reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 8 - WATER AND CANAL CORPORATIONS AND WATER USERS’ ASSOCIATIONS › Section 30-803 - WORKS NOT TO OBSTRUCT HIGHWAYS.

30-803. WORKS NOT TO OBSTRUCT HIGHWAYS. All waterworks must be so laid and constructed as not to obstruct public highways.
History:
[(30-803) R.S., sec. 2713; am. R.C. & C.L., sec. 2841; C.S., sec. 4844; I.C.A., sec. 29-803.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 8 - WATER AND CANAL CORPORATIONS AND WATER USERS’ ASSOCIATIONS › Section 30-804 - WATER USERS’ ASSOCIATIONS — EXEMPTIONS FROM TAXES.

30-804. WATER USERS’ ASSOCIATIONS — EXEMPTIONS FROM TAXES. Any water users’ association which is organized in conformity with the requirements of the United States under the Reclamation Act of June 17, 1902, and which, under its articles of incorporation, is authorized to furnish water only to its stockholders, shall be governed by the provisions of the Idaho Nonprofit Corporation Act.
History:
[(30-804) 1905, p. 373, sec. 3; reen. R.C. & C.L., sec. 2842; C.S., sec. 4845; I.C.A., sec. 29-804; am. 1979, ch. 159, sec. 4, p. 500.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-901 - SHORT TITLE.

30-901. SHORT TITLE. (1) This chapter shall be known and may be cited as the "Idaho Escrow Act."
(2) It is the intent of the legislature that the escrow industry be supervised and regulated by the department of finance in order to protect the citizens of the state and to provide that the business practices of the escrow industry are fair and orderly, with due regard to the ultimate consumers in this important area of property protection.
History:
[30-901, added 2005, ch. 236, sec. 2, p. 717.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-902 - DEFINITIONS.

30-902. DEFINITIONS. As used in this chapter and in rules promulgated pursuant to this chapter:
(1) "Act" means the "Idaho Escrow Act," chapter 9, title 30, Idaho Code.
(2) "Department" means the Idaho department of finance.
(3) "Director" means the director of the Idaho department of finance.
(4) "Escrow" means any transaction in which any person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title or thing of value is then to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter, pursuant to written instructions.
(5) "Escrow agency" means any person engaged in the business of accepting or receiving escrows for deposit or delivery by any means, including over the internet, or by any other electronic means.
(6) "Escrow agent" means any person engaged in the business of accepting or receiving escrows for deposit or delivery on behalf of an escrow agency.
(7) "License" means a license issued pursuant to this chapter.
(8) "Licensee" means a person holding a valid license as an escrow agency under this chapter.
(9) "Person" means an individual, cooperative, association, company, firm, partnership, corporation, limited liability company, or other legal entity, or the plural thereof, whether or not resident, nonresident or citizen.
History:
[30-902, added 2005, ch. 236, sec. 2, p. 717.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-903 - LICENSE REQUIRED.

30-903. LICENSE REQUIRED. (1) It shall be unlawful for any person to directly or indirectly engage in or carry on, or purport to engage in or carry on, the business of, or act in the capacity of, an escrow agency in or from Idaho without first obtaining a license under this chapter.
(2) The requirements of this chapter shall also apply to any escrow transaction effecting the sale, transfer, encumbrance or lease to another person of any real or personal property located in Idaho.
History:
[30-903, added 2005, ch. 236, sec. 2, p. 718.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-904 - PLACE OF BUSINESS.

30-904. PLACE OF BUSINESS. No licensee under this chapter shall engage in the escrow business at any place of business for which it does not hold a license, nor shall it engage in business under any other name than that on the license. Every escrow agency licensed under this chapter shall maintain a home office as its principal location for the transaction of escrow business. The director may, on application, issue additional branch licenses to the same escrow agency licensee upon compliance with all the provisions of this chapter governing the issuance of a single escrow agency license.
History:
[30-904, added 2005, ch. 236, sec. 2, p. 718.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-905 - EXEMPT PERSONS AND TRANSACTIONS.

30-905. EXEMPT PERSONS AND TRANSACTIONS. The requirements of this chapter do not apply to:
(1) Any person licensed to practice law in this state while engaged in the performance of his professional duties, except an attorney or law firm actively engaging in a separate business as an escrow agency;
(2) Any person licensed or chartered under the laws of any state or of the United States as a bank, savings and loan association, credit union or industrial loan company as well as wholly-owned subsidiaries and affiliates of such organizations;
(3) Title insurance companies having a valid certificate of authority, and title insurance agents having a valid license as a title insurance agent, issued by the Idaho department of insurance;
(4) Any real estate company, broker or salesperson licensed by and subject to the jurisdiction of the Idaho real estate commission, while performing acts in the course of or incidental to sales or purchases of real or personal property handled or negotiated by such real estate company, broker or salesperson;
(5) Any receiver, trustee in bankruptcy, executor, administrator, guardian or other person acting under the supervision or order of any court of this state or of any federal court;
(6) A person licensed in this state as a certified public accountant while engaged in the performance of his professional duties who is not actively engaged in a separate business as an escrow agency;
(7) Any state or federally chartered nondepository financial institution;
(8) Regulated lenders subject to the requirements of the Idaho credit code, chapters 41 through 46, title 28, Idaho Code, to the extent not engaged in a separate business as an escrow agency;
(9) Agencies of the United States and agencies of this state and their political subdivisions;
(10) Mortgage brokers and mortgage lenders subject to the requirements of the Idaho residential mortgage practices act, chapter 31, title 26, Idaho Code, to the extent not engaged in a separate business as an escrow agency; or
(11) A mortgage company to the extent that such mortgage company is regularly engaged in the business of a mortgage company as defined in the mortgage company act, chapter 28, title 26, Idaho Code.
History:
[30-905, added 2005, ch. 236, sec. 2, p. 718.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-906 - EXEMPTION — BURDEN OF PROOF.

30-906. EXEMPTION — BURDEN OF PROOF. In any proceeding or action under this chapter, the burden of proving an exemption from the requirements of this chapter is upon the person claiming the exemption.
History:
[30-906, added 2005, ch. 236, sec. 2, p. 719.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-907 - DIRECTOR’S ISSUANCE OR DENIAL OF LICENSE.

30-907. DIRECTOR’S ISSUANCE OR DENIAL OF LICENSE. (1) The director shall receive and act upon all applications for licenses to engage in business as an escrow agency under this chapter. If the director finds that all requirements of statute and rule 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) An application for a license as an escrow agency shall be in writing and filed with the director in such form as is prescribed by the director, shall include such information as the director may reasonably require, and shall be verified on oath by the applicant. Such information shall be updated and filed with the director as necessary to keep the information current. The application for licensure shall be accompanied by an application fee of three hundred fifty dollars ($350). When an application for licensure is denied or withdrawn, the director shall retain all fees paid by the applicant.
(3) An application for an escrow agency license under this chapter may be denied if the director finds that:
(a) The escrow agency’s business was or will be formed for any business other than legitimate escrow services, or proposes to use a name that is misleading or in conflict with the name of an existing licensee;
(b) Any incorporator, officer, director, member, general partner, employee, or agent of the escrow agency applicant has been convicted of, or received a withheld judgment for any crime or act involving dishonesty, fraud or deceit, which crime or act is substantially related to the qualifications, functions, or duties of a person engaged in an escrow business or which crime is otherwise deemed relevant in accordance with section 67-9411(1), Idaho Code;
(c) There is no natural person possessing a minimum of three (3) years of supervisory experience in relation to an escrow business supervising each escrow agency office;
(d) The applicant or any officer, director, member, general partner, employee or agent of the applicant has demonstrated lack of fitness to transact escrow business;
(e) The applicant has made any false statement of a material fact in the application for a license; or
(f) The applicant, any officer, director, member, general partner or any person owning or controlling, directly or indirectly, ten percent (10%) or more of the outstanding equity securities of the applicant has violated any provision of this chapter or rules promulgated thereunder, or any similar regulatory scheme in this state or in any foreign jurisdiction.
History:
[30-907, added 2005, ch. 236, sec. 2, p. 719; am. 2008, ch. 311, sec. 1, p. 858; am. 2020, ch. 175, sec. 3, p. 506.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-908 - RENEWAL OF LICENSE.

30-908. RENEWAL OF LICENSE. (1) On or before April 30 of each year, every licensee under this chapter shall pay an annual license renewal fee of one hundred fifty dollars ($150), and shall file with the director a renewal form containing such information as the director may require.
(2) As a condition of renewal, each licensee shall file with the director a statement of its financial condition and status of its escrow transactions as of the preceding December 31. The financial statement must be in a form and contain the information prescribed by the director.
(3) Each license under this chapter shall remain in full force and effect unless the licensee fails to timely satisfy the renewal requirements of this section, or the license is relinquished, suspended or revoked; provided however, branch licenses shall be terminated upon the relinquishment or revocation of a home office license. Any licensee may relinquish the license by notifying the director of its relinquishment, but this relinquishment shall not affect the licensee’s liability for acts previously committed, and may not occur after the filing of a complaint for revocation or suspension of the license.
(4) Following the failure of a licensee to satisfy the renewal requirements of this section, a person previously licensed as an escrow agency may, for an additional nonrefundable fee of two hundred dollars ($200), apply for the reinstatement of its previous license provided that he satisfies the renewal requirements of this section no later than the last business day of May immediately following expiration of such license.
History:
[30-908, added 2005, ch. 236, sec. 2, p. 720.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-910 - CANCELLATION OF FIDELITY BOND, SURETY BOND, OR BOTH — NEW BOND REQUIRED.

30-910. CANCELLATION OF FIDELITY BOND, SURETY BOND, OR BOTH — NEW BOND REQUIRED. Prior to cancellation of either the fidelity bond or the surety bond required by section 30-909, Idaho Code, or both, the escrow agency licensee shall file with the director satisfactory evidence of a new bond in the appropriate amount with no lapse in coverage from the canceled bond. Failure to do so shall be grounds for the suspension or revocation of the escrow agency’s license.
History:
[30-910, added 2005, ch. 236, sec. 2, p. 722.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-911 - LIMITATION OF ACTIONS ON BOND.

30-911. LIMITATION OF ACTIONS ON BOND. No action may be brought on an escrow agency licensee’s bond by any person after the expiration of three (3) years from the time when the act or default complained of becomes known or should have become known.
History:
[30-911, added 2005, ch. 236, sec. 2, p. 722.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-912 - TRANSFERABILITY.

30-912. TRANSFERABILITY. A license issued under this chapter is not transferable or assignable, and control of a license shall not be acquired through stock purchase or other device without the prior written consent of the director.
History:
[30-912, added 2005, ch. 236, sec. 2, p. 722.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-913 - UNLAWFUL ACTS.

30-913. UNLAWFUL ACTS. Any person, except a person exempt under section 30-905, Idaho Code, who engages in activity as an escrow agency without first obtaining a license in accordance with this chapter, shall be guilty of a felony. Such person is also subject to a civil penalty in an amount no greater than five thousand dollars ($5,000) for each violation of this chapter or rule or order thereunder, in addition to other sanctions allowed by law.
History:
[30-913, added 2005, ch. 236, sec. 2, p. 722.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-915 - NOTICE OF CONFLICT OF INTEREST — CLOSING STATEMENT.

30-915. NOTICE OF CONFLICT OF INTEREST — CLOSING STATEMENT. (1) An escrow agency licensee shall act without partiality to any of the parties to the escrow. An escrow agency may not close a transaction where it has, directly or indirectly, a monetary interest in the subject property either as buyer or seller. If an escrow agency has a business interest in the escrow transaction other than as the escrow agency licensee, the relationship or interest must be disclosed in the written escrow instructions. After noting such interest, an additional statement shall appear as follows: "We call this interest to your attention for disclosure purposes. This interest will not, in our opinion, prevent us from being a fair and impartial escrow agency in this transaction, but you are, nevertheless, free to request the transaction be handled by some other escrow agency."
(2) On completion of an escrow transaction, the escrow agency licensee shall deliver to each principal a signed written closing statement. The closing statement shall show all receipts and disbursements relating to the escrow transaction. Any charges by, or disbursements to, the escrow agency shall be clearly noted.
History:
[30-915, added 2005, ch. 236, sec. 2, p. 723.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-916 - ATTACHMENT.

30-916. ATTACHMENT. Funds or other value received by a licensee under this chapter pursuant to an escrow or trust funds are not subject to execution or attachment in any claim against the licensee.
History:
[30-916, added 2005, ch. 236, sec. 2, p. 723.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-917 - EXAMINATION AND INVESTIGATIONS.

30-917. EXAMINATION AND INVESTIGATIONS. (1) The director shall examine the books, records and accounts of each licensee, within or without the state of Idaho, at intervals he deems necessary for the protection of the public. The licensee so examined shall pay a fee for the examination at the rate fixed annually by the director, not to exceed fifty dollars ($50.00) per examination hour. If it is necessary for the examination to be conducted outside of Idaho, the actual cost of travel for the examiners shall be reimbursed to the department of finance by the licensee so examined. The director, upon his prior written approval, may accept an equivalent examination of a licensee by another state or federal agency as a substitute for the examination pursuant to this section.
(2) The director may make necessary public or private investigations within or outside of Idaho to determine whether any person has violated or is about to violate this chapter or any rule or order under this chapter.
(3) For the purpose of any investigation or other proceeding under this chapter, the director or any officer designated by the director may administer oaths or affirmations, and upon his own motion or upon request of any party, may subpoena witnesses, compel their attendance, and require the production of any matter which is relevant to the investigation or other proceeding, including the existence, description, nature, custody, condition and location of any books, documents or other tangible things and the identity and location of persons having knowledge or relevant facts, or any other matter reasonably calculated to lead to the discovery of material evidence. Upon failure to obey a subpoena or to answer questions proposed by the investigating officer and upon reasonable notice to all persons affected thereby, the director may apply to any district court for an order compelling compliance.
(4) Except as otherwise provided in this chapter, all proceedings under this chapter shall be conducted in accordance with the administrative procedure act, chapter 52, title 67, Idaho Code.
History:
[30-917, added 2005, ch. 236, sec. 2, p. 723.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-918 - POWERS AND DUTIES OF THE DIRECTOR.

30-918. POWERS AND DUTIES OF THE DIRECTOR. (1) In addition to any other powers and duties of the director authorized by law, the director may issue orders and promulgate rules that, in the opinion of the director, are necessary to execute, enforce and effectuate the purposes of this chapter.
(2) The director shall also:
(a) Administer and enforce the provisions and requirements of this chapter; and
(b) Require that all funds collected by the department under this chapter be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.
History:
[30-918, added 2005, ch. 236, sec. 2, p. 724.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-920 - REMEDIES.

30-920. REMEDIES. (1) 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 thereunder, is conducting its business in an unsafe and injurious manner, or that its capital or assets are impaired, the director may in his discretion:
(a) Order the person to cease and desist from the violation of any provision of this chapter, rule or order thereunder;
(b) Issue an order revoking or suspending the licensee’s escrow agency license;
(c) After notice and the opportunity for a hearing, except as otherwise provided in this chapter, issue an order imposing a civil penalty not to exceed five thousand dollars ($5,000) for each violation of this chapter or any rule or order thereunder;
(d) After notice and the opportunity for a hearing, issue an order of restitution to any person for loss of money or property resulting from a violation of this chapter; and
(e) Issue an order, pursuant to section 67-5247, Idaho Code, impounding the accounts, including all operating and trust accounts, of any licensee or person required to be licensed under this chapter.
(2) In addition to such remedies, the director may bring an action in the fourth district court in and for Ada county or in such other court as the director deems appropriate. Upon a proper showing, the court may:
(a) Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
(b) Order other appropriate or ancillary relief, which may include:
(i) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the director, for the defendant or the defendant’s assets;
(ii) Ordering the director to take charge and control of a defendant’s property, including investment accounts and accounts in a financial institution, rents and profits; to collect debts; and to acquire and dispose of property;
(c) Issue an order of restitution to any person for loss of money or property resulting from a violation of this chapter; and
(d) Except as otherwise provided by this chapter, impose a civil penalty not to exceed five thousand dollars ($5,000) for each violation.
(3) The court may not require the director to post a bond.
History:
[30-920, added 2005, ch. 236, sec. 2, p. 725; am. 2008, ch. 311, sec. 3, p. 860.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-931 - NO IMPAIRMENT OF OTHER REMEDIES.

30-931. NO IMPAIRMENT OF OTHER REMEDIES. Nothing in this chapter shall be construed so as to impair or affect any statutory or common law right of any person to bring an action in any court having jurisdiction for any act involved in the transaction of an escrow business or the right of the state of Idaho to sanction any person for any violation of any provision of this chapter.
History:
[30-931, added 2005, ch. 236, sec. 2, p. 726.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-932 - CONTINUING JURISDICTION.

30-932. CONTINUING JURISDICTION. If a license under this chapter is surrendered, suspended or revoked, the former licensee shall continue to be subject to the provisions of this chapter and to the duties previously undertaken for so long as it acts as a fiduciary with respect to any escrow previously undertaken.
History:
[30-932, added 2005, ch. 236, sec. 2, p. 726.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-933 - STATUS OF PREEXISTING ESCROWS.

30-933. STATUS OF PREEXISTING ESCROWS. Nothing contained in this chapter shall be so construed as to impair or affect the obligation of any escrow agreement that was lawfully entered into prior to the effective date of this act.
History:
[30-933, added 2005, ch. 236, sec. 2, p. 726.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 9 - IDAHO ESCROW ACT › Section 30-934 - SEVERABILITY.

30-934. 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:
[30-934, added 2005, ch. 236, sec. 2, p. 726.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 1 - GENERAL PROVISIONS › Section 30-14-101 - SHORT TITLE.

30-14-101. SHORT TITLE. This chapter shall be known and may be cited as the "Uniform Securities Act (2004)."
History:
[30-14-101, added 2004, ch. 45, sec. 2, p. 170.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 1 - GENERAL PROVISIONS › Section 30-14-103 - REFERENCES TO FEDERAL STATUTES.

30-14-103. REFERENCES TO FEDERAL STATUTES. "Securities act of 1933" (15 U.S.C. 77a et seq.), "securities exchange act of 1934" (15 U.S.C. 78a et seq.), "public utility holding company act of 1935" (15 U.S.C. 79 et seq.), "investment company act of 1940" (15 U.S.C. 80a-1 et seq.), "investment advisers act of 1940" (15 U.S.C. 80b-1 et seq.), "employee retirement income security act of 1974" (29 U.S.C. 1001 et seq.), "national housing act" (12 U.S.C. 1701 et seq.), "commodity exchange act" (7 U.S.C. 1 et seq.), "internal revenue code" (26 U.S.C. 1 et seq.), "securities investor protection act of 1970" (15 U.S.C. 78aaa et seq.), "securities litigation uniform standards act of 1998" (112 Stat. 3227), "small business investment act of 1958" (15 U.S.C. 661 et seq.), and "electronic signatures in global and national commerce act" (15 U.S.C. 7001 et seq.) mean those statutes and the rules and regulations adopted under those statutes, as in effect on the date of enactment of this chapter.
History:
[30-14-103, added 2004, ch. 45, sec. 2, p. 177.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 1 - GENERAL PROVISIONS › Section 30-14-104 - REFERENCES TO FEDERAL AGENCIES.

30-14-104. REFERENCES TO FEDERAL AGENCIES. A reference in this chapter to an agency or department of the United States is also a reference to a successor agency or department.
History:
[30-14-104, added 2004, ch. 45, sec. 2, p. 177.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 1 - GENERAL PROVISIONS › Section 30-14-105 - ELECTRONIC RECORDS AND SIGNATURES.

30-14-105. ELECTRONIC RECORDS AND SIGNATURES. This chapter modifies, limits and supersedes the federal electronic signatures in global and national commerce act, but does not modify, limit or supersede section 101(c) of that act (15 U.S.C. 7001(c)) or authorize electronic delivery of any of the notices described in section 103(b) of that act (15 U.S.C. 7003(b)). This chapter authorizes the filing of records and signatures, when specified by provisions of this chapter or by a rule adopted or an order issued under this chapter, in a manner consistent with section 104(a) of that act (15 U.S.C. 7004(a)).
History:
[30-14-105, added 2004, ch. 45, sec. 2, p. 177.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES › Section 30-14-202A - FAIRNESS HEARING.

30-14-202A. FAIRNESS HEARING. (a) The administrator is expressly authorized to hold a hearing and consider the fairness of the terms and conditions of a transaction described in section 30-14-202(9), Idaho Code. This section 30-14-202A, Idaho Code, is intended to provide for a fairness hearing before the administrator with respect to transactions which, if approved by the administrator, will be exempt from the registration requirements of the federal securities laws under section 3(a)(10) of the securities act of 1933, or any section comparable thereto which may subsequently be enacted.
(b) An application for approval shall describe the proposed transaction and shall be in such form, contain such information and be accompanied by such documents as the administrator shall reasonably require by rule or otherwise. The applicant shall pay to the administrator a filing fee of three hundred dollars ($300) and shall file with the administrator an undertaking to defray the costs of a hearing officer and a stenographer for the hearing.
(c) An application for approval shall be set for hearing within thirty (30) days after the filing of an application. The applicant shall give notice of the hearing to all persons to whom securities are to be issued in the proposed transaction, and all such persons shall have the right to appear at the hearing.
(d) Within ten (10) days after the hearing, the administrator shall issue an order either granting or denying approval of the terms of conditions of the proposed plan. The order shall grant approval if the proposed transaction is fair, equitable and free from fraud. The order shall deny approval if the proposed transaction is unfair, inequitable or not free from fraud.
History:
[30-14-202A, added 2004, ch. 45, sec. 2, p. 184.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES › Section 30-14-203 - ADDITIONAL EXEMPTIONS AND WAIVERS.

30-14-203. ADDITIONAL EXEMPTIONS AND WAIVERS. (1) A rule adopted or an order issued under this chapter may exempt a security, transaction or offer.
(2) A rule adopted under this chapter may exempt a class of securities, transactions or offers from any or all of the requirements of sections 30-14-301 through 30-14-306, Idaho Code, and section 30-14-504, Idaho Code.
(3) An order issued under this chapter may waive, in whole or in part, any or all of the conditions for an exemption or offer under sections 30-14-201 and 30-14-202, Idaho Code.
History:
[30-14-203, added 2004, ch. 45, sec. 2, p. 184.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 2 - EXEMPTIONS FROM REGISTRATION OF SECURITIES › Section 30-14-204 - DENIAL, SUSPENSION, REVOCATION, CONDITION OR LIMITATION OF EXEMPTIONS.

30-14-204. DENIAL, SUSPENSION, REVOCATION, CONDITION OR LIMITATION OF EXEMPTIONS. (a) Enforcement related powers. Except with respect to a federal covered security or a transaction involving a federal covered security, an order under this chapter may deny, suspend application of, condition, limit, or revoke an exemption created under section 30-14-201(3)(c), (7) or (8), Idaho Code, or section 30-14-202, Idaho Code, or an exemption or waiver created pursuant to section 30-14-203, Idaho Code, with respect to a specific security, transaction or offer. An order under this section may be issued only pursuant to the procedures set forth in section 30-14-306(d) or 30-14-604, Idaho Code, and only prospectively.
(b) Knowledge of order required. A person does not violate section 30-14-301, 30-14-303 through 30-14-306, 30-14-504 or 30-14-510, Idaho Code, by an offer to sell, offer to purchase, sale, or purchase effected after the entry of an order issued under this section if the person did not know, and in the exercise of reasonable care could not have known, of the order.
History:
[30-14-204, added 2004, ch. 45, sec. 2, p. 185.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES › Section 30-14-301 - SECURITIES REGISTRATION REQUIREMENT.

30-14-301. SECURITIES REGISTRATION REQUIREMENT. It is unlawful for a person to offer or sell a security in this state unless:
(a) The security is a federal covered security;
(b) The security, transaction or offer is exempted from registration under sections 30-14-201 through 30-14-203, Idaho Code; or
(c) The security is registered under this chapter.
History:
[30-14-301, added 2004, ch. 45, sec. 2, p. 185.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 3 - REGISTRATION OF SECURITIES AND NOTICE FILING OF FEDERAL COVERED SECURITIES › Section 30-14-307 - WAIVER AND MODIFICATION.

30-14-307. WAIVER AND MODIFICATION. The administrator may waive or modify, in whole or in part, any or all of the requirements of sections 30-14-302, 30-14-303 and 30-14-304(b), Idaho Code, or the requirement of any information or record in a registration statement or in a periodic report filed pursuant to section 30-14-305(i), Idaho Code.
History:
[30-14-307, added 2004, ch. 45, sec. 2, p. 194.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section 30-14-405 - FEDERAL COVERED INVESTMENT ADVISER NOTICE FILING REQUIREMENT.

30-14-405. FEDERAL COVERED INVESTMENT ADVISER NOTICE FILING REQUIREMENT. (a) Notice filing requirement. Except with respect to a federal covered investment adviser described in subsection (b) of this section, it is unlawful for a federal covered investment adviser to transact business in this state as a federal covered investment adviser unless the federal covered investment adviser complies with subsection (c) of this section.
(b) Notice filing requirement not required. The following federal covered investment advisers are not required to comply with subsection (c) of this section:
(1) A federal covered investment adviser without a place of business in this state if its only clients in this state are:
(A) Federal covered investment advisers, investment advisers registered under this chapter, and broker-dealers registered under this chapter;
(B) Institutional investors;
(C) Bona fide preexisting clients whose principal places of residence are not in this state; or
(D) Other clients specified by a rule adopted or an order issued under this chapter;
(2) A federal covered investment adviser without a place of business in this state if the person has had, during the preceding twelve (12) months, not more than five (5) clients that are resident in this state in addition to those specified under subsection (b)(1) of this section; and
(3) Any other person excluded by a rule adopted or an order issued under this chapter.
(c) Notice filing procedure. A person acting as a federal covered investment adviser, not excluded under subsection (b) of this section, shall file a notice, a consent to service of process complying with section 30-14-611, Idaho Code, and such records as have been filed with the securities and exchange commission under the investment advisers act of 1940 required by a rule adopted or an order issued under this chapter and pay the fees specified in section 30-14-410(e), Idaho Code.
(d) Effectiveness of filing. The notice under subsection (c) of this section becomes effective upon its filing and expires on December thirty-first of each year unless renewed.
History:
[30-14-405, added 2004, ch. 45, sec. 2, p. 199.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section 30-14-406 - REGISTRATION BY BROKER-DEALER, AGENT, INVESTMENT ADVISER, AND INVESTMENT ADVISER REPRESENTATIVE.

30-14-406. REGISTRATION BY BROKER-DEALER, AGENT, INVESTMENT ADVISER, AND INVESTMENT ADVISER REPRESENTATIVE. (a) Application for initial registration. A person shall register as a broker-dealer, agent, investment adviser, or investment adviser representative by filing an application and a consent to service of process complying with section 30-14-611, Idaho Code, and paying the fee specified in section 30-14-410, Idaho Code, and any reasonable fees charged by the designee of the administrator for processing the filing. The application must contain:
(1) The information or record required for the filing of a uniform application; and
(2) Upon request by the administrator, any other financial or other information or record that the administrator determines is appropriate.
(b) Amendment. If the information or record contained in an application filed under subsection (a) of this section is or becomes inaccurate or incomplete in a material respect, the registrant shall promptly file a correcting amendment.
(c) Effectiveness of registration. If an order is not in effect and a proceeding is not pending under section 30-14-412, Idaho Code, registration becomes effective at noon on the forty-fifth day after a completed application is filed, unless the registration is denied. A rule adopted or an order issued under this chapter may set an earlier effective date or may defer the effective date until noon on the forty-fifth day after the filing of any amendment completing the application.
(d) Registration renewal. A registration is effective until midnight on December thirty-first of the year for which the application for registration is filed. Unless an order is in effect under section 30-14-412, Idaho Code, a registration may be automatically renewed each year by filing such records as are required by a rule adopted or an order issued under this chapter, by paying the fee specified in section 30-14-410, Idaho Code, and by paying costs charged by the designee of the administrator for processing the filings.
(e) Additional conditions or waivers. A rule adopted or an order issued under this chapter may impose such other conditions, not inconsistent with the national securities markets improvement act of 1996 (110 Stat. 3416). An order issued under this chapter may waive, in whole or in part, specific requirements in connection with registration as are in the public interest and for the protection of investors.
History:
[30-14-406, added 2004, ch. 45, sec. 2, p. 200.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section 30-14-407 - SUCCESSION AND CHANGE IN REGISTRATION OF BROKER-DEALER OR INVESTMENT ADVISER.

30-14-407. SUCCESSION AND CHANGE IN REGISTRATION OF BROKER-DEALER OR INVESTMENT ADVISER. (a) Succession. A broker-dealer or investment adviser may succeed to the current registration of another broker-dealer or investment adviser or a notice filing of a federal covered investment adviser, and a federal covered investment adviser may succeed to the current registration of an investment adviser or notice filing of another federal covered investment adviser, by filing as a successor an application for registration pursuant to section 30-14-401 or 30-14-403, Idaho Code, or a notice pursuant to section 30-14-405, Idaho Code, for the unexpired portion of the current registration or notice filing.
(b) Organizational change. A broker-dealer or investment adviser that changes its form of organization or state of incorporation or organization may continue its registration by filing an amendment to its registration if the change does not involve a material change in its financial condition or management. The amendment becomes effective when filed or on a date designated by the registrant in its filing. The new organization is a successor to the original registrant for the purposes of this chapter. If there is a material change in financial condition or management, the broker-dealer or investment adviser shall file a new application for registration. A predecessor registered under this chapter shall stop conducting its securities business other than winding down transactions and shall file for withdrawal of broker-dealer or investment adviser registration within forty-five (45) days after filing its amendment to effect succession.
(c) Name change. A broker-dealer or investment adviser that changes its name may continue its registration by filing an amendment to its registration. The amendment becomes effective when filed or on a date designated by the registrant.
(d) Change of control. A change of control of a broker-dealer or investment adviser may be made in accordance with a rule adopted or an order issued under this chapter.
History:
[30-14-407, added 2004, ch. 45, sec. 2, p. 200.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section 30-14-409 - WITHDRAWAL OF REGISTRATION OF BROKER-DEALER, AGENT, INVESTMENT ADVISER AND INVESTMENT ADVISER REPRESENTATIVE.

30-14-409. WITHDRAWAL OF REGISTRATION OF BROKER-DEALER, AGENT, INVESTMENT ADVISER AND INVESTMENT ADVISER REPRESENTATIVE. Withdrawal of registration by a broker-dealer, agent, investment adviser or investment adviser representative becomes effective sixty (60) days after the filing of the application to withdraw or within any shorter period as provided by a rule adopted or an order issued under this chapter unless a revocation or suspension proceeding is pending when the application is filed. If a proceeding is pending, withdrawal becomes effective when and upon such conditions as required by a rule adopted or an order issued under this chapter. The administrator may institute a revocation or suspension proceeding under section 30-14-412, Idaho Code, within one (1) year after the withdrawal became effective automatically and issue a revocation or suspension order as of the last date on which registration was effective if a proceeding is not pending.
History:
[30-14-409, added 2004, ch. 45, sec. 2, p. 202.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 4 - BROKER-DEALERS, AGENTS, INVESTMENT ADVISERS, INVESTMENT ADVISER REPRESENTATIVES, AND FEDERAL COVERED INVESTMENT ADVISERS › Section 30-14-410 - FILING FEES.

30-14-410. FILING FEES. (a) Broker-dealers. A person shall pay a fee of two hundred dollars ($200) when initially filing an application for registration as a broker-dealer and a fee of two hundred dollars ($200) when filing a renewal of registration as a broker-dealer. If the filing results in a denial or withdrawal, the administrator shall retain the fee.
(b) Agents. The fee for an individual is fifty dollars ($50.00) when filing an application for registration as an agent, a fee of fifty dollars ($50.00) when filing a renewal of registration as an agent, and a fee of fifty dollars ($50.00) when filing for a change of registration as an agent. If the filing results in a denial or withdrawal, the administrator shall retain the fee.
(c) Investment advisers. A person shall pay a fee of one hundred fifty dollars ($150) when filing an application for registration as an investment adviser and a fee of one hundred fifty dollars ($150) when filing a renewal of registration as an investment adviser. If the filing results in a denial or withdrawal, the administrator shall retain the fee.
(d) Investment adviser representatives. The fee for an individual is thirty dollars ($30.00) when filing an application for registration as an investment adviser representative, a fee of thirty dollars ($30.00) when filing a renewal of registration as an investment adviser representative, and a fee of thirty dollars ($30.00) when filing a change of registration as an investment adviser representative. If the filing results in a denial or withdrawal, the administrator shall retain the fee.
(e) Federal covered investment advisers. A federal covered investment adviser required to file a notice under section 30-14-405, Idaho Code, shall pay an initial fee of thirty dollars ($30.00) and an annual notice fee of thirty dollars ($30.00).
(f) Payment. A person required to pay a filing or notice fee under this section may transmit the fee through or to a designee as a rule or order provides under this chapter.
(g) Dual agent/investment adviser representative. An investment adviser representative who is registered as an agent under section 30-14-402, Idaho Code, and who represents a person that is both registered as a broker-dealer under section 30-14-401, Idaho Code, and registered as an investment adviser under section 30-14-403, Idaho Code, or required as a federal covered investment adviser to make a notice filing under section 30-14-405, Idaho Code, is not required to pay an initial or annual registration fee for registration as an investment adviser representative.
History:
[30-14-410, added 2004, ch. 45, sec. 2, p. 202.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-501 - GENERAL FRAUD.

30-14-501. GENERAL FRAUD. It is unlawful for a person, in connection with the offer, sale, or purchase of a security, directly or indirectly:
(1) To employ a device, scheme, or artifice to defraud;
(2) To make an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements made, in light of the circumstances under which they were made, not misleading;
(3) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person; or
(4) To divert investor money to the personal use of the issuer, offeror or seller, or to pay prior investors without specifically disclosing that use before receiving the investor’s money.
History:
[30-14-501, added 2004, ch. 45, sec. 2, p. 209; am. 2012, ch. 65, sec. 6, p. 185.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-502 - PROHIBITED CONDUCT IN PROVIDING INVESTMENT ADVICE.

30-14-502. PROHIBITED CONDUCT IN PROVIDING INVESTMENT ADVICE. (a) Fraud in providing investment advice. It is unlawful for a person that advises others for compensation, either directly or indirectly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing or selling securities or that, for compensation and as part of a regular business, issues or promulgates analyses or reports relating to securities:
(1) To employ a device, scheme, or artifice to defraud another person;
(2) To engage in an act, practice, or course of business that operates or would operate as a fraud or deceit upon another person; or
(3) To divert investor money to the personal use of the issuer, offeror or seller, or to pay prior investors without specifically disclosing that use before receiving the investor’s money.
(b) Rules defining fraud. A rule adopted under this chapter may define an act, practice, or course of business of an investment adviser or an investment adviser representative, as fraudulent, deceptive or manipulative, and prescribe means reasonably designed to prevent investment advisers and investment adviser representatives, from engaging in acts, practices, and courses of business defined as fraudulent, deceptive or manipulative.
(c) Rules specifying contents of advisory contract. A rule adopted or an order issued under this chapter may specify the contents of an investment advisory contract entered into, extended or renewed by an investment adviser.
History:
[30-14-502, added 2004, ch. 45, sec. 2, p. 209; am. 2012, ch. 65, sec. 7, p. 185.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-503 - EVIDENTIARY BURDEN.

30-14-503. EVIDENTIARY BURDEN. (a) Civil. In a civil action or administrative proceeding under this chapter, a person claiming an exemption, exception, preemption or exclusion has the burden to prove the applicability of the claim.
(b) Criminal. In a criminal proceeding under this chapter, a person claiming an exemption, exception, preemption or exclusion has the burden of going forward with evidence of the claim.
History:
[30-14-503, added 2004, ch. 45, sec. 2, p. 209.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-504 - FILING OF SALES AND ADVERTISING LITERATURE.

30-14-504. FILING OF SALES AND ADVERTISING LITERATURE. (a) Filing requirement. Except as otherwise provided in subsection (b) of this section, a rule adopted or an order issued under this chapter may require the filing of a prospectus, pamphlet, circular, form letter, advertisement, sales literature or other advertising record relating to a security or investment advice, addressed or intended for distribution to prospective investors, including clients or prospective clients of a person registered or required to be registered as an investment adviser under this chapter.
(b) Excluded communications. This section does not apply to sales and advertising literature specified in subsection (a) of this section which relates to a federal covered security, a federal covered investment adviser, or a security or transaction exempted by section 30-14-201, 30-14-202 or 30-14-203, Idaho Code, except as required pursuant to section 30-14-201(7), Idaho Code.
History:
[30-14-504, added 2004, ch. 45, sec. 2, p. 209.]