reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 32 - TRUST INSTITUTIONS — GENERAL PROVISIONS › Section 26-3204 - PERSONS AUTHORIZED TO ACT AS A FIDUCIARY.

26-3204. PERSONS AUTHORIZED TO ACT AS A FIDUCIARY. (1) No person shall act as a fiduciary in this state except:
(a) A state trust company;
(b) A state bank;
(c) A savings bank organized under the laws of this state and authorized to act as a fiduciary pursuant to the savings bank act, chapter 18, title 26, Idaho Code;
(d) A national bank authorized by the comptroller of the currency to act as a fiduciary pursuant to 12 U.S.C. 92a;
(e) A federally chartered savings association having its principal office in this state and authorized by its federal chartering authority to act as a fiduciary;
(f) An out-of-state bank with a branch in this state established or maintained pursuant to the interstate banking act, chapter 26, title 26, Idaho Code, or the interstate branching act, chapter 16, title 26, Idaho Code, or a trust office licensed by the director pursuant to this act;
(g) An out-of-state trust company with a trust office licensed by the director pursuant to this act;
(h) A foreign bank with a trust office licensed by the director pursuant to this act; or
(i) Such other person as may be authorized by the director, in his discretion, and upon such conditions as he may require.
(2) No person shall engage in an unauthorized trust activity.
History:
[26-3204, added 2000, ch. 288, sec. 8, p. 978.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 32 - TRUST INSTITUTIONS — GENERAL PROVISIONS › Section 26-3206 - TRUST BUSINESS OF STATE TRUST INSTITUTION.

26-3206. TRUST BUSINESS OF STATE TRUST INSTITUTION. (1) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office established and maintained pursuant to this act, at a branch or at any location other than an office or branch.
(2) In addition, a state trust institution may conduct any activities at any office outside this state that are permissible for a trust institution chartered by the host state where the office is located, except to the extent such activities are expressly prohibited by the laws of this state or by any regulation or order of the director applicable to the state trust institution; provided however, that the director may waive any such prohibition if the director determines, by order or rule, that the involvement of out-of-state offices of state trust institutions in particular activities would not threaten the safety or soundness of such state trust institutions.
History:
[26-3206, added 2000, ch. 288, sec. 8, p. 980.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 32 - TRUST INSTITUTIONS — GENERAL PROVISIONS › Section 26-3207 - TRUST BUSINESS OF OUT-OF-STATE TRUST INSTITUTION.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 32 - TRUST INSTITUTIONS — GENERAL PROVISIONS › Section 26-3208 - NAME OF TRUST INSTITUTION.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 33 - TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES › Section 26-3301 - TRUST BUSINESS.

26-3301. TRUST BUSINESS. A state trust company or a state bank may:
(1) Perform any act as a fiduciary;
(2) Engage in any trust business;
(3) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary customs and usages, a power conferred in this act.
History:
[26-3301, added 2000, ch. 288, sec. 9, p. 980.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 33 - TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES › Section 26-3302 - BRANCHES AND OFFICES OF STATE TRUST INSTITUTIONS.

26-3302. BRANCHES AND OFFICES OF STATE TRUST INSTITUTIONS. (1) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this act, and at a branch in this state.
(2) A state trust institution may not act as a fiduciary but may otherwise engage in a trust business at a representative trust office as permitted by this act.
(3) Notwithstanding subsections (1) and (2) of this section, a state trust institution may not engage at an out-of-state office in any trust business not permitted for such an office by the host state to trust institutions chartered by such state.
History:
[26-3302, added 2000, ch. 288, sec. 9, p. 981.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 33 - TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES › Section 26-3303 - STATE TRUST COMPANY PRINCIPAL OFFICE.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 33 - TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES › Section 26-3304 - TRUST OFFICE — REPRESENTATIVE TRUST OFFICE.

26-3304. TRUST OFFICE — REPRESENTATIVE TRUST OFFICE. (1) A state trust institution may establish or acquire, and maintain, trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire, and maintain, such an office shall file a written notice with the director setting forth the name of the state trust institution, the location of the proposed additional office and whether the additional office will be a trust office or a representative trust office, furnish a copy of the resolution adopted by the board authorizing the additional office and pay the filing fee, if any, prescribed by the director.
(2) The state trust institution may commence business at the additional office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date.
(3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the state trust institution may establish the additional office only on prior written approval by the director.
(4) The director may deny approval of the additional office if the director finds that the state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest.
History:
[26-3304, added 2000, ch. 288, sec. 9, p. 981.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 33 - TRUST INSTITUTIONS — STATE TRUST INSTITUTION OFFICES › Section 26-3305 - OUT-OF-STATE OFFICES.

26-3305. OUT-OF-STATE OFFICES. (1) A state bank, a state trust company or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state. Such a trust institution desiring to establish or acquire, and maintain, an office in another state under this section shall file a notice with the director on a form prescribed by the director, which shall set forth the name of the trust institution, the location of the proposed office, whether the office will be a trust office or a representative trust office, and whether the laws of the jurisdiction where the office will be located permit the office to be maintained by the trust institution, furnish a copy of the resolution adopted by the board authorizing the out-of-state office, and pay the filing fee, if any, prescribed by the director.
(2) The trust institution may commence business at the additional office on the thirty-first day after the date the director receives the notice, unless the director specifies an earlier or later date.
(3) The thirty (30) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the trust institution may establish the additional office only on prior written approval by the director.
(4) The director may deny approval of the additional office if the director finds that the trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office would be contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies.
History:
[26-3305, added 2000, ch. 288, sec. 9, p. 982.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3401 - TRUST BUSINESS AT A BRANCH OR TRUST OFFICE OR REPRESENTATIVE TRUST OFFICE.

26-3401. TRUST BUSINESS AT A BRANCH OR TRUST OFFICE OR REPRESENTATIVE TRUST OFFICE. (1) An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business in this state if it maintains a trust office in this state as permitted by this chapter, or a branch in this state.
(2) An out-of-state trust institution may not act as a fiduciary, but may otherwise engage in a trust business, at a representative trust office as permitted by this chapter.
History:
[26-3401, added 2000, ch. 288, sec. 10, p. 982.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3402 - ESTABLISHING OR ACQUIRING AN INTERSTATE TRUST OFFICE OR REPRESENTATIVE OFFICE.

26-3402. ESTABLISHING OR ACQUIRING AN INTERSTATE TRUST OFFICE OR REPRESENTATIVE OFFICE. (1) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish or acquire, and maintain, a trust office in this state.
(2) An out-of-state trust institution may establish or acquire, and maintain, a representative trust office in this state.
History:
[26-3402, added 2000, ch. 288, sec. 8, p. 983.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3403 - REQUIREMENT OF NOTICE.

26-3403. REQUIREMENT OF NOTICE. An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the proposed transaction to the director on or after the date on which the out-of-state trust institution applies to the home state regulator for approval to establish or acquire, and maintain, the trust office. The filing of such notice shall be preceded or accompanied by a copy of the resolution adopted by the board authorizing the additional office and the filing fee, if any, prescribed by the director.
History:
[26-3403, added 2000, ch. 288, sec. 10, p. 983.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3404 - CONDITIONS FOR APPROVAL.

26-3404. CONDITIONS FOR APPROVAL. (1) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless:
(a) The out-of-state trust institution shall have confirmed in writing to the director that for as long as it maintains a trust office in this state, it will comply with all applicable laws of this state;
(b) The out-of-state trust institution shall have provided satisfactory evidence to the director of compliance with:
(i) Any applicable requirements of part 15, chapter 1, title 30, Idaho Code, and
(ii) The applicable requirements of its home state regulator for acquiring or establishing and maintaining such office.
(c) The director, acting within sixty (60) days after receiving notice under section 26-3403, Idaho Code, shall have certified to the home state regulator that the requirements of this chapter have been met and the notice has been approved or, if applicable, that any conditions imposed by the director pursuant to subsection (2) of this section have been satisfied.
(2) The out-of-state trust institution may commence business at the trust office on the sixty-first day after the date the director receives the notice unless the director specifies an earlier or later date, provided, with respect to an out-of-state trust institution that is not a depository institution and for which the director shall have conditioned such approval on the satisfaction by the out-of-state trust institution of any requirement applicable to a state trust company pursuant to this act, such institution shall have satisfied such conditions and provided to the director satisfactory evidence thereof.
(3) The sixty (60) day period of review may be extended by the director on a determination that the written notice raises issues that require additional information or additional time for analysis. If the period of review is extended, the out-of-state trust institution may establish the office only on prior written approval by the director.
(4) The director may deny approval of the office if the director finds that the out-of-state trust institution lacks sufficient financial resources to undertake the proposed expansion without adversely affecting its safety or soundness or that the proposed office is contrary to the public interest. In acting on the notice, the director shall consider the views of the appropriate bank supervisory agencies.
History:
[26-3404, added 2000, ch. 288, sec. 10, p. 983.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3405 - REGISTRATION OF REPRESENTATIVE TRUST OFFICE.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3406 - ADDITIONAL TRUST OFFICES.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 34 - TRUST INSTITUTIONS — OUT-OF-STATE TRUST INSTITUTION OFFICES › Section 26-3407 - NOTICE OF SUBSEQUENT MERGER, TRANSFER, OR CLOSING.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3501 - PREREQUISITE TO ENGAGING IN TRUST BUSINESS.

26-3501. PREREQUISITE TO ENGAGING IN TRUST BUSINESS. (1) A corporation duly organized for the purpose of engaging in the trust business may apply for a charter to operate as a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust business within or without this state.
(2) A bank having the power to engage in the trust business, which is organized under the laws of this state or authorized to do business in this state, and which is chartered under the provisions of the Idaho bank act to engage in banking business in the state of Idaho, may apply for a charter from the director authorizing it to operate a trust department.
(3) To the extent not inconsistent with specific provisions of this chapter, and in the discretion of the director, provisions of the Idaho bank act regarding organization, operation and closing of banks shall apply to applicants for a charter under this chapter and to state trust companies.
History:
[26-3501, added 2000, ch. 288, sec. 11, p. 985.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3502 - APPLICATION FOR CHARTER.

26-3502. APPLICATION FOR CHARTER. An application for a state trust company or trust department charter shall be in writing and in such form as the director shall prescribe, verified under oath and supported by such information, data and records as the director may require.
History:
[26-3502, added 2000, ch. 288, sec. 11, p. 985.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3503 - APPLICATION FEE.

26-3503. APPLICATION FEE. A reasonable application fee, as set by the director, shall be paid to the department with respect to each application for a charter under this chapter at the time the application is filed.
History:
[26-3503, added 2000, ch. 288, sec. 11, p. 985.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3504 - MINIMUM CAPITAL.

26-3504. MINIMUM CAPITAL. (1) A charter shall not be issued to a corporation applying for a state trust company charter having a paid-in capital of less than one million five hundred thousand dollars ($1,500,000).
(2) A charter to operate a trust department shall not be issued to a bank unless the capital of the bank is in an amount of not less than one million five hundred thousand dollars ($1,500,000), in addition to its statutory required minimum capital for a bank charter required by section 26-205, Idaho Code.
(3) Subject to subsection (4) of this section, a state trust company or state bank shall at all times maintain capital in at least the amount required under subsections (1) and (2) of this section.
(4) The director may require additional capital for a proposed or existing state trust company or state bank or, on application in the exercise of discretion consistent with protecting safety and soundness, reduce the amount of minimum capital required for a proposed or existing state trust company or state bank.
History:
[26-3504, added 2000, ch. 288, sec. 11, p. 986.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3505 - ISSUANCE OF CHARTER.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3506 - RECORDS — PRESERVATION OF RECORDS.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3507 - DISCLOSURE OF INFORMATION.

26-3507. DISCLOSURE OF INFORMATION. A state trust company or trust department, its officers and employees, shall not disclose information to any person concerning the existence, condition, management and administration of any trust of which it is the trustee except as such disclosure:
(1) Is specifically authorized by the terms of the trust or upon the direction of the trustor;
(2) Is determined by an officer of the state trust institution to be necessary for the proper administration of such trust;
(3) Is required by a court of competent jurisdiction;
(4) Is made, in the case of an irrevocable trust, to or upon the instructions of any beneficiary thereunder whether or not presently entitled to receive benefits from the trust;
(5) Is made to the director or to any state or federal regulatory or insuring agency lawfully requiring such disclosure;
(6) Is required by title 15, Idaho Code.
History:
[26-3507, added 2000, ch. 288, sec. 11, p. 986.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3508 - TRUST FUNDS.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3509 - LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED.

26-3509. LOANS TO DIRECTORS, OFFICERS OR EMPLOYEES PROHIBITED — LOANS TO AFFILIATES OR SUBSIDIARIES PROHIBITED. (1) A state trust company or bank having a trust department shall not make any loan to any director, officer or employee of the trust institution or to any affiliate or subsidiary corporation or to any director, officer or employee of an affiliate or subsidiary corporation from its trust funds. A state trust company or bank having a trust department shall not permit any director, officer, employee, affiliate or subsidiary corporation to become indebted to it in any manner out of its trust funds unless specifically authorized to do so by the terms of the trust.
(2) This section shall not prevent the maintenance by a state trust company of its trust funds in time or demand deposits in an affiliate which is a bank, or a trust department of a bank from maintaining its trust funds in the bank in accordance with section 26-3508, Idaho Code.
History:
[26-3509, added 2000, ch. 288, sec. 11, p. 987.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 35 - TRUST INSTITUTIONS — STATE TRUST COMPANY ORGANIZATION — GENERAL PROVISIONS › Section 26-3510 - CLOSING OF TRUST UNDULY DELAYED.

26-3510. CLOSING OF TRUST UNDULY DELAYED. If, as a result of an examination, the director finds that the closing of any trust by a state trust company has been unreasonably delayed, the director may initiate proceedings in a court of competent jurisdiction to require the state trust institution to perform its duties in closing the trust.
History:
[26-3510, added 2000, ch. 288, sec. 11, p. 987.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3601 - ADMINISTRATION AND RULES.

26-3601. ADMINISTRATION AND RULES. Every authorized trust institution shall be under the supervision of the director. The director may issue, promulgate, amend and rescind rules or orders necessary or proper to carry out the provisions of this act. All authorized trust institutions doing business under the provisions of this act shall conduct their business in a manner consistent with all laws relating to authorized trust institutions, and all rules or orders that may be promulgated or issued by the director.
History:
[26-3601, added 2000, ch. 288, sec. 12, p. 988.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3602 - EXAMINATIONS — PERIODIC REPORTS — COOPERATIVE AGREEMENTS — ASSESSMENT OF FEES.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3604 - NOTICE AND OPPORTUNITY FOR HEARING.

26-3604. NOTICE AND OPPORTUNITY FOR HEARING. Consistent with chapter 52, title 67, Idaho Code, notice and opportunity for hearing shall be provided in connection with any of the foregoing actions. Provided however, in cases involving extraordinary circumstances requiring immediate action, the director may take such action, but shall promptly afford a subsequent hearing upon application to rescind the action taken. The director shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state trust institution and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving said enforcement action.
History:
[26-3604, added 2000, ch. 288, sec. 12, p. 989.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3605 - SUBPOENA POWER — EXAMINATION UNDER OATH.

26-3605. SUBPOENA POWER — EXAMINATION UNDER OATH. The director shall have the power to subpoena witnesses, compel their attendance, require the production of evidence, administer oaths, and examine any person under oath in connection with any subject related to a duty imposed or a power vested in the director by this act.
History:
[26-3605, added 2000, ch. 288, sec. 12, p. 990.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3607 - IMPAIRMENT OF CAPITAL — UNSAFE CONDITION — RECEIVERSHIP.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3608 - LIMIT OF LEGAL ACTION.

26-3608. LIMIT OF LEGAL ACTION. This chapter does not limit any statutory or common law right of a person to bring an action in a court for any act involved in the transaction of trust business or the right of the state to bring an action against any person for a violation of law based on such act. The director may enforce any of his orders through injunctive proceedings or any other appropriate action brought in the name of this state.
History:
[26-3608, added 2000, ch. 288, sec. 12, p. 990.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 36 - TRUST INSTITUTIONS — SUPERVISION AND ENFORCEMENT › Section 26-3609 - CONTINUED OPERATION.

26-3609. CONTINUED OPERATION. Any bank chartered to operate a trust department on July 1, 2000, is hereby authorized to continue to operate a trust department after July 1, 2000; provided that such bank must conform its trust department operations with the provisions of this act.
History:
[26-3609, added 2000, ch. 288, sec. 12, p. 990.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3701 - SHORT TITLE.

26-3701. SHORT TITLE. This chapter shall be known and may be cited as the "Idaho Continuing-Care Disclosure Act."
History:
[26-3701, added 2005, ch. 265, sec. 15, p. 816.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3702 - STATEMENT OF PURPOSE.

26-3702. STATEMENT OF PURPOSE. The legislature recognizes that continuing care communities have become an important and necessary alternative for the long-term residential, social and health maintenance needs for many of the state’s elderly citizens.
The legislature finds and declares that tragic consequences can result to citizens of the state when a provider of services under a continuing care agreement becomes insolvent or unable to provide responsible care. The legislature recognizes the need for full disclosure with respect to the terms of agreements between prospective residents and the provider and the operations of such providers. Accordingly, the legislature has determined that these providers should be regulated in accordance with the provisions of this chapter. The provisions of this chapter apply equally to for-profit and not-for-profit provider organizations. The provisions of this chapter shall be the minimum requirements to be imposed upon any person, association or organization offering or providing continuing care as set forth in this chapter.
History:
[26-3702, added 2005, ch. 265, sec. 15, p. 816.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3703 - DEFINITIONS.

26-3703. DEFINITIONS. As used in this chapter:
(1) "Continuing care" means the furnishing to an individual, other than an individual related by blood, marriage, or adoption to the person furnishing the care, of lodging together with nursing services, medical services, or other health related services, pursuant to an agreement requiring an entrance fee.
(2) "Department" means the department of finance.
(3) "Director" means the director of the department of finance or his authorized designee.
(4) "Entrance fee" means an initial or deferred transfer to a provider of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of a specified individual as a resident in a facility. A fee which is less than the sum of the regular periodic charges for six (6) months of residency will not be considered to be an entrance fee for the purposes of this chapter.
(5) "Facility" means the place or places in which a person undertakes to provide continuing care to an individual.
(6) "Living unit" means a room, apartment, cottage or other area within a facility set aside for the exclusive use or control of one (1) or more identified individuals.
(7) "Provider" means the promoter, developer, or owner of a continuing care facility, whether a natural person, partnership, unincorporated association, trust, or corporation, or any other person, or that person’s successors or assigns that solicits or undertakes to provide continuing care to the public under a continuing care facility contract.
(8) "Resident" means an individual entitled to receive continuing care in a facility.
History:
[26-3703, added 2005, ch. 265, sec. 15, p. 816.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3704 - REGISTRATION — ANNUAL FEE.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3708 - CROSS-COLLATERALIZATION PROHIBITED.

26-3708. CROSS-COLLATERALIZATION PROHIBITED. No part of the entrance fee placed in escrow may be pledged by the provider as collateral for the purpose of securing loans for any purpose other than providing for the care of the resident.
History:
[26-3708, added 2005, ch. 265, sec. 15, p. 822.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3709 - AUDITS.

26-3709. AUDITS. Each provider upon annual renewal of registration shall provide to the director certified audited reports of the financial condition of the facility and shall amend the disclosure required by section 26-3704, Idaho Code, as necessary. The annual audited reports shall be prepared by or under the supervision and direction of a certified public accountant according to generally accepted accounting principles and shall contain such additional information as may be required by the director. The annual renewal of registration shall be filed with the director not later than ninety (90) days after the close of the provider’s fiscal year as used for state income tax purposes.
History:
[26-3709, added 2005, ch. 265, sec. 15, p. 822.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3710 - CIVIL LIABILITY.

26-3710. CIVIL LIABILITY. (1) Any person who, as a provider, or on behalf of a provider:
(a) Enters into a contract for continuing care at a facility which has not registered under this chapter;
(b) Enters into a contract for continuing care at a facility without having first delivered a disclosure statement meeting the requirements of this chapter to the person contracting for such continuing care;
(c) Enters into a contract for continuing care at a facility with a person who has relied on a disclosure statement which contains a misstatement of a material fact or which omits a material fact required to be stated therein or necessary in order to make the statements made therein, in light of the circumstances under which they are made, not misleading; or
(d) Engages in any fraudulent or deceptive practices in the provision of services to the resident, or prospective resident;
shall be deemed to have violated the terms of this chapter and shall be liable to the person contracting for such continuing care for damages and repayment of all fees paid to the provider, facility or person in violation of the provisions of this chapter, less the reasonable value of care and lodging provided to the resident by or on whose behalf the contract for continuing care was entered into prior to discovery of the violation, misstatement or omission or the time the violation, misstatement or omission should reasonably have been discovered, together with interest thereon at the legal rate for judgments and court costs and reasonable attorney’s fees.
(2) Liability under this section shall exist regardless of whether or not the provider or person liable had actual knowledge of the misstatement or omission.
(3) A person may not file or maintain an action under this section if the person, before filing the action, received an offer, approved by the director, to refund all amounts paid the provider, facility or person in violation of the provisions of this chapter together with interest from the date of payment, less the reasonable value of care and lodging provided prior to the receipt of the offer and the person failed to accept the offer within thirty (30) days of receipt. At the time a provider makes a written offer of rescission, the provider shall file a copy with the director. The rescission offer shall recite the provisions of this section.
(4) An action shall not be maintained to enforce a liability created under this chapter unless brought before the expiration of six (6) years after the execution of the contract for continuing care which gave rise to the violation.
(5) Except as expressly provided in this chapter, civil liability in favor of a private party shall not arise against a person, by implication, from or as a result of the violation of this chapter or a rule or order promulgated or issued under this chapter. This chapter shall not limit a liability which may exist by virtue of any other statute or under common law if this chapter were not in effect.
History:
[26-3710, added 2005, ch. 265, sec. 15, p. 822.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3711 - INJUNCTIONS.

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.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 37 - IDAHO CONTINUING-CARE DISCLOSURE ACT › Section 26-3712 - DENIAL, SUSPENSION, REVOCATION OF REGISTRATION — GROUNDS.

26-3712. DENIAL, SUSPENSION, REVOCATION OF REGISTRATION — GROUNDS. The director may by order deny, suspend or revoke registration of any provider:
(1) If he finds the order is in the public interest; or
(2) Any of the conditions described in section 26-3705(2)(c), Idaho Code, apply to the provider.
In addition the director may impose an administrative fine in an amount not to exceed five thousand dollars ($5,000) for each violation of the provisions of this chapter.
Prior to the revocation or suspension of any registration, the provider shall be given an opportunity for an appropriate contested case in accordance with the provisions of chapter 52, title 67, Idaho Code. Judicial review of the final order of the director shall be governed by chapter 52, title 67, Idaho Code.
History:
[26-3712, added 2005, ch. 265, sec. 15, p. 823.]