reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2140A - CONSERVATORSHIP.

26-2140A. CONSERVATORSHIP. (1) The director may, in his discretion and without notice, appoint himself or an agent as conservator and immediately take possession and control of the business and assets of any credit union in any case in which:
(a) The director determines that such action is necessary to conserve the assets of any credit union or to protect the interests of the members of such credit union;
(b) The credit union, by a resolution of its board of directors, consents to such an action by the director;
(c) There is a violation of a cease and desist order, or any law, rule, regulation or any written agreement entered into with the director; or
(d) There is concealment of books, papers, records, or assets of the credit union or refusal to submit books, papers, records, or affairs of the credit union for inspection to any examiner or to any lawful agent of the director.
(2) Not later than thirty (30) calendar days after the date on which the director takes possession and control of the business and assets of a credit union, such credit union may apply to the district court for the judicial district in which the credit union is located for an order requiring the director to show cause why he should not be enjoined from continuing such possession and control. Except as provided in this subsection, no court may take any action, except at the request of the director, to restrain or affect the exercise of powers or functions of the director as conservator.
(3) The director may maintain possession and control of the business and assets of such credit union and may operate such credit union until such time as:
(a) The director shall permit such credit union to continue business subject to such terms and conditions as may be imposed by the director;
(b) Such credit union is placed in receivership in accordance with the provisions of section 26-2141, Idaho Code; or
(c) Otherwise ordered by the district court of the judicial district in which the credit union is located.
(4) The director may appoint such agents as he considers necessary in order to carry out his duties as conservator.
(5) All expenses of the credit union during the period of the conservatorship shall be paid by the credit union.
(6) The conservator shall have all the powers of the members, the directors, the officers, and the committees of the credit union and shall be authorized to operate the credit union in its own name or to conserve its assets in the manner and to the extent authorized by the director.
(7) The authority granted in this section is in addition to all other authority granted to the director under this chapter.
History:
[26-2140A, added 1991, ch. 236, sec. 6, p. 571; am. 2020, ch. 214, sec. 6, p. 631.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2140B - SUSPENSION OR REMOVAL OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS, OFFICERS, OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT.

26-2140B. SUSPENSION OR REMOVAL OF DIRECTORS, SUPERVISORY COMMITTEE MEMBERS, OFFICERS, OR EMPLOYEES — PROHIBITION OF FUTURE EMPLOYMENT. (1) The director may issue a written order, pursuant to chapter 52, title 67, Idaho Code, suspending or removing a credit union director, supervisory committee member, officer, or employee upon finding that the director, supervisory committee member, officer, or employee has:
(a) Been dishonest or reckless in the performance of his official duties;
(b) Breached his fiduciary duties to the credit union in a manner that is likely to cause substantial loss or seriously weaken the credit union;
(c) Violated any provision of this chapter, any state or federal law or regulation pertaining to the business of the credit union, or any order of the director;
(d) Been convicted of a felony or any misdemeanor involving theft or dishonesty; or
(e) Engaged or participated in any unsafe or unsound practice in the conduct of the affairs of the credit union.
(2) In the event a director, supervisory committee member, officer, or employee has been removed from office as set forth in this section, and the order has not been modified, rescinded, or set aside, or if a person has been removed as a director, supervisory committee member, officer, or employee of a credit union by a federal financial institution regulator or a financial institution regulator in another state, the person is prohibited from becoming employed by a credit union supervised by the director in this state, except as specifically permitted by the director.
(3) The director, officer, employee, or credit union affected by order of the director may immediately petition the district court in the judicial district of the county in which the credit union has its principal place of business or in Ada county to set aside the order of the director. Upon the filing of such petition, the court shall have the jurisdiction to affirm or set aside in whole or in part and remand to the director.
(4) An order issued under this section must contain a statement of the facts that constitute grounds for removal or prohibition and cite relevant state or federal law or regulation.
(5) A prevailing party in any proceeding under this section may be awarded attorney’s fees and costs pursuant to section 12-117, Idaho Code.
History:
[26-2140B, added 2020, ch. 214, sec. 8, p. 632.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2141 - APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS.

26-2141. APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS. (1) If a credit union refuses to pay its shares, deposits, or obligations in accordance with the terms under which the shares were received or the deposits or obligations were incurred, becomes insolvent, or refuses to submit its books, papers, and records for inspection by the director, or if it appears to the director that the credit union is in an unsafe and unsound condition, the director may apply to the district court for Ada county or for the county in which the principal place of business of the credit union is located for appointment of a receiver for the credit union.
(2) In a proceeding for the appointment of a receiver, the court may act upon the application immediately and without notice to any person. If at any time it appears to the court that the asserted reasons for receivership may not exist, the court shall order the director to show cause as to why the court should not dissolve the receivership.
(3) An insuring federal agency or private share insurer may act as receiver without bond. All other receivers, with the exception of an employee of the Idaho department of finance appointed as receiver in his official capacity, shall post a bond in an amount determined by the court.
(4) A receiver shall report to the director regarding all matters involving the receivership on a schedule established by the director.
(5) If a credit union is closed and placed in receivership, and the insuring federal agency or private share insurer pays or makes available for payment the insured shares and deposit liabilities of the closed credit union, the federal agency or private share insurer, whether or not it has become receiver of the credit union, is subrogated to all of the rights of the owners of the deposits against the closed credit union in the same manner and to the same extent as subrogation of the federal agency or private share insurer under the laws governing the federal agency or private share insurer.
(6) For purposes of this section, "insolvent" means a credit union that meets either of the following:
(a) It is not able to pay its debts and other obligations, including those related to member shares, as they become due; or
(b) Its liabilities exceed its assets.
(7) If a federal agency is appointed as receiver of a credit union, the receivership procedures of the federal agency shall govern the receivership.
History:
[26-2141, added 2020, ch. 214, sec. 10, p. 633.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.

26-2143. HEAD OFFICE AND BRANCH OFFICES. (1) A credit union may relocate its head office and the location of its books and records upon written notice to the director.
(2) A credit union may, under such rules as the director may adopt, establish branch offices at locations other than its head office. A credit union shall notify the director in writing at least thirty (30) days before opening a branch office location to conduct business.
(3) Prior to opening a branch office location, a credit union must obtain written approval from the director if:
(a) The credit union is subject to an order issued by the director pursuant to this chapter;
(b) The credit union’s current CAMELS rating or its current management or capital CAMELS component ratings, as issued by the director, is a "3," "4," or "5"; or
(c) The location of a proposed branch office is outside of the credit union’s current field of membership if its membership is based on a well-defined neighborhood, community, or rural district.
History:
[26-2143, added 2022, ch. 78, sec. 12, p. 225.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.

26-2144. ADMINISTRATION, RULES AND REGULATIONS. The administration of the provisions of this chapter shall be under the general supervision and control of the director. The director may from time to time make, amend and rescind such rules, regulations and forms necessary to carry out the provisions of this chapter. No rule, regulation or form may be made unless the director finds that the action is necessary or appropriate for the public interest or for the protection of the credit union’s welfare consistent with the purposes of this chapter.
History:
[26-2144, added 1977, ch. 213, sec. 2, p. 607.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.

26-2145. AUTHORITY TO EXERCISE FEDERAL POWERS. (a) Notwithstanding any other provision of law, but subject to the limitations provided for in this section, a credit union may engage in any activity in which it could engage, exercise any power it could exercise, or make any loan or investment which it could make if it were operating as a federal credit union, or a credit union chartered by another state.
(b) Before engaging in any activity or exercising any power afforded under this section, a credit union shall first notify the director of its intent to do so. This notice shall be sent to the director by U.S. mail, postage prepaid, certified or registered, with return receipt requested. Should the director take no action on the request within twenty (20) days of delivery to the director, the right to engage in the action or power so requested shall be deemed granted.
(c) Should the director deny the request, the affected credit union shall have the right to request a hearing before the director, which hearing shall be held within thirty (30) days of the date of the denial.
(d) The director shall have the discretion to deny any request which is inconsistent with the purposes of this chapter.
(e) No such approval shall operate to deny the director of any of his authority under this chapter and such permitted activity shall be subject to regulation by the director.
History:
[26-2145, added 1984, ch. 95, sec. 2, p. 221; am. 1997, ch. 111, sec. 3, p. 270.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.

26-2146. INVESTMENT IN SERVICE CORPORATION. No limitation or prohibition otherwise imposed by any provision of the laws of the state of Idaho exclusively relating to credit unions shall prevent or prohibit any two (2) credit unions from investing not more than ten percent (10%) of the paid-in shares and deposits of members of each of them in a credit union service corporation.
History:
[26-2146, added 1977, ch. 213, sec. 2, p. 608.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.

26-2147. CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION. If stock in a credit union service corporation has been held by two (2) credit unions, and one (1) of such credit unions ceases to utilize the services of the corporation and ceases to hold stock in it, and leaves the other as the sole stockholding credit union, the corporation may nevertheless continue to function as such and the other credit union may continue to hold stock in it.
History:
[26-2147, added 1977, ch. 213, sec. 2, p. 608.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.

26-2148. DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF. Whenever a credit union, referred to in this section as any "applying credit union" subject to examination by either the department of finance of the state of Idaho, or a federal supervisory agency, applies for a type of credit union services for itself from a credit union service corporation which supplies the same type of credit union services to another credit union, and the applying credit union is competitive with any credit union, referred to in this section as a "stockholding credit union" which holds stock in such corporation, the corporation must offer to supply such services by either:
(a) Issuing stock to the applying credit union and furnishing credit union services to it on the same basis as to the other credit unions holding stock in the corporation, or
(b) Furnishing credit union services to the applying credit union at rates no higher than necessary to fairly reflect the cost of such services, including the reasonable cost of the capital provided to the corporation by its stockholders, at the corporation’s option, unless comparable services at competitive overall cost are available to the applying credit union from another source, or unless the furnishing of the services sought by the applying credit union would be beyond the practical capacity of the corporation. In any action or proceeding to enforce the duty imposed by this section, or for damages for the breach thereof, the burden shall be upon the credit union service corporation to show such availability.
History:
[26-2148, added 1977, ch. 213, sec. 2, p. 608.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2149 - PROHIBITED ACTIVITIES.

26-2149. PROHIBITED ACTIVITIES. No credit union service corporation may engage in any revenue producing activity other than the performance of credit union services for credit unions and, to an extent not exceeding one half (1/2) of its total activity, the performance of similar services for persons or organizations other than credit unions.
History:
[26-2149, added 1977, ch. 213, sec. 2, p. 609.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2151 - CUSTODIAL ACCOUNTS.

26-2151. CUSTODIAL ACCOUNTS. A credit union is authorized to act as custodian or fiduciary for members of the credit union and may receive reasonable compensation for so acting under any written trust instrument or custodial agreement in connection with a tax-advantaged savings plan authorized under the Internal Revenue Code or chapter 30, title 63, Idaho Code, if the funds of such trust or funds subject to the custodial agreement are invested only in savings accounts or deposits in such credit union. All funds held in such fiduciary capacity by any such credit union may be commingled for appropriate purposes of investment, but individual records shall be kept by the fiduciary for each participant and shall show in proper detail all transactions engaged in under the authority of this section.
History:
[26-2151, added 1977, ch. 213, sec. 2, p. 611; am. 2020, ch. 214, sec. 13, p. 636.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.

26-2152. INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION. (1) Provided that the membership limits as defined in section 26-2110, Idaho Code, are maintained:
(a) A credit union chartered under this chapter may operate in another state unless prohibited by the law of the other state. Idaho is the home state for any credit union chartered under this chapter.
(b) A credit union chartered under the laws of another state may operate in Idaho with the approval of the director on the terms and conditions provided in subsection (2) of this section. Idaho is the host state for any credit union chartered under the laws of any other state. The state which charters the credit union is the home state of the credit union.
(2) The director may issue a permit to a credit union chartered in another state to operate in this state in a manner consistent with the Idaho credit union act, provided that the credit union applies for such permit on a form approved by the director and has approval from the regulator of credit unions in its home state to operate in Idaho. A credit union for which Idaho is a host state shall acknowledge that Idaho laws relating to consumer protection apply to transactions with residents in Idaho. The credit union for which Idaho is a host state shall maintain its books and records in Idaho or in such other place as the director may agree in writing. The director may, pursuant to chapter 52, title 67, Idaho Code, suspend or revoke the permit of any credit union for which Idaho is the host state for any violation of the Idaho credit union act.
(3) The director shall assess fees as provided in section 26-2136, Idaho Code, to be paid by a credit union for which Idaho is the host state on the basis of the assets of the credit union which are derived from its operations in Idaho. The director, in his discretion, may adjust such fees according to the level of participation of the department in the supervision of the credit union.
(4) The director may enter into agreements with private share insurers and credit union regulators both with the federal government and in other states, to coordinate and facilitate regulation and supervision of interstate credit unions as permitted by section 26-2610, Idaho Code.
History:
[26-2152, added 1997, ch. 111, sec. 4, p. 271.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2153 - SHARE AND DEPOSIT INSURANCE.

26-2153. SHARE AND DEPOSIT INSURANCE. (1) Not later than January 1, 1986, a state chartered credit union shall apply for and obtain insurance on shares and deposits as provided by the national credit union administration under title II of the federal credit union act (12 U.S.C. section 1781 et seq.), or alternatively, a form of comparable insurance approved by the director. This requirement does not apply to a credit union with debt and equity capital consisting primarily of funds from other credit unions.
(2) A credit union which has been denied a commitment for such insurance shall within thirty (30) days after the denial, commence steps to either liquidate, or merge with an insured credit union, or apply in writing to the director for additional time to obtain an insurance commitment.
The director shall grant one or more extensions of time to obtain the insurance upon satisfactory evidence that the credit union has made or is making a substantial effort to achieve the conditions precedent to issuance of the insurance.
(3) No credit union shall be granted a charter by the director unless such credit union has obtained insurance of its member share and deposit accounts.
(4) (a) Notwithstanding the above, a credit union whose members, after being fully informed on the subject, vote, by a simple majority of those members present at a meeting called for such purpose, to not obtain share insurance, shall not be required to obtain such insurance as condition precedent to doing business in this state.
(b) In those credit unions in which the membership has voted to reject the need for share insurance, the rejection shall be placed before the membership for reconsideration at least biannually thereafter.
(c) Should the membership of a credit union, in which the need for share insurance has been rejected, determine, as provided above, that the need for share insurance does exist, the credit union shall, within thirty (30) days following the date of the meeting held for the purpose of voting on the subject, make application for and obtain insurance as provided above.
(d) Those credit unions whose members have voted to remain uninsured shall disclose to their members, on a regular and periodic basis, that their shares and deposits in that credit union are not protected by share insurance and the procedures required by this section.
(5) The director may make available reports of condition and examination findings to the national credit union administration or to any qualified insuring organization and may accept any report of examination made on behalf of such agency or organizations. The director may appoint an official of the national credit union administration or of any qualified insuring organization as a liquidating agent of an insured credit union.
History:
[26-2153, added 1984, ch. 59, sec. 1, p. 107.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.

26-2154. CREDIT UNIONS ELIGIBLE AS DEPOSITORIES. Notwithstanding any other provision of this chapter, any state credit union or federal credit union located within this state may become a state depository by making application for that purpose to the state treasurer and may accept such funds as nonmember deposits.
History:
[26-2154, added 1986, ch. 74, sec. 1, p. 221.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2156 - BOND COVERAGE.

26-2156. BOND COVERAGE. (1) Each credit union must be adequately insured against risk. The board of directors of each credit union must at least annually review its bond and other insurance coverage to ensure that it is adequate in relation to the potential risks facing the credit union and the minimum requirements set by the board.
(2) Each credit union must purchase a blanket fidelity bond that:
(a) Covers the officers, employees, directors, members of official committees, attorneys and other agents;
(b) Covers against loss caused by fraud and dishonesty; and
(c) Has the following required minimum dollar amount of coverage:
Assets
Minimum Bond
$0 to $4,000,000
Lesser of total assets or $250,000
$4,000,001 to $50,000,000
$100,000 plus $50,000 for each million or fraction thereof over $1,000,000
$50,000,001 to $500,000,000
$2,550,000 plus $10,000 for each million or fraction thereof over $50,000,000, to a maximum of $5,000,000
Over $500,000,000
1% of assets rounded to the nearest hundred million, to a maximum of $9,000,000
(3) The maximum amount of allowable deductible is computed based on the credit union’s asset size and capital level, as follows:
Assets
Maximum Deductible
$0 to $100,000
No deductible allowed
$100,001 to $250,000
$1,000
$250,001 to $1,000,000
$2,000
Over $1,000,000
$2,000 plus .001 of total assets, to a maximum of $200,000; for credit unions that received a composite capital, asset, management, earnings, liquidity, and sensitivity (CAMELS) rating of "1" or "2" for the last two (2) full examinations and maintained a net worth classification of "well-capitalized" under national credit union administration (NCUA) regulations part 702 for six (6) immediately preceding quarters or, if subject to a risk-based net worth (RBNW) requirement under NCUA regulations part 702, has remained "well-capitalized" for the six (6) immediately preceding quarters after applying the applicable RBNW requirements, the maximum deductible is $1,000,000
(4) The director may require an additional amount of bond coverage for a credit union, taking into account the size of the credit union, the credit union’s field of membership, risk level of the credit union, and any other factors the director finds relevant to the determination of appropriate bond coverage for a credit union.
(5) The board of directors should purchase additional or enhanced coverage when circumstances warrant.
(6) If a credit union fails to maintain a blanket fidelity bond in the amount prescribed by the director, the director may order the credit union to cease its operations until such time when the credit union obtains the required bond.
(7) When a credit union receives notice that its fidelity bond coverage will be suspended or terminated, the credit union shall notify the director in writing no fewer than thirty (30) days prior to the effective date of the suspension or termination.
History:
[26-2156, added 2018, ch. 165, sec. 21, p. 337; am. 2019, ch. 188, sec. 4, p. 599.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.

26-2157. AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD. The director may require and attend a special meeting of the board of a credit union if an examination of the credit union results in a composite capital adequacy, asset quality, management, earnings, liquidity, and sensitivity to market risk (CAMELS) rating of "3," "4," or "5." The director’s request for a special board meeting must be made in writing to the chairman and the secretary of the board. On receipt of such a request, the secretary shall designate a time and place for the special board meeting, which shall be held within thirty (30) days after receipt of the request. The director may require the attendance of all of the directors at the special board meeting, and an absence unexcused by the director constitutes a violation of this chapter.
History:
[26-2157, added 2020, ch. 214, sec. 14, p. 637.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.

26-2170. DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION. (a) The Idaho corporate credit union is a cooperative nonprofit corporate entity which can assist credit unions in meeting their investment and borrowing needs, assist credit unions in the sound management of their liquid assets and serve as a financial intermediary for credit unions.
(b) Any person, corporation, copartnership or association, except a corporate credit union organized under the provisions of this chapter, or the Federal Credit Union Act, using a name or title containing the words "corporate credit union" or any derivation thereof or representing themselves as a corporate credit union shall be fined not more than one thousand dollars ($1,000), or imprisoned not more than one (1) year or both and may be permanently enjoined from using such words in its name.
History:
[26-2170, added 1977, ch. 213, sec. 2, p. 611.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.

26-2171. ORGANIZATION — IDAHO CORPORATE CREDIT UNION. Any seven (7) or more credit unions within the state of Idaho, with at least one (1) credit union from each of the seven (7) chapters of the Idaho credit union league, may, through designated delegates appointed by their board of directors, organize the Idaho corporate credit union and become members thereof by:
(a) Filing an application furnished by the director;
(b) Executing in duplicate, articles of incorporation by the terms of which they agree to be bound, which articles shall state:
(1) The name, which shall include the words "Idaho Corporate Credit Union" and the city in which the proposed credit union is to have its principal place of business;
(2) The term of existence of the credit union, which shall be perpetual;
(3) The par value of shares of the Idaho corporate credit union, which shall be one hundred dollars ($100);
(4) The names and addresses of the respective credit unions who are subscribers to the articles of incorporation and the number of shares subscribed by each; and
(c) Adopting bylaws for the general government of the credit union, consistent with provisions of this act and executing the same in duplicate.
(d) Forwarding the required charter fee, application, articles of incorporation and the bylaws to the director. If they conform to the statute, as determined by the director, he shall issue a certificate of approval to the articles and return a copy of the bylaws and the articles to the applicants or their representative, which shall be preserved in the permanent files of the credit union.
(e) The subscribers for the Idaho corporate credit union shall not transact any business until formal approval of the charter has been received. The director shall cause to be prepared a form of articles of incorporation and a form of bylaws consistent with this act which shall be used by the Idaho corporate credit union incorporators for their guidance.
History:
[26-2171, added 1977, ch. 213, sec. 2, p. 611.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.

26-2172. AMENDMENTS — IDAHO CORPORATE CREDIT UNION. The articles of incorporation or the bylaws may be amended as provided in the bylaws and in accordance with section 26-2106, Idaho Code.
History:
[26-2172, added 1977, ch. 213, sec. 2, p. 612.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.

26-2173. CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION. The Idaho corporate credit union shall have the general rights and powers of any other credit union organized under the Idaho Credit Union Act and shall have the following additional powers:
(a) As authorized by its board of directors or executive committee, to deposit in federally insured state and national banks and deposit with or invest in shares of or loans to United States central credit union to an extent which shall not exceed its shares, and certificates of deposit.
(b) Receive investments from members in the form of shares or corporate deposits. Time deposits of surplus funds shall be evidenced by certificates of deposit having a maturity of not less than ninety (90) days. Surplus funds are those funds which are not needed to meet the member’s loan needs or expenses.
(c) To pay and return on shares, share certificates and deposits at such rates as are determined by the board of directors, giving due consideration to the amount and time period of the savings or investment commitment.
(d) To borrow from any source except individuals provided that the total amount shall not exceed fifty percent (50%) of its members’ shares, daily interest deposits and certificates of deposit. Provided that with prior written approval of the director of finance, the corporate credit union may exceed the fifty percent (50%) limitation.
(e) To make loans and to participate with the United States central credit union in making loans to members of the corporate credit union upon the terms and conditions determined by the board of directors.
(f) To make deposits in any member credit union in this state and the United States central credit union.
(g) To purchase the fixed assets of a member credit union if the board of directors of the corporate credit union determines it in the best interest of the member credit union.
(h) To develop and enter into agreement for the purpose of participation in any governmental agency liquidity or interlending system among credit unions and for the purpose of aiding credit unions in establishing concentrated lines of credit with other financial institutions, and to act as a depositor and transmitter of funds for the purpose of carrying out this power.
(i) To accept deposits from the United States central credit union in the form of certificates of deposit.
History:
[26-2173, added 1977, ch. 213, sec. 2, p. 612.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.

26-2174. MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION. Membership in the Idaho corporate credit union shall be limited to and consist of the credit union subscribers to the articles of incorporation, credit unions organized under the Idaho credit union act or the federal credit union act, and organizations or associations of credit unions who have paid the membership fee, if any, as provided in the bylaws, have subscribed to and paid for one (1) or more shares as provided in the bylaws and have complied with such other requirements as the articles of incorporation or the bylaws may specify.
History:
[26-2174, added 1977, ch. 213, sec. 2, p. 613.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2175 - EXPULSION AND/OR WITHDRAWAL FROM THE FIELD OF MEMBERSHIP OF THE IDAHO CORPORATE CREDIT UNION.

26-2175. EXPULSION AND/OR WITHDRAWAL FROM THE FIELD OF MEMBERSHIP OF THE IDAHO CORPORATE CREDIT UNION. A member of the Idaho corporate credit union may be expelled by the board of directors, but only after an opportunity has been given to the member to be heard for the purpose of such expulsion. A written notice of this hearing, setting forth the time, place, and date for such meeting shall be forwarded to the member by the board, together with the charges which serve as the basis for the expulsion. The member may be expelled for failure to meet the conditions of its membership, failure to carry out its obligation to the credit union, or refusal to comply with the provisions of the law or bylaws under which the corporate credit union operates or habitual neglect to pay obligations. Upon completion of the hearing, and if the board of directors has voted to expel the member, the member shall remain liable for any sums owed to the Idaho corporate credit union for loans and/or other purposes. The Idaho corporate credit union may require twenty (20) days’ written notice to withdraw shares and/or deposits by the member, as funds become available.
History:
[26-2175, added 1977, ch. 213, sec. 2, p. 614.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.

26-2176. MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION. Meetings and elections shall be held as indicated in the bylaws. Each member shall have one (1) vote irrespective of shareholdings. No member may vote by proxy, but may vote through a duly authorized delegate appointed by the members of the board of directors or executive committee of each corporate member.
History:
[26-2176, added 1977, ch. 213, sec. 2, p. 614.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.

26-2177. OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION. The business affairs of the corporate credit union shall be managed by a board of directors of at least seven (7) directors. One (1) director shall be elected from the designated delegates of each of the seven (7) credit union chapters of the state, as defined by the Idaho credit union league structure. The board of directors may serve as the supervisory committee or may employ an auditor acceptable to the director and may delegate certain loan functions and preapproved lending limits to the manager of the corporate credit union.
History:
[26-2177, added 1977, ch. 213, sec. 2, p. 614.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.

26-2178. OFFICERS — IDAHO CORPORATE CREDIT UNION. Within sixty (60) days following the organizational meeting and at each annual meeting, the directors shall elect from their own number a chairman, one (1) or more vice-chairmen, a treasurer and a secretary, of whom the last two (2) may be the same individual. An assistant treasurer may be appointed by the board of directors. The chairman and secretary shall execute a certificate of election which shall set forth the names and addresses of the officers, directors and members elected or appointed. The certificate of election shall be executed on a form approved by the department of finance and one (1) copy of each shall be filed with the department of finance within ten (10) days after such election or appointment. The terms of the officers shall be for such terms respectively as the bylaws provide, and until their successors are chosen and have been duly qualified.
History:
[26-2178, added 1977, ch. 213, sec. 2, p. 614; am. 1988, ch. 158, sec. 4, p. 289.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.

26-2179. BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION. The board of directors of the corporate credit union shall have the same general powers and duties as boards of directors of credit unions organized under the Idaho credit union act and in the corporate credit union bylaws.
History:
[26-2179, added 1977, ch. 213, sec. 2, p. 615.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.

26-2180. LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION. The Idaho corporate credit union may loan to members upon such security and for purposes only as provided in its bylaws. Loans shall be evidenced by a written instrument and within limits set by board policy. No loan shall be made unless approved in writing by a majority of the board of directors or manager as delegated by the board of directors.
The board may establish lines of credit to member credit unions based on the financial statements of the member credit union. Where a line of credit has been approved, application for loans need no further consideration as long as the aggregate obligation does not exceed the limits of such line of credit. The board of directors shall at least once a year review all lines of credit and any lines of credit shall expire if the member becomes more than sixty (60) days delinquent in its obligations to the Idaho corporate credit union.
History:
[26-2180, added 1977, ch. 213, sec. 2, p. 615.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.

26-2181. COMPENSATION — CORPORATE OFFICERS. The officers of the corporate credit union shall have the same rights regarding compensation as officers of other credit unions organized under the Idaho credit union act. Nothing in this section is to be interpreted to preclude the corporate credit union officers from receiving an honorarium as established annually by the board of directors for each meeting plus their actual expenses.
History:
[26-2181, added 1977, ch. 213, sec. 2, p. 615.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2182 - SHARES AND DEPOSITS.

26-2182. SHARES AND DEPOSITS. (a) A share is defined as a term applied to each one hundred dollars ($100) standing to the share account of a member. The shares of a credit union shall all be common shares of one (1) class and shall have a par value of one hundred dollars ($100) per share. No certificate shall be issued to denote ownership of a share in the credit union.
(b) In the event of default, the Idaho corporate credit union shall have and may exercise a lien on the shares of any member for any sum due the credit union from said member.
History:
[26-2182, added 1977, ch. 213, sec. 2, p. 616.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.

26-2183. RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION. No reserve shall be required for the corporate credit union except a special reserve may be required by the director of finance when an annual examination reflects need for such reserves for potential losses from investments. Loans one (1) month to six (6) months delinquent shall be required to have a reserve equal to ten percent (10%) of the unpaid balance of such loans. Loans over six (6) months delinquent shall be required to have a reserve equal to one hundred percent (100%) of the unpaid balance of such loans. The director may allow distribution of the special reserve if the losses do not materialize.
History:
[26-2183, added 1977, ch. 213, sec. 2, p. 616.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.

26-2184. DIVIDENDS — IDAHO CORPORATE CREDIT UNION. (a) After allocations to the reserve account if required by the director, the board of directors may at the end of any dividend period duly established, declare a dividend from undivided earnings as the bylaws may provide.
(b) Dividends shall be paid on all fully paid shares outstanding at the close of the dividend periods.
(c) And provided further that the Idaho corporate credit union may pay interest on daily deposit balances of its members which are in excess of the capital share base requirement for membership.
(d) No dividend shall be declared or paid at a time when the corporation is insolvent.
History:
[26-2184, added 1977, ch. 213, sec. 2, p. 616.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.

26-2185. APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT. The following provisions of the Idaho credit union act shall apply to the Idaho corporate credit union:
(a) Share reduction, section 26-2131, Idaho Code.
(b) Reports, section 26-2133, Idaho Code.
(c) Books and records, section 26-2135, Idaho Code.
(d) Examinations, section 26-2136A, Idaho Code.
(e) False reports, section 26-2137, Idaho Code.
(f) Cease and desist orders, suspension, and liquidation, section 26-2140, Idaho Code.
(g) Administration, rules and regulations, section 26-2144, Idaho Code.
(h) Fiscal year, section 26-2112, Idaho Code.
(i) Penalties for official misconduct, section 26-2117, Idaho Code.
History:
[26-2185, added 1977, ch. 213, sec. 2, p. 616; am. 2020, ch. 214, sec. 15, p. 637.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.

26-2186. TAXATION — IDAHO CORPORATE CREDIT UNION. The Idaho corporate credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by the corporation or when transferred from one (1) member to another.
History:
[26-2186, added 1977, ch. 213, sec. 2, p. 617.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2187 - CONSTRUCTION AGAINST REPEAL.

26-2187. CONSTRUCTION AGAINST REPEAL. This chapter being a general chapter intended as unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.
History:
[26-2187, added 1977, ch. 213, sec. 2, p. 617.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2188 - SEVERABILITY.

26-2188. SEVERABILITY. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or application, and to this end the provisions of this chapter are severable.
History:
[26-2188, added 1977, ch. 213, sec. 2, p. 617.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2223 - COLLECTION AGENCY, DEBT COUNSELOR, CREDIT COUNSELOR, OR CREDIT REPAIR ORGANIZATION — LICENSE REQUIRED.

26-2223. COLLECTION AGENCY, DEBT COUNSELOR, CREDIT COUNSELOR, OR CREDIT REPAIR ORGANIZATION — LICENSE REQUIRED. No person shall without complying with the terms of this act and obtaining a license from the director:
(1) Operate as a collection agency, debt counselor, credit counselor, or credit repair organization in this state.
(2) Engage, either directly or indirectly, in this state in the business of collecting or receiving payment for others of any account, bill, claim or other indebtedness.
(3) Solicit or advertise in this state to collect or receive payment for another of any account, bill, claim or other indebtedness.
(4) Sell or otherwise distribute in this state any system or systems of collection letters or similar printed matter where the name of any person other than the particular creditor to whom the debt is owed appears.
(5) Engage in any activity in this state which indicates, directly or indirectly, that a third party is or may be involved in effecting any collections.
(6) Engage or offer to engage in this state, directly or indirectly, in the business of collecting any form of indebtedness for that person’s own account if the indebtedness was acquired from another person and if the indebtedness was either delinquent or in default at the time it was acquired.
(7) Engage or offer to engage in this state in the business of receiving money from debtors for application or payment to or prorating of a debt owed to, any creditor or creditors of such debtor, or engage or offer to engage in this state in the business of providing counseling or other services to debtors in the management of their debts, or contracting with the debtor to effect the adjustment, compromise, or discharge of any account, note or other indebtedness of the debtor.
(8) Engage or offer to engage in this state in the business of selling, providing or performing services to improve any consumer’s credit record, credit history or credit rating, or providing advice or assistance to any consumer with regard to his credit record, credit history or credit rating.
History:
[26-2223, added 1970, ch. 53, sec. 2, p. 118; am. 1990, ch. 346, sec. 2. p. 932; am. 2002, ch. 190, sec. 2, p. 546; am. 2008, ch. 347, sec. 2, p. 940.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 22 - COLLECTION AGENCIES › Section 26-2223A - COLLECTION AGENCY OFFICE REQUIREMENTS.

26-2223A. COLLECTION AGENCY OFFICE REQUIREMENTS. Each licensee shall maintain a home office licensed under this chapter as the licensee’s principal location for collection activities. Each licensee must maintain a listed telephone number and must be open to the public during normal business hours on each business day, provided, however, that the director may in his discretion approve a request for opening during hours other than normal business hours or a portion of a business day. A business day within the meaning of this section does not include Saturdays, Sundays, or legal holidays.
History:
[26-2223A, added 1974, ch. 154, sec. 1, p. 1379; am. 1987, ch. 297, sec. 1, p. 633; am. 1995, ch. 211, sec. 2, p. 716; am. 2008, ch. 347, sec. 3, p. 941; am. 2022, ch. 286, sec. 1, p. 906.]