709, Idaho Code, are satisfied, final approval is conditioned on review by the director of the applicant’s completion of fund-raising, including the controlling persons, and review by the director of the completion of the roster of directors and officers. If an application for preliminary approval has been granted, before granting final approval of the application for a license, the director may request an updated balance sheet and such other information considered relevant by the director. (2) If a person files an application under this section, the fee required in section 26-2705(1)(a), Idaho Code, is payable at the time the application is filed with the director. (3) If the director denies an application under this section or section 26-2709, Idaho Code, the director shall provide the applicant with a written statement explaining the basis for the denial. (4) If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the director shall issue a license to the applicant. A licensee shall post the license in a conspicuous place in the licensee’s principal office. A license is not transferable or assignable.  History: [26-2710, added 1989, ch. 252, sec. 1, p. 609.]
ID Code § 26-2711 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2711 - USE OF BIDCO NAME RESTRICTED — EXCEPTION.

26-2711. USE OF BIDCO NAME RESTRICTED — EXCEPTION. (1) Except as otherwise provided in subsection (2) of this section, a person transacting business in this state, other than a licensee, shall not use a name or title which indicates that the person is a business and industrial development corporation including, but not limited to, use of the term "BIDCO," and shall not otherwise represent that the person is a business and industrial development corporation or a licensee. (2) Before being issued a license under this chapter, an Idaho corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. Such a corporation shall not represent that it is a licensee until after the license has been obtained. A licensee shall not misrepresent the meaning or effect of its license.  History: [26-2711, added 1989, ch. 252, sec. 1, p. 610; am. 2002, ch. 145, sec. 4, p. 409.]
ID Code § 26-2712 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2712 - DUAL LICENSURE — EXCEPTIONS.

26-2712. DUAL LICENSURE — EXCEPTIONS. (1) An Idaho corporation that is licensed under another law of this state or under any law of the United States may apply for and be issued a license under this chapter unless the transaction of business by that corporation as a licensee under another law of this state or a law of the United States violates this chapter or is contrary to the purposes of this chapter. (2) An Idaho corporation that is licensed under this chapter may apply for and be issued a license under another law of this state or a law of the United States unless the transaction of business by that corporation as a licensee under another law of this state or a law of the United States would violate this chapter or would be contrary to the purposes of this chapter.  History: [26-2712, added 1989, ch. 252, sec. 1, p. 610.]
ID Code § 26-2713 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2713 - SURRENDER OF LICENSE.

26-2713. SURRENDER OF LICENSE. (1) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (2) of this section, a licensee may apply to the director to have the director accept the surrender of the licensee’s license. If the director determines that the requirements of this section have been satisfied, the director shall approve the application unless in the opinion of the director the purpose of the application is to evade a current or prospective action by the director pursuant to this chapter. (2) Not less than sixty (60) days before filing an application with the director under subsection (1) of this section, a licensee shall notify all of its shareholders and all of its creditors of its intention to file the application. Each creditor shall be notified of the right to comment to the director. Each shareholder shall be notified of the right to file with the licensee an objection to the proposed surrender of the license within the sixty (60) day period and shall be advised that, if the shareholder files an objection, the shareholder should send a copy of the objection to the director. If shareholders representing twenty percent (20%) of the outstanding voting securities of the licensee file an objection, the licensee shall not proceed with the application under subsection (1) of this section unless the application is approved by a vote of shareholders representing two-thirds (2/3) of the outstanding voting securities of the licensee.  History: [26-2713, added 1989, ch. 252, sec. 1, p. 610.]
ID Code § 26-2714 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2714 - CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS.

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.]
ID Code § 26-2715 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2715 - OFFICES — LOCATION.

26-2715. OFFICES — LOCATION. (1) A licensee shall maintain not less than one (1) office in this state. (2) A licensee, with the approval of the director, may maintain an office at any place outside this state. (3) Each office of a licensee shall be located in a place which is reasonably accessible to the public. (4) A licensee shall post in a conspicuous place at each of its offices a sign which bears the corporate name of the licensee. (5) A licensee shall maintain at each of its offices personnel who are competent to conduct the business of such an office. (6) Upon written notice to the director, a licensee may establish, relocate, or close an office.  History: [26-2715, added 1989, ch. 252, sec. 1, p. 612; am. 2001, ch. 86, sec. 2, p. 222.]
ID Code § 26-2716 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2716 - BUSINESS ACTIVITIES — CORPORATE POWERS.

26-2716. BUSINESS ACTIVITIES — CORPORATE POWERS. (1) The business of a licensee shall be the business of providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms. (2) In addition to the powers and privileges provided to a licensee by this chapter, a licensee has all powers and privileges conferred by its incorporating statute which are not inconsistent with or limited by this chapter. The powers of a licensee include, but are not limited to, all of the following: (a) To borrow money and otherwise incur indebtedness for its purposes, including issuance of corporate bonds, debentures, notes, or other evidence of indebtedness. A licensee’s indebtedness may be secured or unsecured, and may involve equity features including, but not limited to, provisions for conversion to stock and warrants to purchase stock. (b) To make contracts. Such contracts may include contracts to provide management assistance to business firms, which contracts shall be in writing, and the terms of which shall govern all aspects of the relationship between the licensee and the business firm regarding the management assistance provided by the licensee. (c) To incur and pay necessary and incidental operating expenses. (d) To purchase, receive, hold, lease, or otherwise acquire, or to sell, convey, mortgage, lease, pledge, or otherwise dispose of, real or personal property, together with rights and privileges that are incidental and appurtenant to these transactions of real or personal property, if the real or personal property is for the licensee’s use in operating its business or if the real or personal property is acquired by the licensee from time to time in satisfaction of debts or enforcement of obligations. (e) To make donations for charitable, educational, research, or similar purposes. (f) To implement a reasonable and prudent policy for conserving and investing its money before the money is used to provide financing assistance to business firms or to pay the expenses of the licensee.  History: [26-2716, added 1989, ch. 252, sec. 1, p. 612; am. 2002, ch. 145, sec. 6, p. 410.]
ID Code § 26-2717 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2717 - FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES.

26-2717. FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES. (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including, but not limited to, forms such as loans; purchase of debt instruments; straight equity investments such as purchase of common stock or preferred stock; debt with equity features such as warrants to purchase stock, convertible debentures, or receipt of a percent of net income or sales; royalty based financing; guaranteeing of debt; or leasing of property. A licensee may purchase securities of a business firm either directly or indirectly through an underwriter. A licensee may participate in the program of the small business administration pursuant to section 7(a) of the small business act, Public Law 85-536, 15 U.S.C. 636(a) or any successor statute, or any other government program for which the licensee is eligible and which has as its function the provision or facilitation of financing assistance or management assistance to business firms. If a licensee participates in a program referred to in this subsection, the licensee shall comply with the requirements of that program. (2) Management assistance provided by a licensee to a business firm may encompass both management or technical advice and management or technical services. (3) Financing assistance or management assistance provided by a licensee to a business firm shall be for the business purposes of that business firm. (4) A licensee may exercise the incidental powers that are necessary or convenient to carry on the business of, or are reasonably related to the business of, providing financing assistance and management assistance to business firms. (5) In connection with an extension of credit by a person to a licensee or an extension of credit by a licensee to a business entity, the parties may agree to any rate of interest.  History: [26-2717, added 1989, ch. 252, sec. 1, p. 612.]
ID Code § 26-2719 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2719 - SOUND BUSINESS PRACTICES REQUIRED.

26-2719. SOUND BUSINESS PRACTICES REQUIRED. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) In determining whether a licensee is transacting business in a safe and sound manner or has committed an unsafe or unsound act, the director shall not consider the risk of a provision of financing assistance to a business firm, unless the director determines that the risk is so great compared with the realistically expected return as to demonstrate gross mismanagement. (3) The provisions of subsection (2) of this section do not limit the authority of the director to do any of the following: (a) Determine that a licensee’s financing assistance to a single business firm or a group of affiliated business firms is in violation of subsection (1) of this section or constitutes an unsafe or unsound act, if the amount of that financing assistance is unduly large in relation to the total assets or the total shareholders equity of the licensee. (b) Require that a licensee maintain a reserve in the amount of anticipated losses. (c) Require that a licensee have in effect a written financing assistance policy, approved by its board of directors, including credit evaluation and other matters. The director shall not require that a licensee adopt a financing assistance policy that contains standards which prevent the licensee from exercising needed flexibility in evaluating and structuring financing assistance to business firms on a deal by deal basis.  History: [26-2719, added 1989, ch. 252, sec. 1, p. 614.]
ID Code § 26-2721 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2721 - ACQUISITION OF BIDCO — APPROVAL REQUIRED.

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.]
ID Code § 26-2722 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2722 - MERGER — REQUIREMENTS — APPLICATIONS.

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.]
ID Code § 26-2726 (2021)
2021 Idaho Code|Title 26 - BANKS AND BANKING|Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS|Section 26-2726 - DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS.

26-2726. DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS. (1) If, in the opinion of the director, disclosure to shareholders regarding a matter is warranted, the director may require a licensee, in such a form and manner as the director may specify, to disclose to the shareholders of a licensee the results of a communication or order from the director addressed to the licensee or to a subject person of the licensee. (2) If the director considers it expedient, the director may call a meeting of the board of directors of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each director either by personal service or by registered or certified mail sent to the director’s last known address as shown in the records of the director. (3) If the director considers it expedient, the director may call a meeting of the shareholders of a licensee by giving notice of the time, place, and purpose of the meeting not less than five (5) days before the meeting to each shareholder either by personal service or by registered or certified mail sent to the shareholder’s last known address as shown by the books of the licensee. The licensee shall pay the expenses of the notice and of a meeting called under this subsection.  History: [26-2726, added 1989, ch. 252, sec. 1, p. 621.]