reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 16 - IDAHO INTERSTATE BRANCHING ACT › Section 26-1606 - DEPOSIT CONCENTRATIONS.

26-1606. DEPOSIT CONCENTRATIONS. (1) There shall be under the Idaho bank act, including this chapter and chapter 26, title 26, Idaho Code, no deposit cap or concentration limit in Idaho.
(2) The director may, by order, waive any federal deposit concentration limit that has the effect of being more limiting than subsection (1) of this section. In determining to waive the federal concentration limit, the director shall apply a standard that does not discriminate against out-of-state banks, out-of-state bank holding companies, or subsidiaries thereof, upon a finding that the waiver promotes:
(a) Availability of financial services;
(b) The marketability of Idaho banks; or
(c) Other public interest.
(3) This section is not intended to affect the applicability, if any, of federal or state antitrust laws.
History:
[26-1606, added 1995, ch. 99, sec. 9, p. 307.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1701 - TITLE AND SCOPE.

26-1701. TITLE AND SCOPE. (1) This chapter shall be known, and may be cited as the "Idaho International Banking Act."
(2) This chapter is intended to set forth the terms and conditions under which an international banking corporation may enter and do business in Idaho.
History:
[26-1701, added 1995, ch. 99, sec. 10, p. 307.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1702 - DEFINITIONS.

26-1702. DEFINITIONS. (1) As used in this chapter, unless the context otherwise requires:
(a) "Director" means the director of the department of finance.
(b) "Federal international bank institutions" means a branch, agency, or representative office of an international banking corporation established and operating under the federal international banking act of 1978, 12 U.S.C. sec. 3101 et seq., as amended, and its regulations.
(c) "Foreign country" means a country other than the United States, but including a territory or possession of the United States.
(d) "International bank agency" means a business or any part of a banking business conducted in this state or through an office located in this state, other than a federal international bank institution, which exercises powers as set forth in section 26-1709, Idaho Code, on behalf of an international banking corporation.
(e) "International bank branch" means a business or any part of a banking business conducted in this state, or through an office located in this state, other than a federal international bank institution, which exercises powers as set forth in section 26-1709, Idaho Code, on behalf of an international banking corporation.
(f) "International banking corporation" means a banking corporation organized and licensed under the laws of a foreign country or a political subdivision of a foreign country.
(g) "International representative office" means a business location of a representative of an international banking corporation other than a federal international bank institution, established to act in a liaison capacity with existing and potential customers of the international banking corporation and to generate new loans and other activities for the international banking corporation that is operating outside the state.
(2) Legal and financial terms used in this chapter refer to equivalent terms used by the country in which the international banking corporation is organized.
History:
[26-1702, added 1995, ch. 99, sec. 10, p. 308.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1703 - AUTHORITY FOR OPERATION OF INTERNATIONAL BANKING OFFICES.

26-1703. AUTHORITY FOR OPERATION OF INTERNATIONAL BANKING OFFICES. (1) An international banking corporation with a home state other than Idaho may establish and operate, directly or indirectly, a federal international bank institution in this state in accordance with applicable federal law.
(2) An international banking corporation with no home state may establish and operate, directly or indirectly, a federal international bank institution in this state in accordance with applicable federal law.
(3) An international banking corporation with a home state other than Idaho may establish and operate, directly or indirectly, an international bank branch, an international bank agency, or an international representative office in accordance with this chapter and applicable federal law.
(4) An international banking corporation with no home state may establish and operate, directly or indirectly, an international bank branch, an international bank agency, or an international representative office in accordance with this chapter and applicable federal law.
(5) For the purposes of this section, the home state of an international banking corporation that has branches, agencies, subsidiary commercial lending companies, or subsidiary banks, or any combination of branches, agencies, subsidiary commercial lending companies, or subsidiary banks in more than one (1) state is whichever of the states is so elected by the international banking corporation. If the international banking corporation does not elect a home state, the board of governors of the federal reserve system or the director, as applicable, shall elect the home state.
History:
[26-1703, added 1995, ch. 99, sec. 10, p. 308.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1704 - APPLICATION OF THIS CHAPTER.

26-1704. APPLICATION OF THIS CHAPTER. International banking corporations, other than federal international bank institutions, are subject to this chapter, except where it appears, from the context or otherwise, that a provision is clearly applicable only to banks or trust companies organized under the laws of this state or the United States. An international banking corporation has no greater right under, or by virtue of, this chapter than is granted to banks organized under the laws of this state.
History:
[26-1704, added 1995, ch. 99, sec. 10, p. 309.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1705 - APPLICATION OF THE IDAHO BUSINESS CORPORATION ACT.

26-1705. APPLICATION OF THE IDAHO BUSINESS CORPORATION ACT. Where not inconsistent with this chapter and the Idaho bank act, the provisions of the Idaho business corporation act shall apply to international banking corporations doing business in this state.
History:
[26-1705, added 1995, ch. 99, sec. 10, p. 309.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1706 - REQUIREMENTS FOR CARRYING ON BANKING BUSINESS.

26-1706. REQUIREMENTS FOR CARRYING ON BANKING BUSINESS. (1) No international banking corporation, other than a federal international bank corporation, shall transact a banking business or maintain in this state any office for carrying on a banking business or any part of a banking business unless the corporation:
(a) Is authorized by its articles to carry on a banking business and has complied with the laws of the country under which it is chartered;
(b) Has furnished to the director any proof as to the nature and character of its business and as to its financial condition as the director may require;
(c) Has filed with the director:
(i) A duly executed instrument in writing, by its terms of indefinite duration and irrevocable, appointing the director its true and lawful attorney upon whom all process in any action against it may be served with the same force and effect as if it were a domestic corporation and has been lawfully served with process within the state;
(ii) A written certificate of designation, which may be changed from time to time thereafter by the filing of a new certificate of designation, specifying the name and address of the officer, agent, or other person to whom the director shall forward the process; and
(iii) A certified copy of any filings required to be made by foreign corporations to the secretary of state by the Idaho business corporation act.
(d) Has paid to the director a fee set by the director to defray the cost of investigation and supervision.
(e) Has received a license duly issued to it by the director.
(2) The director shall not issue a license to an international banking corporation unless it is chartered in a foreign country that permits banks chartered by the United States or any of its states to establish similar facilities in that country.
History:
[26-1706, added 1995, ch. 99, sec. 10, p. 309.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1707 - ACTIONS AGAINST INTERNATIONAL BANKING CORPORATIONS.

26-1707. ACTIONS AGAINST INTERNATIONAL BANKING CORPORATIONS. (1) A "resident of this state" may maintain an action against an international banking corporation doing business in this state for any cause of action. For purposes of this subsection, the term resident of this state includes any individual domiciled in this state, or any corporation, partnership, or trust formed under the laws of this state.
(2) An international banking corporation or a nonresident of this state may maintain an action against an international banking corporation doing business in this state in the following cases only:
(a) Where the action is brought to recover damages for the breach of a contract made or to be performed within this state or relating to property situated within this state at the time of the making of the contract;
(b) Where the subject matter of the litigation is situated within this state;
(c) Where the cause of action arose within this state, except where the object of the action is to affect the title of real property situated outside this state; or
(d) Where the action is based on a liability for acts done within this state by an international banking corporation or its international bank agency, international bank branch, or international representative office.
(3) The limitations contained in subsection (2) of this section, do not apply to a corporation formed and existing under the laws of the United States and that maintains an office in this state.
History:
[26-1707, added 1995, ch. 99, sec. 10, p. 310.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1709 - EFFECT, RENEWAL, AND REVOCATION OF LICENSES — PERMISSIBLE ACTIVITIES.

26-1709. EFFECT, RENEWAL, AND REVOCATION OF LICENSES — PERMISSIBLE ACTIVITIES. (1) When the director has issued a license to an international banking corporation, it may engage in the business authorized in this act at, and only at, the office specified in the license for a period not exceeding one (1) year from the date of the license or until the license is surrendered or revoked. No license is transferable or assignable. Every license shall be, at all times, conspicuously displayed in the place of business specified in the license.
(2) The international banking corporation may renew the license annually upon application to the director upon forms to be supplied by the director for that purpose. The application for renewal shall be submitted to the director no later than sixty (60) days before the expiration of the license. The license may be renewed by the director upon a determination, with or without examination, that the international banking corporation is in a safe and satisfactory condition, that it has complied with applicable requirements of law, and that the renewal of the license is proper and has been duly authorized by proper corporate action. Each application for renewal of an international banking corporation license shall be accompanied by an annual renewal fee to be determined by the director by rule.
(3) The director may revoke the license, with or without examination, upon a determination that the international banking corporation does not meet the criteria established by subsection (2) of this section for renewal of licenses.
(4) If the director refuses to renew the license and, as a result, the license is revoked, all the rights and privileges of the international banking corporation to transact the business for which it was licensed shall immediately cease, and the license shall be surrendered to the director within twenty-four (24) hours after written notice of the decision has been mailed by the director to the registered office of the international banking corporation set forth in its application, as amended, or has been personally delivered to any officer, director, employee, or agent of the international banking corporation who is physically present in this state.
(5) An international banking corporation licensed under this act to carry on business in this state as an international bank agency may conduct a general banking business through its international bank agency in the same manner as banks existing under the laws of this state, except that no international banking corporation shall, through its bank agency, exercise fiduciary powers or receive deposits, but may maintain for the account of others credit balances incidental to or arising out of the exercise of its lawful powers.
History:
[26-1709, added 1995, ch. 99, sec. 10, p. 311.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1711 - FINANCIAL CERTIFICATION — RESTRICTIONS ON INVESTMENTS, LOANS AND ACCEPTANCES.

26-1711. FINANCIAL CERTIFICATION — RESTRICTIONS ON INVESTMENTS, LOANS AND ACCEPTANCES. (1) Before opening an office in this state, and annually thereafter so long as a bank office is maintained in this state, an international banking corporation licensed under this act shall certify to the director the amount of its paid-in capital, its surplus, and its undivided profits, each expressed in the currency of the country of its incorporation. The dollar equivalent of this amount, as determined by the director, is considered to be the amount of its capital, surplus, and undivided profits.
(2) Purchases and discounts of bills of exchange, bonds, debentures, and other obligations and extensions of credit and acceptances by an international bank agency within this state are subject to the same limitations as to amount in relation to capital, surplus, and undivided profits as are applicable to banks organized under the laws of this state. With the prior approval of the director, the capital notes and capital debentures of the international banking corporation may be treated as capital in computing the limitations.
History:
[26-1711, added 1995, ch. 99, sec. 10, p. 313.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1712 - REPORTS.

26-1712. REPORTS. An international banking corporation licensed under this act shall, at the times and in the form prescribed by the director, make written reports in the English language to the director, under the oath of one (1) of its officers, managers, or agents transacting business in this state, showing the amount of its assets and liabilities and containing any other matters required by the director. If an international banking corporation fails to make a report, as directed by the director, or if a report contains a false statement knowingly made, this is grounds for revocation of the license of the international banking corporation.
History:
[26-1712, added 1995, ch. 99, sec. 10, p. 314.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1713 - DISSOLUTION.

26-1713. DISSOLUTION. (1) When an international banking corporation licensed to maintain an international bank branch or an international bank agency in this state is dissolved or its authority or existence is otherwise terminated or canceled in the jurisdiction of its incorporation, a certificate of the official responsible for records of banking corporations of the jurisdiction of incorporation of the international banking corporation attesting to the occurrence of this event or a certified copy of an order or decree of a court of the jurisdiction directing the dissolution of the international banking corporation or the termination of its existence or the cancellation of its authority shall be delivered to the director. The filing of the certificate, order, or decree has the same effect as the revocation of the international banking corporation’s license as provided in section 26-1709(4), Idaho Code.
(2) An international banking corporation that proposes to terminate the operation in this state of an international bank branch, an international bank agency, or an international representative office shall comply with procedures as the director may prescribe by rule or order to insure an orderly cessation of business in a manner that is not harmful to the public interest and shall surrender its license to the director or shall surrender its right to maintain an office in this state, as applicable.
(3) The director shall continue as agent of the international banking corporation upon whom process against it may be served in any action based upon any liability or obligation incurred by the international banking corporation within this state before the filing of the certificate, order, or decree; and the director shall promptly cause a copy of the process to be mailed by registered or certified mail, return receipt requested, to the international banking corporation at the post office address specified for this purpose on file with the director’s office.
History:
[26-1713, added 1995, ch. 99, sec. 10, p. 314.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 17 - IDAHO INTERNATIONAL BANKING ACT › Section 26-1714 - INTERNATIONAL REPRESENTATIVE OFFICES.

26-1714. INTERNATIONAL REPRESENTATIVE OFFICES. (1) An international banking corporation that does not transact a banking business or any part of a banking business in or through an office in this state, but maintains an office in this state for other purposes is considered to have an international representative office in this state.
(2) An international representative office located in this state shall register with the director annually on forms prescribed by the director. The registration shall be filed before January 31 of each year, shall be accompanied by a registration fee prescribed by rule or order, and shall list the name of the local representative, the street address of the office, and the nature of the business to be transacted in or through the office.
(3) The director may review the operations of an international representative office annually or at any greater frequency as is necessary to assure that the office does not transact a banking business.
(4) An international banking corporation desiring to convert its existing registered international representative office to a licensed international bank branch or licensed international bank agency shall submit to the director the application required in section 26-1708, Idaho Code, and is required to meet the minimum criteria for licensing of an international bank branch or licensed international bank agency under this chapter.
(5) An international representative office may act in a liaison capacity with existing and potential customers of an international banking corporation and in undertaking these activities may, through its employees or agents, without limitation, solicit loans, assemble credit information, make proprietary inspections and appraisals, complete loan applications and other preliminary paperwork in preparation for making a loan, but may not solicit or accept deposits. No international representative office shall conduct any banking business or part of a banking business in this state.
History:
[26-1714, added 1995, ch. 99, sec. 10, p. 314.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1802 - PURPOSE.

26-1802. PURPOSE. The purpose of this act is to allow any federal savings bank, federal mutual savings bank or federal savings and loan association, located in Idaho to convert its charter to that of an Idaho bank, an Idaho stock savings bank or an Idaho mutual savings bank. Banks and credit unions chartered either under this title or federal law are also allowed to convert to savings banks as provided herein. Once converted, an Idaho stock savings bank or mutual savings bank shall operate and be supervised pursuant to this act. A savings bank operating under this act may convert to a federal charter as a federal savings bank or federal savings and loan association if authorized by federal law. A savings bank under this act may also convert to a bank charter or to a credit union charter. Wherever the term "savings and loan association" is used in the Idaho Code, it shall include savings banks chartered under this act or associations doing business in this state pursuant to section 26-1815, Idaho Code.
History:
[26-1802, added 1997, ch. 310, sec. 3, p. 918.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1803 - DEFINITIONS.

26-1803. DEFINITIONS. Unless the context requires otherwise, the terms below have the meaning assigned:
(1) "Department" means the Idaho department of finance.
(2) "Director" means the director of the Idaho department of finance.
(3) "Mutual savings bank" means a savings bank owned by the members of the savings bank and operating under this act.
(4) "Savings bank" means a bank converted and operating pursuant to this act whether in stock form or in mutual form.
(5) "Stock savings bank" means a savings bank owned by holders of capital stock and operating under this act.
History:
[26-1803, added 1997, ch. 310, sec. 3, p. 918.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1804 - IDAHO BANK ACT AND GENERAL BUSINESS CORPORATION LAWS.

26-1804. IDAHO BANK ACT AND GENERAL BUSINESS CORPORATION LAWS. (1) Except as otherwise provided in this chapter, the Idaho bank act shall apply to all corporations converted and operating under this act.
(2) Except as otherwise provided herein or in the Idaho bank act, the general business corporation laws of this state shall apply to all savings banks converted and operating under this act.
History:
[26-1804, added 1997, ch. 310, sec. 3, p. 918.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1805 - PROHIBITIONS.

26-1805. PROHIBITIONS. Unless chartered under this act or federal law, it shall be unlawful for any person in this state to use in connection with a business name the term "savings bank" or words of similar import that lead the public reasonably to believe that the business so conducted is that of a savings bank.
History:
[26-1805, added 1997, ch. 310, sec. 3, p. 918.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1806 - INSURANCE REQUIRED.

26-1806. INSURANCE REQUIRED. All savings banks shall obtain and maintain federal deposit insurance through an insurance corporation created by an act of Congress.
History:
[26-1806, added 1997, ch. 310, sec. 3, p. 918.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1807 - QUALIFICATION AS THRIFT INSTITUTION.

26-1807. QUALIFICATION AS THRIFT INSTITUTION. All savings banks shall qualify for and maintain the status of a thrift institution under the internal revenue code of 1986 and any amendments thereto.
History:
[26-1807, added 1997, ch. 310, sec. 3, p. 919.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1808 - TRUST POWERS.

26-1808. TRUST POWERS. Savings banks which have received a charter from the director authorizing the operation of a trust department may engage in the trust business in accordance with chapters 32 through 36, title 26, Idaho Code.
History:
[26-1808, added 1997, ch. 310, sec. 3, p. 919; am. 2000, ch. 288, sec. 7, p. 975.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1809 - POWERS.

26-1809. POWERS. In addition to the powers granted to banks under provisions of the Idaho bank act, and specifically section 26-1101, Idaho Code, savings banks may exercise any power or engage in any activity authorized either for federal savings banks or savings and loan associations or state savings banks or savings and loan associations.
History:
[26-1809, added 1997, ch. 310, sec. 3, p. 919.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1810 - DEMAND DEPOSITS.

26-1810. DEMAND DEPOSITS. Savings banks may accept deposits subject to withdrawal or to be paid upon checks of the depositor. All such deposits shall be payable on demand, without notice, except when the deposit agreement provides otherwise.
History:
[26-1810, added 1997, ch. 310, sec. 3, p. 919.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1811 - MUTUAL SAVINGS BANKS — OWNERSHIP — MEMBERSHIP — DIRECTORS — CAPITAL.

26-1811. MUTUAL SAVINGS BANKS — OWNERSHIP — MEMBERSHIP — DIRECTORS — CAPITAL. (1) Members of a mutual savings bank are the owners of the mutual savings bank and shall possess voting rights and any other rights as are provided in the articles of incorporation or bylaws of the mutual savings bank.
(2) The membership of a mutual savings bank shall consist of those persons who either:
(a) Hold deposit accounts in the mutual savings bank; or
(b) Borrow funds or become obligated on a loan from the mutual savings bank, for as long as the loan remains unpaid and the debtor remains liable to the mutual savings bank for repayment of the loan.
(3) The board of directors of a mutual savings bank shall be elected by the members at the annual meeting required by section 26-213, Idaho Code. Voting for directors by deposit account holders shall be weighted according to the total amount of deposit accounts held by the members, subject to any maximum number of votes per member which a mutual savings bank may provide in its articles of incorporation. Voting rights for borrowers shall be fully described in a detailed manner in the articles of incorporation of the mutual savings bank.
(4) Mutual savings banks operating under this chapter shall at all times maintain capital at a level determined by the director to be adequate for the safe and sound operation of the savings bank. In addition to the capital plan required to be submitted to the director by section 26-1812, Idaho Code, each mutual savings bank shall periodically revise its capital plan upon written request by the director. All capital plans are subject to the approval of the director. Either failing to maintain adequate capital or operating without an approved capital plan are both violations of this chapter and grounds for sanctions under chapter 11, title 26, Idaho Code.
History:
[26-1811, added 1997, ch. 310, sec. 3, p. 919.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1812 - CONVERSIONS.

26-1812. CONVERSIONS. All conversions from one (1) form of charter to another issued by the department shall be approved in advance in writing by the director. All conversion applications filed with the director involving savings banks, including conversion applications under section 26-1813, Idaho Code, shall include a plan for establishing and maintaining adequate capital to assure the continued safe and sound operation of the bank, savings bank or credit union. Capital plans shall be subject to the approval of the director.
(1) A federal savings and loan association or a federal savings bank, if organized on a capital stock basis, may convert its charter to that of an Idaho bank or a savings bank by proceeding in accordance with section 26-906, Idaho Code.
(2) A federal savings bank organized on a mutual basis may converts [convert] its charter to that of an Idaho mutual savings bank by filing an application in a form approved by the director.
(3) A savings bank may convert its state charter to a federal charter by complying with applicable federal law.
(4) A mutual savings bank may convert its form of organization to that of a stock savings bank by complying with section 26-1813, Idaho Code.
(5) A mutual savings bank may convert its form of organization to that of a credit union by filing an application in a form approved by the director.
(6) A stock savings bank may convert its charter to that of a state bank by proceeding in accordance with section 26-906, Idaho Code.
(7) A bank chartered under the Idaho bank act may convert its charter to that of a stock savings bank by filing an application on a form approved by the director.
(8) A credit union organized under chapter 21, title 26, Idaho Code, may change its charter to that of a mutual savings bank by filing an application on a form approved by the director.
(9) If permitted by federal law, a national bank may convert its charter to that of a stock savings bank by filing an application on a form approved by the director.
(10) If permitted by federal law, a federal credit union may convert its charter to that of a mutual savings bank by filing an application on a form approved by the director.
History:
[26-1812, added 1997, ch. 310, sec. 3, p. 920.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1813 - MUTUAL TO STOCK CONVERSIONS.

26-1813. MUTUAL TO STOCK CONVERSIONS. A mutual savings bank may change its form of organization to that of a stock savings bank by filing an application with the director.
As part of the application, the savings bank will include a plan of conversion, which the director may approve, with or without amendment, if it appears that:
(1) After conversion the savings bank will be in sound financial condition;
(2) The conversion will be fair and equitable to the members of the savings bank and no person whether member, employee or otherwise, will receive any inequitable gain or advantage by reason of the conversion;
(3) The savings bank services provided to the public by the savings bank will not be adversely affected by the conversion;
(4) The plan has been approved by a vote of two-thirds (2/3) of the board of directors of the savings bank;
(5) All shares of stock issued in connection with the conversion are offered first to the members of the savings bank;
(6) All stock shall be offered to members of the savings bank and others under a formula and procedure that is fair and equitable and will be fairly disclosed to all interested persons; and
(7) The plan provides a statement as to whether stockholders shall have preemptive rights to acquire additional or treasury shares of the savings bank.
The plan shall be submitted to the members, but only after it has been approved by the director. After lawful notice to the members of the savings bank and full and fair disclosure, the substance of the plan must be approved by a majority of the total votes that members of the savings bank are eligible and entitled to cast. The vote by the members may be in person or by proxy. Any votes by proxy must be specific to the plan and not a general proxy. Following the vote of the members, the results of the vote certified by an appropriate officer of the savings bank shall be filed with the director. The director shall then either approve or disapprove the requested change in corporate form. After approval, the director shall supervise the conversion process and shall ensure that the process is conducted lawfully and under the approved plan.
History:
[26-1813, added 1997, ch. 310, sec. 3, p. 920.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1814 - ACQUISITIONS.

26-1814. ACQUISITIONS. All acquisitions shall be approved in advance in writing by the director.
(1) A mutual or stock savings bank may acquire, as defined by section 26-2605, Idaho Code, a savings bank organized in the same form.
(2) A stock savings bank may acquire or be acquired by either a state or national bank with the state or national bank being the surviving bank.
(3) A mutual savings bank may acquire or be acquired by a credit union, with the mutual savings bank being the surviving entity.
(4) A stock savings bank may acquire or be acquired by a national or state bank with the national or state bank being the surviving entity.
History:
[26-1814, added 1997, ch. 310, sec. 3, p. 921.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 18 - SAVINGS BANKS › Section 26-1815 - FOREIGN SAVINGS AND LOAN ASSOCIATIONS.

26-1815. FOREIGN SAVINGS AND LOAN ASSOCIATIONS. A savings and loan association or savings bank chartered and operating under the laws of another state which has received a valid permit from the director of finance to do business as a savings and loan association or savings bank within this state pursuant to an application filed with and approved by the director shall be authorized to conduct such business in this state.
History:
[26-1815, added 1997, ch. 310, sec. 3, p. 921.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2101 - SCOPE.

26-2101. SCOPE. This chapter shall be known as the "Idaho Credit Union Act" and shall be applicable to all persons except federal credit unions, operating as credit unions in the state of Idaho and to such other persons as shall subject themselves to its provisions, and to such persons who shall by violating any of its provisions become subject to the penalties provided herein.
History:
[26-2101, added 1977, ch. 213, sec. 2, p. 582.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2102 - PURPOSE.

26-2102. PURPOSE. The purpose of this chapter is to allow groups of persons with a common bond as provided in this chapter to form private nonprofit cooperative corporations to be known as credit unions, to provide an opportunity for its members to use and control their own money in order to improve their economic and social condition, to promote thrift at a reasonable rate of return and provide a source of credit at fair and reasonable rates of interest to those persons included in the common bond.
History:
[26-2102, added 1977, ch. 213, sec. 2, p. 582.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.

26-2103. SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE. Unless displaced by the particular provisions of this chapter, the Uniform Commercial Code, the Uniform Consumer Credit Code, the Idaho Securities Act, the corporation laws of this state and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, misrepresentation, duress, coercion, mistake, bankruptcy, or other validating or invalidating cause supplement its provisions.
History:
[26-2103, added 1977, ch. 213, sec. 2, p. 583.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2104 - DEFINITION AND USE OF TERMS.

26-2104. DEFINITION AND USE OF TERMS. As used in this chapter unless the context otherwise requires:
(a) "Credit union" means a cooperative nonprofit corporation chartered under the provisions of this chapter.
(b) "Capital" means the shares of a credit union.
(c) "Director" means the director of the department of finance of the state of Idaho.
(d) "Federal supervisory agency" means the National Credit Union Administration.
(e) "Credit union services" means services such as draft and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of drafts, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a credit union.
(f) "Credit union service corporation" means a corporation organized to perform credit union services for two (2) or more credit unions, each of which owns part of the capital stock of such corporations, and which are subject to examination by either the department of finance of the state of Idaho or a federal supervisory agency.
(g) "Interstate credit union" means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating both in Idaho and in one (1) or more other states.
(h) "Invest" means any advance of funds to a credit union service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment.
(i) "Surplus funds" means those funds which are not needed to meet a credit union’s members’ loan needs and credit union expenses.
(j) "Unsafe or unsound practice" means any action or lack of action that is contrary to the generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits.
(k) "Electronic service facility" means an electronic device that is operated by a credit union and that can be used to conduct transactions or obtain services offered by the credit union.
History:
[26-2104, added 1977, ch. 213, sec. 2, p. 583; am. 1997, ch. 111, sec. 1, p. 269; am. 2022, ch. 78, sec. 1, p. 217.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2106 - AMENDMENT TO ARTICLES OF INCORPORATION AND BYLAWS — APPROVAL OF DIRECTOR — PROCEDURE.

26-2106. AMENDMENT TO ARTICLES OF INCORPORATION AND BYLAWS — APPROVAL OF DIRECTOR — PROCEDURE. (1) A credit union’s articles of incorporation may be amended as provided in the articles of incorporation with approval of the director. Amendments to the articles of incorporation must be submitted to the director for approval. Amendments to the articles of incorporation are deemed to be approved by the director if the director does not deny them within thirty (30) days following receipt of the proposed amendments. Amendments to a credit union’s articles of incorporation must conform with section 26-2105, Idaho Code.
(2) Upon approval by the director, the credit union shall promptly deliver amendments to the articles of incorporation, including any necessary filing fees, to the secretary of state for filing. Amendments to the articles of incorporation are effective upon approval by the director unless the amendments specify a different effective date.
(3) A credit union’s bylaws may be amended as provided in the bylaws. A copy of any amendments to the bylaws must be mailed by certified mail return receipt requested to the department of finance within twenty (20) days after the adoption thereof. Amendments to the bylaws become effective on approval by the director unless the amendments specify a different date. Amendments to the bylaws are deemed to be approved by the director if the director does not deny them within thirty (30) days following receipt of the amendments.
History:
[26-2106, added 2020, ch. 230, sec. 2, p. 671; am. 2022, ch. 78, sec. 2, p. 218.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2107 - RESTRICTIONS.

26-2107. RESTRICTIONS. Any person, corporation, copartnership or association, except a credit union organized under the provisions of this chapter, an interstate credit union with a permit issued under section 26-2152, Idaho Code, the federal credit union act, 48 Statute 1216 (1934), 73 Statute (1959), 12 U.S.C. 192, or the Idaho credit union league, a recognized chapter of the Idaho credit union league, using a name or title containing the words "credit union" or any derivation thereof or representing themselves in their advertising or otherwise conducting business as a 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:
[26-2107, added 1977, ch. 213, sec. 2, p. 585; am. 1997, ch. 111, sec. 2, p. 270.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2110 - MEMBERSHIP.

26-2110. MEMBERSHIP. (a) The membership of a credit union shall be limited to and consist of the subscribers to the articles of incorporation and such other persons having the common bond set forth in the articles of incorporation as have been duly admitted members, have paid the entrance fee, if any, as provided in the bylaws, have subscribed and paid for one (1) or more shares, and have complied with such other requirements as the articles of incorporation or bylaws may specify.
(b) Credit union organizations shall be limited to groups having a common bond of occupation or association, or to residents within a well-defined neighborhood, community, or rural district, employees of a common employer, or members of a bona fide fraternal, religious, cooperative, labor, rural, educational, or similar organization and members of the immediate family of such persons.
(c) Societies and associations composed entirely of individuals who are within the field of membership of the credit union may be admitted to membership in the same manner and under the same conditions as individuals.
(d) An individual who leaves the field of membership may be permitted to retain his membership in the credit union at the discretion of the board and as provided in the bylaws.
(e) An employer, including the state and its political subdivisions, may become a member of a credit union, of which its employee is a member, only for the purpose of placing shares or deposits in the credit union pursuant to an employee deferred compensation plan qualified under chapter 400 of the Internal Revenue Code of 1954, as amended, or other retirement plans set out in section 26-2151, Idaho Code.
(f) Credit unions may become members of other Idaho credit unions.
History:
[26-2110, added 1977, ch. 213, sec. 2, p. 588; am. 1980, ch. 69, sec. 1, p. 144; am. 2021, ch. 321, sec. 2, p. 946.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.

26-2111. EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP. A member may be expelled in accordance with the bylaws and any policies established by the board. The credit union shall notify a member of the expulsion, the reasons for the expulsion, and the process by which the member may challenge the expulsion and seek reinstatement. The credit union shall, upon the request of the expelled member in accordance with this section, allow the member to challenge the expulsion and seek reinstatement as a member. A member who withdraws from membership or whose membership is otherwise terminated pursuant to the bylaws or who is expelled is not relieved of any liability to the credit union.
History:
[26-2111, added 2022, ch. 78, sec. 7, p. 222.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2112 - FISCAL YEAR.

26-2112. FISCAL YEAR. The fiscal year of all credit unions organized under this chapter shall end on the last day of December.
History:
[26-2112, added 1977, ch. 213, sec. 2, p. 589.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2113 - MEMBER VOTING.

26-2113. MEMBER VOTING. (1) No member may have more than one (1) vote. A natural person may not hold more than one (1) membership in a credit union on behalf of himself or herself. An organization having membership in a credit union may cast one (1) vote through a natural person agent authorized in accordance with any requirements of the credit union.
(2) Members may vote, as prescribed in the credit union’s bylaws, by mail ballot, absentee ballot, or other methods, which may include electronic methods. However, no member may vote by proxy.
(3) A member who is not at least eighteen (18) years of age is not eligible to vote as a member unless otherwise provided in the credit union’s bylaws.
History:
[26-2113, added 2018, ch. 165, sec. 2, p. 329.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.

26-2113A. ANNUAL MEMBERSHIP MEETINGS. (1) A credit union’s annual membership meeting shall be held at such time and in such manner as the board prescribes, as permitted in the bylaws, and shall be conducted according to the rules of procedure approved by the board. If the meeting is conducted electronically, the credit union shall offer a means of participation in the meeting for members that are unable to participate electronically using their own communication services and equipment.
(2) Notice of the annual membership meetings of a credit union shall be given as provided in the bylaws of the credit union.
History:
[26-2113A, added 2018, ch. 165, sec. 3, p. 329; am. 2019, ch. 188, sec. 1, p. 596; am. 2022, ch. 78, sec. 8, p. 222.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.

26-2114A. BOARD MEMBERS — QUALIFICATIONS. (1) A member of the board of directors must be a natural person and a member of the credit union. If a member of the board of directors ceases to be a member of the credit union, that person’s service as a member of the board of directors shall terminate effective on termination of membership in the credit union.
(2)(a) If a member of the board of directors is absent from more than one-fourth (1/4) of the regular board meetings in any twelve (12) month period without being reasonably excused by the board, the member shall no longer serve on the board of directors.
(b) The board shall determine whether a member of the board is excluded from service pursuant to paragraph (a) of this subsection. After such determination has been made, the board secretary shall promptly notify the member of the board that such member shall no longer serve on the board. Failure to provide notice does not affect the termination of the member’s service under paragraph (a) of this subsection.
(3) A member of the board of directors must meet any qualification requirements set forth in the credit union’s bylaws. If the board determines that a member fails to meet such requirements, the member shall no longer serve on the board.
(4) The operating officers and employees of the credit union may not serve as members of the board of directors of the credit union.
History:
[26-2114A, added 2018, ch. 165, sec. 7, p. 332.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 21 - IDAHO CREDIT UNION ACT › Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.

26-2114B. OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION. (1) Officials owe a fiduciary duty to the credit union and must discharge the duties of their respective positions:
(a) In good faith;
(b) With the care an ordinarily prudent person in a like position would exercise under similar circumstances; and
(c) In a manner the official reasonably believes to be in the best interests of the credit union.
(2) In discharging the duties of an official, the official is entitled to rely on information, opinions, reports, or statements, including financial statements and other financial data, if prepared or presented by:
(a) One (1) or more officers or employees of the credit union whom the official reasonably believes to be reliable and competent in the matters presented;
(b) Legal counsel, public accountants or other persons as to matters the official reasonably believes are within the person’s professional or expert competence; or
(c) A committee of the board of directors or supervisory committee of which the official is not a member if the official reasonably believes the committee merits confidence.
(3) An official is not acting in good faith if the official has knowledge concerning the matter in question that makes reliance otherwise permitted by subsection (2) of this section unwarranted.
(4) An official is not liable for any action taken as a director, or any failure to take any action, if the director performed the duties of the director’s office in compliance with this section.
(5) As used in this section, "official" means a member of the board of directors, board officer, supervisory committee member or senior operating officer of the credit union.
History:
[26-2114B, added 2018, ch. 165, sec. 8, p. 332.]