reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2225 - APPROVAL OF LICENSE APPLICATION.

26-2225. APPROVAL OF LICENSE APPLICATION. (1) The director shall act upon all applications for a license under this act. If the director determines that the requirements of this act have been met and all applicable fees paid, and the applicant is not otherwise unqualified for licensure, the director shall issue a license to the applicant.
(2) Each license issued under this section shall remain in full force and effect unless the licensee fails to satisfy the renewal requirements of this act, or the license is relinquished, suspended, terminated or revoked.
History:
[26-2225, added 2008, ch. 347, sec. 6, p. 943.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2226 - FALSE OR FRAUDULENT DEBT REDUCTION AND ELIMINATION PRACTICES.

26-2226. FALSE OR FRAUDULENT DEBT REDUCTION AND ELIMINATION PRACTICES. (1) No person shall obtain or attempt to obtain a fee, compensation or consideration from a person through a false or fraudulent representation or statement that a debt, loan, or extension of credit could or would be eliminated, reduced or substituted, if the representation or statement is false or misleading or has the tendency or capacity to be misleading, or if the person making the representation or statement does not have sufficient information upon which a reasonable belief in the truth of the representation or statement could be based.
(2) (a) Whenever it appears to the director that a person has violated subsection (1) of this section, the director shall have the powers and remedies set forth in sections 67-2754 and 67-2755, Idaho Code, as well as the powers and remedies found in this chapter, as to any such violation.
(b) Any person who violates subsection (1) of this section shall be subject to the criminal proceedings and penalties set forth in sections 67-2757, 67-2758 and 67-2759, Idaho Code, as well as the criminal proceedings and penalties provided in this chapter.
History:
[26-2226, added 2005, ch. 265, sec. 17, p. 825.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2228 - POWERS OF THE DIRECTOR.

26-2228. POWERS OF THE DIRECTOR. In addition to any other duties authorized by law, the director shall:
(1) Administer and enforce the provisions and requirements of this act;
(2) Conduct investigations and issue subpoenas as necessary to determine whether a person has violated any provision of this act, rule or order hereunder;
(3) Conduct examinations of the books and records of licensees related to business activities authorized under this act and conduct investigations as necessary and proper for the enforcement of the provisions of this act, rules or orders hereunder;
(4) Pursuant to chapter 52, title 67, Idaho Code, issue orders and promulgate rules that, in the opinion of the director, are necessary to execute, enforce and effectuate the purposes of this act; and
(5) Require that all funds collected by the department under this act be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.
History:
[26-2228, added 1970, ch. 53, sec. 7, p. 118; am. 1974, ch. 24, sec. 23, p. 744; am. 1974, ch. 154, sec. 6, p. 1379; am. 1995, ch. 211, sec. 4, p. 717; am. 2008, ch. 347, sec. 8, p. 944.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2229 - CONTRACTS.

26-2229. CONTRACTS. (1) Contracts between collection agency licensees or collection agencies required to be licensed under this act and creditor clients shall be in writing.
(2) It shall be a violation of this act for any collection agency contract to:
(a) Authorize a collection agency to retain any sums collected on behalf of a creditor client, other than the regular collection fees or commissions authorized by this act;
(b) Penalize a creditor client for any unintentional error, mistake or omission in furnishing the correct name or address of any debtor to a collection agency; or
(c) Require the payment of any fee, commission or compensation in excess of fifty percent (50%) of the amount actually collected on any account, bill, claim or other indebtedness entrusted to the collection agency for collection. However, in the case that a collection agency collects interest on an account, the creditor client and the collection agency may agree in writing for division of such interest between them without such percentage limitation. Furthermore, in the case of the collection of checks dishonored by nonacceptance or nonpayment, the creditor client and the collection agency, by written agreement between them, may provide, in place of a percentage fee, for the payment of a set dollar amount collection fee not to exceed the amount provided in section 28-22-105, Idaho Code, which shall not be subject to the fifty percent (50%) limitation. Collection agreements to proceed under section 1-2301A, Idaho Code, shall be subject to the fifty percent (50%) limitation.
(3) (a) No debt counselor, credit counselor or credit repair organization licensed or required to be licensed under this act shall take or receive for services performed for any one (1) person more than fifteen percent (15%) of the amount received by it at any one (1) time from or on behalf of that person for payment or prorating to creditors, and no other charges shall be made or received for any such service.
(b) Debt counselors or credit counselors who do not receive, hold or disburse funds from debtors for payment to creditors shall not charge or accept as a fee for their services more than twenty percent (20%) of the principal amount of the debtor’s unsecured debt at the time of contracting for services for the management of debt. In the event of cancellation of the contract by the debtor prior to its successful completion, the debt counselor or credit counselor shall refund fifty percent (50%) of any collected fees associated with the amount of debt remaining unsettled at the time of the termination of the contract.
History:
[26-2229, added 1970, ch. 53, sec. 8, p. 118; am. 1973, ch. 263, sec. 1, p. 538; am. 1974, ch. 24, sec. 24, p. 744; am. 1982, ch. 107, sec. 1, p. 306; am. 1984, ch. 47, sec. 8, p. 81; am. 1995, ch. 211, sec. 5, p. 718; am. 1996, ch. 373, sec. 4, p. 1270; am. 1997, ch. 370, sec. 3, p. 1178; am. 2008, ch. 347, sec. 9, p. 945.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2230 - BRANCH OFFICES.

26-2230. BRANCH OFFICES. A licensee must register, in a manner prescribed by the director, each additional place of business from which activities authorized under this act are directly or indirectly conducted in this state. Registered locations shall be considered branches of the licensee. The licensee shall inform the director of the opening of a branch location at least thirty (30) days prior thereto, and no later than thirty (30) days after the closing of any branch location.
History:
[26-2230, added 1995, ch. 211, sec. 8, p. 720; am. 1997, ch. 370, sec. 5, p. 1180; am. 2008, ch. 347, sec. 11, p. 947.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2231 - RENEWAL OF LICENSE — REINSTATEMENT.

26-2231. RENEWAL OF LICENSE — REINSTATEMENT. (1) On or before December 31 of each year, each licensee shall pay to the director a nonrefundable license renewal fee of one hundred dollars ($100) and shall file, through an electronic system of licensing as prescribed by the director, a license renewal providing complete information as required by the director.
(2) Failure to fully comply with the license renewal requirements of this section by December 31 of each year shall result in automatic expiration of the license as of that date.
(3) The director may reinstate an expired license within sixty (60) days immediately following license expiration if the director finds that the applicant meets the requirements for licensure under this chapter and after submission to the director of:
(a) A complete application for renewal;
(b) The fee required to apply for license renewal, unless previously paid; and
(c) A reinstatement fee of fifty dollars ($50.00).
History:
[26-2231, added 1970, ch. 53, sec. 10, p. 118; am. 1984, ch. 47, sec. 9, p. 82; am. 1990, ch. 346, sec. 3, p. 932; am. 2002, ch. 190, sec. 4, p. 547; am. 2008, ch. 347, sec. 12, p. 948; am. 2022, ch. 286, sec. 5, p. 909.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2232 - COLLECTION AGENCY SURETY BONDS.

26-2232. COLLECTION AGENCY SURETY BONDS. (1) Upon approval of the application and prior to the issuance of a license under this act, the applicant shall file in the department of finance a surety bond in a form prescribed by the director. The bond shall be executed by the applicant as principal and by a surety company authorized to do business in this state, and shall be for the term of the license issued to the applicant. In lieu of the bond required by this section, a certificate of deposit issued by a financial institution authorized to conduct business in Idaho may be provided to the director in the same principal amount as required for the bond. The interest on the certificate of deposit shall be payable to the licensee. The certificate of deposit shall be maintained at all times during which the licensee is authorized to do business under this act. The certificate of deposit must provide that it will remain in effect for at least three (3) years following discontinuance of operations, unless released earlier by the director when all statutory requirements have been met.
(2) The surety bond shall be executed to the state of Idaho in the sum of fifteen thousand dollars ($15,000) or upon renewal in such larger sum as hereinafter provided. In any case where a licensee or its representatives have failed to account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors, or have failed to return to a debtor any sum received that was not to be applied to his debts, the creditor or debtor shall have in addition to all other legal remedies a right of action in his own name on such bond without the necessity of joining the licensee in such action. The bond shall be continuous in form and shall remain in full force and effect for the license period. The surety may cancel the bond provided that the surety shall in such event provide the licensee and the director with notice no less than thirty (30) days prior to cancellation of said bond. Such notice shall be by registered or certified mail with request for a return receipt and addressed to the licensee at its main office and to the director. In no event shall the liability of the surety for any and all claims against the bond exceed the face amount of such bond.
(3) Upon renewal of a license, the licensee shall supply the director with a statement of the preceding year’s net collections. The amount of the bond upon renewal shall be in the amount of fifteen thousand dollars ($15,000), or two (2) times the average monthly net collections for the preceding year computed to the next highest one thousand dollars ($1,000), whichever sum is greater, up to a maximum of one hundred thousand dollars ($100,000).
History:
[26-2232, added 1970, ch. 53, sec. 11, p. 118; am. 1987, ch. 296, sec. 1, p. 632; am. 1987, ch. 301, sec. 1, p. 639; am. 1999, ch. 277, sec. 1, p. 691; am. 2008, ch. 347, sec. 13, p. 948.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2233 - LICENSEE ACCOUNTS REQUIRED.

26-2233. LICENSEE ACCOUNTS REQUIRED. (1) Every licensee under this act that receives or holds funds belonging to another in connection with the business activities authorized by this act shall, in its own name, establish and maintain a separate trust account for deposit and remittance of such funds in a financial institution, the deposits of which are insured by the federal deposit insurance corporation. A licensee may not, directly or indirectly, misappropriate, misapply or borrow money held in trust.
(2) Every licensee under this act shall establish and maintain a separate business account for the licensee’s business funds and moneys in a financial institution, the deposits of which are insured by the federal deposit insurance corporation.
History:
[26-2233, added 1970, ch. 53, sec. 12, p. 118; am. 1983, ch. 252, sec. 1, p. 672; am. 1995, ch. 211, sec. 9, p. 720; am. 1997, ch. 370, sec. 6, p. 1181; am. 2008, ch. 347, sec. 16, p. 950.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2236 - SUBPOENAS.

26-2236. SUBPOENAS. The director shall have the power to issue subpoenas as necessary to determine whether a person has violated any provision of this act, rule or order thereunder, to swear witnesses and to take the testimony of any person by deposition, with the same fees and mileage and in the same manner as prescribed by law in judicial procedure in district courts of this state in civil cases. Any party to a proposed revocation or suspension of a license shall have the right of subpoena to compel the attendance of witnesses and produce all reasonably necessary books and writings on his behalf. In case any witness shall fail or refuse to comply with a subpoena to appear before the director, the clerk of the district court of the county in which the administrative proceedings are held shall, upon demand of the director, issue a subpoena reciting the demand therefor and summoning the witness to appear and testify at a time and place fixed; and violation of such subpoena or disobedience thereto shall be deemed and punished as a violation of a subpoena issued by the district court.
History:
[26-2236, added 1970, ch. 53, sec. 15, p. 118; am. 1993, ch. 165, sec. 4, p. 420; am. 2008, ch. 347, sec. 19, p. 952.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2237 - FEES — DISPOSITION OF FUNDS.

26-2237. FEES — DISPOSITION OF FUNDS. All fees provided for in this act shall be paid to the director and by him remitted to the state treasurer pursuant to section 59-1014, Idaho Code, and all such funds shall be deposited to the credit of the finance administrative account in the state dedicated fund.
History:
[26-2237, added 1970, ch. 53, sec. 16, p. 118; am. 1974, ch. 24, sec. 27, p. 744; am. 1984, ch. 47, sec. 10, p. 83; am. 2008, ch. 347, sec. 20, p. 953.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2238 - VIOLATIONS — PENALTIES.

26-2238. VIOLATIONS — PENALTIES. (1) Any person who engages in activities authorized under this act, who fails to establish and maintain a separate trust account as required under this act, or fails to disburse funds in accordance with the requirements of this act, or misappropriates, transfers, or converts to his own use or benefit, funds belonging to or held for another person, shall, upon conviction, be guilty of a felony punishable by a fine not to exceed five thousand dollars ($5,000) per violation or by imprisonment for not more than five (5) years, or both.
(2) Any person, except a person exempt under section 26-2239, Idaho Code, who engages in activities authorized under this act without first obtaining a license as required by this act shall, upon conviction, be guilty of a felony punishable by a fine not to exceed five thousand dollars ($5,000) or by imprisonment for not more than five (5) years, or both.
(3) Any person who shall fail to comply with any of the other provisions of this act shall, upon conviction, be guilty of a misdemeanor.
History:
[26-2238, added 1970, ch. 53, sec. 17, p. 118; am. 1997, ch. 370, sec. 8, p. 1182; am. 2008, ch. 347, sec. 21, p. 953.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2239 - EXEMPTIONS.

26-2239. EXEMPTIONS. The provisions of this act shall not apply to the following:
(1) Persons licensed to practice law in this state, to the extent that they are retained by their clients to engage in activities authorized by this act, and such activities are incidental to the practice of law. Such exemption shall not apply to an attorney engaged in a separate business conducting the activities authorized by this act;
(2) Any regulated lender as defined in section 28-41-301, Idaho Code, and its subsidiary, affiliate or agent, to the extent that the regulated lender, subsidiary, affiliate or agent collects for the regulated lender or engages in acts governed by this act which are incidental to the business of a regulated lender;
(3) Any bank, trust company, credit union, insurance company or industrial loan company authorized to do business in this state;
(4) Any federal, state or local governmental agency or instrumentality;
(5) Any real estate broker or real estate salesman licensed under the laws of and residing within this state while engaged in acts authorized by his real estate license;
(6) Any person authorized to engage in escrow business in this state while engaged in authorized escrow business;
(7) Any mortgage lender engaged in the regular business of a mortgage lender as defined in section 26-31-201, Idaho Code, except a mortgage lender engaged in a separate business conducting the activities authorized by this act;
(8) Any court-appointed trustee, receiver or conservator;
(9) Any telephone corporation as defined in subsection (14) of section 62-603, Idaho Code, whose initial request for payment on behalf of such telephone corporation or on behalf of another person is made by the telephone corporation as a part of regular telecommunications billings to its customers and at a time before the account, bill, claim or other indebtedness becomes past due or delinquent;
(10) Any person while acting as a debt collector for another person, both of whom are related by common ownership or affiliated by corporate control, if the person acting as a debt collector does so only for persons to whom he is so related or affiliated and if the principal business of such person is not the collection of debts.
History:
[26-2239, added 1970, ch. 53, sec. 18, p. 118; am. 1990, ch. 346, sec. 6, p. 935; am. 1993, ch. 165, sec. 5, p. 420; am. 2003, ch. 112, sec. 1, p. 355; am. 2008, ch. 347, sec. 22, p. 953; am. 2013, ch. 54, sec. 8, p. 119; am. 2015, ch. 244, sec. 9, p. 1011; am. 2020, ch. 100, sec. 1, p. 260.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2240 - AGENT IDENTIFICATION — QUARTERLY NOTICE — FEE.

26-2240. AGENT IDENTIFICATION — QUARTERLY NOTICE — FEE. Each applicant for a license under this act, with its initial license application, and each licensee at annual renewal, shall file with the director a list of all agents including the name of each agent and any other identifying information the director may require. A fee of twenty dollars ($20.00) for each listed agent shall accompany the list. Each licensee shall notify the director in writing of any additions to its agent list no less often than every calendar quarter. A fee of twenty dollars ($20.00) shall be paid to the director for each additionally identified agent in the quarterly notification of additions to a licensee’s agent list. An agent is not required to be listed, nor the fee paid therefor, unless the agent acted for the licensee for more than thirty (30) business days.
History:
[26-2240, added 1997, ch. 370, sec. 10, p. 1182; am. 2008, ch. 347, sec. 23, p. 954.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2243 - PROPERTY RIGHT IN ACCOUNTS — PRACTICE OF LAW PROHIBITED.

26-2243. PROPERTY RIGHT IN ACCOUNTS — PRACTICE OF LAW PROHIBITED. A licensee under this act shall have a property right in any account assigned to it for collection; provided, however, no right herein granted shall authorize such licensee to engage in the practice of law.
History:
[26-2243, added 1970, ch. 53, sec. 22, p. 118; am. 2008, ch. 347, sec. 24, p. 954.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2244 - CEASE AND DESIST ORDERS, PENALTY.

26-2244. CEASE AND DESIST ORDERS, PENALTY. (1) Whenever it appears to the director that it is in the public interest, he may order any person to cease and desist from acts, practices, or omissions which constitute a violation of this act or a rule adopted or an order issued under this act.
(2) Whenever, after notice and the opportunity for a hearing, the director finds that any person has engaged in any act, practice, or omission constituting a violation of any provision of this act or a rule adopted or an order issued under this act, the director may order the person to cease and desist from such acts, practices or omissions and:
(a) Impose a civil penalty of not more than five thousand dollars ($5,000) for each violation upon any person found to have violated any provision of this act or a rule adopted or an order issued under this act;
(b) Issue an order restoring to any person in interest any consideration that may have been acquired or transferred in violation of this act or a rule adopted or an order issued under this act; and
(c) Issue an order that the person violating this act or a rule adopted or an order issued under this act pay costs, which in the discretion of the director may include an amount representing reasonable attorney’s fees and reimbursement for investigative efforts.
History:
[26-2244, added 1970, ch. 53, sec. 23, p. 118; am. 1974, ch. 24, sec. 28, p. 744; am. 1990, ch. 346, sec. 9, p. 936; am. 1993, ch. 165, sec. 7, p. 421; am. 2002, ch. 190, sec. 6, p. 549; am. 2008, ch. 347, sec. 25, p. 955.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2245 - DIRECTOR’S POWER TO ENJOIN VIOLATIONS.

26-2245. DIRECTOR’S POWER TO ENJOIN VIOLATIONS. (1) Whenever it appears to the director that any person, or employee or agent thereof, has engaged in or is about to engage in any act or practice or omission constituting a violation of any provision of this act, or any rule or order issued hereunder, he may in his discretion bring an action in any court of competent jurisdiction to enjoin any such acts, practices or omissions and to enforce compliance with this act or any rule adopted or order issued hereunder. Upon a showing that a person, or employee or agent thereof, has engaged in or is about to engage in an act, practice or omission constituting a violation of this act or any rule adopted or order issued hereunder, a permanent or temporary injunction, or restraining order shall be granted and a receiver or conservator may be appointed, which may be the director, for the defendant’s assets. The director shall not be required to furnish a bond.
(2) In addition to the foregoing, the director, in his discretion and upon a showing in any court of competent jurisdiction that a person has violated any provision of this act or rule adopted or order issued hereunder, may be granted the following additional remedies:
(a) An order restoring to any person in interest any consideration that may have been acquired or transferred in violation of this act;
(b) An order that the person violating this act, rule or order issued hereunder, pay a civil penalty to the department in an amount not to exceed five thousand dollars ($5,000) for each violation;
(c) An order allowing the director to recover costs, which in the discretion of the court may include an amount representing reasonable attorney’s fees and reimbursement for investigative efforts; and
(d) An order granting other appropriate remedies upon a proper showing.
History:
[26-2245, added 1970, ch. 53, sec. 24, p. 118; am. 2002, ch. 190, sec. 7, p. 549; am. 2008, ch. 347, sec. 26, p. 955.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2247 - INSTITUTION OF CRIMINAL PROCEEDINGS.

26-2247. INSTITUTION OF CRIMINAL PROCEEDINGS. The director may refer such evidence as may be available concerning violations of this act or of any rule or order hereunder to the attorney general or the proper prosecuting attorney, either of whom may in his discretion, with or without such a reference, institute appropriate criminal proceedings under this act.
History:
[26-2247, added 1970, ch. 53, sec. 26, p. 118.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2248 - ADMINISTRATION OF ACT.

26-2248. ADMINISTRATION OF ACT. The administration of the provisions of this act shall be under the general supervision and control of the director, subject to chapter 52, title 67, Idaho Code. The director may from time to time adopt, amend, and rescind rules and issue orders necessary to carry out the provisions of this act. No rule or order may be made unless the director finds that the action is necessary or appropriate for the public interest or for the protection of the public consistent with the purposes of this act.
History:
[26-2248, added 1970, ch. 53, sec. 27, p. 118; am. 2008, ch. 347, sec. 29, p. 957.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2249 - JUDICIAL REVIEW OF FINAL ORDERS OF DIRECTOR.

26-2249. JUDICIAL REVIEW OF FINAL ORDERS OF DIRECTOR. Any person aggrieved by a final order of the director may obtain judicial review of that order pursuant to the provisions of chapter 52, title 67, Idaho Code.
History:
[26-2249, added 1970, ch. 53, sec. 28, p. 118; am. 1993, ch. 216, sec. 12, p. 596.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2251 - SEVERABILITY.

26-2251. SEVERABILITY. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of the remaining portions of this act.
History:
[26-2251, added 2008, ch. 347, sec. 31, p. 957.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2401 - DEFINITIONS.

26-2401. DEFINITIONS. As used in this act, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows:
(1) "Corporation" means an Idaho industrial development corporation created under this act.
(2) "Financial institution" means any banking corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, or other institution engaged primarily in lending or investing funds.
(3) "Member" means any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this act, upon its call, and in accordance with the provisions of this act.
(4) "Board of directors" means the board of directors of the corporation created under this act.
(5) "Loan limit" means for any member, the maximum amount permitted to be outstanding at one (1) time on loans made by such member to the corporation, as determined under the provisions of this act.
History:
[(26-2401) 1963, ch. 273, sec. 1, p. 695; I.C., sec. 30-1501 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2404 - RIGHT TO PURCHASE OR TRANSFER CAPITAL STOCK OR OBLIGATIONS OF CORPORATION.

26-2404. RIGHT TO PURCHASE OR TRANSFER CAPITAL STOCK OR OBLIGATIONS OF CORPORATION. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust indentures:
(1) Any person, including all domestic corporations organized for the purpose of carrying on business within this state and further including without implied limitation, public utility companies and insurance companies, and foreign corporations licensed to do business within this state, and all financial institutions as defined herein, and all trusts, are hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of, the corporation, and while owners of said stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state except as otherwise provided in this act; provided, however, that a financial institution which does not become a member of the corporation shall not be permitted to acquire any shares of the capital stock of the corporation;
(2) All financial institutions are hereby authorized to become members of the corporation and to make loans to the corporation as provided herein and;
(3) Each financial institution which becomes a member of the corporation is hereby authorized to acquire, purchase, hold, sell, assign, transfer, mortgage, pledge or otherwise dispose of, any bonds, securities or other evidences of indebtedness created by, or the shares of the capital stock of the corporation, and while owners of said stock to exercise all the rights, powers and privileges of ownership, including the right to vote thereon, all without the approval of any regulatory authority of the state; provided, that the amount of the capital stock of the corporation which may be acquired by any member pursuant to the authority granted herein shall not exceed ten percent (10%) of the loan limit of such member.
The amount of capital stock of the corporation which any member is authorized to acquire pursuant to the authority granted herein is in addition to the amount of capital stock in corporations which such member may otherwise be authorized to acquire.
History:
[(26-2404) 1963, ch. 273, sec. 4, p. 695; I.C., sec. 30-1504 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2406 - DURATION OF MEMBERSHIP.

26-2406. DURATION OF MEMBERSHIP. Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation five (5) years in advance, a member may withdraw from membership in the corporation at the expiration date of such notice.
A member shall not be obligated to make any loans to the corporation pursuant to calls made subsequent to notice of the intended withdrawal of said member.
History:
[(26-2406) 1963, ch. 273, sec. 6, p. 695; I.C., sec. 30-1506 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2407 - POWERS OF STOCKHOLDERS AND MEMBERS.

26-2407. POWERS OF STOCKHOLDERS AND MEMBERS. The stockholders of the corporation shall have the power to determine the number of and elect directors as provided in section 26-2409.
The stockholders and the members of the corporation shall have the following powers of the corporation:
(1) To make, amend and repeal bylaws;
(2) To amend the articles of incorporation as provided in section 26-2408;
(3) To dissolve the corporation as provided in section 26-2415;
(4) To do all things necessary or desirable to secure aid, assistance loans and other financing from any financial institutions, and from any agency established under the Small Business Investment Act of 1958, and amendments thereto or other similar federal laws now or hereafter enacted.
(5) To exercise such other of the powers of the corporation consistent with this act as may be conferred on the stockholders and the members by the bylaws.
As to all matters requiring action by the stockholders and the members of the corporation, said stockholders and said members shall vote separately thereon by classes, and, except as otherwise herein provided, such matters shall require the affirmative vote of a majority of the votes to which the stockholders present or represented at the meeting shall be entitled and the affirmative vote of a majority of the votes to which the member present or represented at the meeting shall be entitled.
Each stockholder shall have one (1) vote, in person or by proxy for each share of capital stock held by him, and each member shall have one (1) vote, in person or by proxy, except that any member having a loan limit of more than one thousand dollars ($1,000) shall have one (1) additional vote, in person or by proxy, for each additional one thousand dollars ($1,000) which such member is authorized to have outstanding on loans to the corporation at any one (1) time as determined under paragraph (b) of subsection (3) of section 26-2405.
History:
[(26-2407) 1963, ch. 273, sec. 7, p. 695; I.C., sec. 30-1507 (1963 Supp.); am. 1965, ch. 74, sec. 2, p. 117.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2408 - AMENDMENT TO ARTICLES OF INCORPORATION.

26-2408. AMENDMENT TO ARTICLES OF INCORPORATION. The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) of the votes to which the stockholders shall be entitled and two-thirds (2/3) of the votes to which the members shall be entitled; provided, that no amendment of the articles of incorporation which is inconsistent with the general purposes expressed herein or which authorizes any additional class of capital stock to be issued, or which eliminates or curtails the right of the director of the department of finance to examine the corporation or the obligation of the corporation to make reports as provided in section 26-2412, shall be made; and provided, further, that no amendment of the articles of incorporation which increases the obligation of a member to make loans to the corporation, or makes any change in the principal amount, interest rate, maturity date, or in the security or credit position of outstanding loan of a member to the corporation, or affects a member’s right to withdraw from membership as provided herein, or affects a member’s voting rights as provided herein, shall be made without the consent of each member affected by such amendment.
Within thirty (30) days after any meeting at which an amendment of the articles of incorporation has been adopted, articles of amendment signed and sworn to by the president, treasurer, and a majority of the directors, setting forth such amendment and due adoption thereof, shall be submitted to the secretary of state, which (who) shall examine them and if he finds that they conform to the requirements of this act, shall so certify and indorse his approval thereon. Thereupon, the articles of amendment shall be filed in the office of the secretary of state and no such amendment shall take effect until such articles of amendment shall have been filed as aforesaid.
History:
[(26-2408) 1963, ch. 273, sec. 8, p. 695; I.C., sec. 30-1508 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2409 - BUSINESS OF CORPORATION MANAGED BY BOARD OF DIRECTORS.

26-2409. BUSINESS OF CORPORATION MANAGED BY BOARD OF DIRECTORS. The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation by its bylaws shall authorize. The board of directors shall consist of such number, not less than eleven (11) nor more than twenty-one (21), at least two-thirds (2/3) of which directors shall be officers or employees of members, as defined in section 26-2401, Idaho Code, as shall be determined in the first instance by the incorporators and thereafter annually by the stockholders of the corporation. The board of directors may exercise all the powers of the corporation except such as are conferred by law or by the bylaws of the corporation upon the stockholders or members and shall choose and appoint all the agents and officers of the corporation and fill all vacancies except vacancies in the office of director which shall be filled as hereinafter provided. The board of directors shall be elected in the first instance by the incorporators and thereafter at the annual meeting, which annual meeting shall be held during the month of January, or, if no annual meeting shall be held in the year of incorporation, then within ninety (90) days after the approval of the articles of incorporation at a special meeting as hereinafter provided. The directors shall hold office until the next annual meeting of the corporation or special meeting held in lieu of the annual meeting after the election and until their successors are elected and qualified unless sooner removed in accordance with the provisions of the by-laws. Any vacancy in the office of a director shall be filled by the directors.
Directors and officers shall not be responsible for losses unless the same shall have been occasioned by the wilful misconduct of such directors and officers.
History:
[(26-2409) 1963, ch. 273, sec. 9, p. 695; I.C., sec. 30-1509 (1963 Supp.); am. 1965, ch. 74, sec. 3, p. 117.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2410 - EARNED SURPLUS.

26-2410. EARNED SURPLUS. Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (1/2) of the amount paid in on capital stock then outstanding. Whenever the amount of surplus established herein shall become impaired, it shall be built up again to the required amount in the manner provided for its original accumulation. Net earnings and surplus shall be determined by the board of directors, after providing for such reserves as said directors deem desirable, and the determination of the directors made in good faith shall be conclusive on all persons.
History:
[(26-2410) 1963, ch. 273, sec. 10, p. 695; I.C., sec. 30-1510 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2411 - DEPOSITS IN BANKS.

26-2411. DEPOSITS IN BANKS. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of any director who is an officer or director of the depository so designated. The corporation shall not receive money on deposit.
History:
[(26-2411) 1963, ch. 273, sec. 11, p. 695; I.C., sec. 30-1511 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2412 - ANNUAL FINANCIAL EXAMINATION.

26-2412. ANNUAL FINANCIAL EXAMINATION. The corporation shall be examined at least once annually by the director of the department of finance and shall make reports of its condition not less than annually to said director of the department of finance and more frequently upon call of the director of the department of finance, who in turn shall make copies of such reports available to the director of the department of insurance and the governor; and the corporation shall also furnish such other information as may from time to time be required by the director of the department of finance and secretary of state. The corporation shall pay the actual cost of said examinations. The director of the department of finance shall exercise the same power and authority over corporations organized under this act as is now exercised over banks and trust companies by the provisions of title 26, Idaho Code, where the provision[s] of title 26, Idaho Code, are not in conflict with this act.
History:
[(26-2412) 1963, ch. 273, sec. 12, p. 695; I.C., sec. 30-1512 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2413 - MEETINGS.

26-2413. MEETINGS. The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) days before the day appointed for the meeting. Said first meeting may be held without such notice upon agreement in writing to that effect signed by all the incorporators. There shall be recorded in the minutes of the meeting a copy of said notice or of such unanimous agreement of the incorporators.
At such first meeting, the incorporators shall organize by the choice, by ballot, of a temporary clerk; by the adoption of bylaws; by the election by ballot of directors; and by action upon such other matters within the powers of the corporation as the incorporators may see fit. The temporary clerk shall be sworn and shall make and attest a record of the proceedings. Ten (10) of the incorporators shall be a quorum for the transaction of business.
History:
[(26-2413) 1963, ch. 273, sec. 13, p. 695; I.C., sec. 30-1513 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2414 - DURATION OF CORPORATION.

26-2414. DURATION OF CORPORATION. Unless otherwise provided in the articles of incorporation, the period of duration of the corporation shall be perpetual, subject, however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of said period as provided in section 26-2415.
History:
[(26-2414) 1963, ch. 273, sec. 14, p. 695; I.C., sec. 30-1514 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2415 - DISSOLUTION.

26-2415. DISSOLUTION. The corporation may upon the affirmative vote of two-thirds (2/3) of the votes to which the stockholders shall be entitled and two-thirds (2/3) of the votes to which the members shall be entitled dissolve said corporation as provided by sections 30-1-82 through 30-1-93, Idaho Code, insofar as those sections are not in conflict with the provisions of this act. Upon any dissolution of the corporation, none of the corporation’s assets shall be distributed to the stockholders until all sums due the members of the corporation as creditors thereof have been paid in full.
History:
[(26-2415) 1963, ch. 273, sec. 15, p. 695; I.C., sec. 30-1515 (1963 Supp.); am. 1980, ch. 197, sec. 25, p. 452.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2416 - CREDIT OF STATE NOT PLEDGED.

26-2416. CREDIT OF STATE NOT PLEDGED. Under no circumstances shall the credit of the state of Idaho be pledged to any corporation organized under the provisions of this act.
History:
[26-2416, added 1963, ch. 273, sec. 16, p. 695.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2417 - CORPORATION DEEMED A STATE DEVELOPMENT COMPANY.

26-2417. CORPORATION DEEMED A STATE DEVELOPMENT COMPANY. Any corporation organized under the provisions of this act shall be a state development company, as defined in the Small Business Investment Act of 1958, and amendments thereto, or any other similar federal legislation, and shall be authorized to operate on a statewide basis.
History:
[(26-2417) 1963, ch. 273, sec. 17, p. 695; I.C., sec. 30-1517 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 24 - INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2418 - FISCAL YEAR.

26-2418. FISCAL YEAR. Corporations organized under this act shall adopt the calendar year as their fiscal year.
History:
[(26-2418) 1963, ch. 273, sec. 18, p. 695; I.C., sec. 30-1518 (1963 Supp.).]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 25 - LOAN BROKERS › Section 26-2501 - DEFINITION.

26-2501. DEFINITION. "Loan broker" means any person, corporation, partnership or other business entity which offers for compensation, in this state, to arrange for a loan or other extension of credit. "Loan broker" includes a person, corporation, partnership or other business entity which, for compensation or for no compensation, advertises, solicits, or offers to make or to obtain for others a loan or other extension of credit.
History:
[26-2501, added 1979, ch. 298, sec. 1, p. 780; am. 2005, ch. 265, sec. 18, p. 826.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 25 - LOAN BROKERS › Section 26-2502 - EXCEPTIONS.

26-2502. EXCEPTIONS. This chapter shall not apply to:
(a) Any person doing business under any law of this state or of the United States relating to banks, credit unions, trust companies, savings and loan associations, insurers, pension trusts, real estate investment trusts and other financial institutions, or under the Idaho credit code;
(b) Any corporation, association, syndicate, joint stock company, or partnership engaged exclusively in the business of marketing agricultural, horticultural, viticultural, dairy, livestock, poultry, or bee products on a cooperative nonprofit basis in loaning or advancing money to the members thereof or in connection with any such business;
(c) Any corporation securing money or credit from any federal intermediate credit bank organized and existing pursuant to the provisions of an act of congress entitled "Agricultural Credits Act of 1923," in loaning or advancing money or credit so secured;
(d) Any person who is a F.H.A. (Federal Housing Administration) approved mortgagor;
(e) Loans made by a broker-dealer licensed under the Idaho securities act if the loan is made in accordance with applicable provisions of the Idaho securities act, the securities act of 1933, the securities exchange act of 1934 and regulation T of the federal reserve board, code of federal regulations, part 220 of title 12; or
(f) Fees and charges authorized by laws of this state or the laws of the United States if the maximum charge and the manner of collecting the charge are set out in the law or in regulations adopted under the law.
(g) Any person licensed as a mortgage broker or mortgage banker pursuant to chapter 31, title 26, Idaho Code.
History:
[26-2502, added 1979, ch. 298, sec. 1, p. 780; am. 1996, ch. 324, sec. 2, p. 1108; am. 1998, ch. 337, sec. 4, p. 1083.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 25 - LOAN BROKERS › Section 26-2503 - FEES PROHIBITED UNTIL A LOAN IS MADE.

26-2503. FEES PROHIBITED UNTIL A LOAN IS MADE. No loan broker shall directly or indirectly receive any fee, interest or other charge of any nature until a loan or extension of credit is made or a written commitment to loan or extend credit is made by any person exempt under section 26-2502, Idaho Code.
History:
[26-2503, added 1979, ch. 298, sec. 1, p. 781; am. 1992, ch. 28, sec. 1, p. 89.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 25 - LOAN BROKERS › Section 26-2504 - FEES RECOVERABLE.

26-2504. FEES RECOVERABLE. A person damaged as a result of a violation of the provisions of this chapter may recover from the loan broker the amount of the fee thus paid, plus damages in the amount of twice the fee.
History:
[26-2504, added 1979, ch. 298, sec. 1, p. 781; am. 1992, ch. 28, sec. 2, p. 89.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 25 - LOAN BROKERS › Section 26-2505 - ADMINISTRATION — ENFORCEMENT — ACTIONS FOR MONETARY RELIEF.

26-2505. ADMINISTRATION — ENFORCEMENT — ACTIONS FOR MONETARY RELIEF. (1) The director of the Idaho department of finance shall have the power to administer and enforce the provisions of this chapter. Whenever it appears to the director that a loan broker has violated section 26-2503, Idaho Code, the director shall have the powers and remedies set forth in sections 67-2754, 67-2755, 67-2757, 67-2758 and 67-2759, Idaho Code.
(2) The receiving of any fee, interest or other charge in violation of this chapter shall also be deemed an unfair and deceptive practice in violation of the Idaho consumer protection act; provided however, no person aggrieved by a violation of this chapter can recover or attempt to recover monetary relief under both this chapter and the Idaho consumer protection act, but rather such person must elect whether to file an action pursuant to this chapter or the Idaho consumer protection act.
History:
[26-2505, added 1979, ch. 298, sec. 1, p. 781; am. 1992, ch. 28, sec. 3, p. 90; am. 2005, ch. 265, sec. 19, p. 826.]