reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2729 - VIOLATION OF CHAPTER — CIVIL PENALTIES.

26-2729. VIOLATION OF CHAPTER — CIVIL PENALTIES. (1) If, after notice and the opportunity for a hearing, the director finds that a person has violated the provisions of this chapter, he may order that person to pay to the director a civil penalty in the amount the director specifies. However, the amount of the civil penalty shall not exceed one thousand dollars ($1,000) for each violation, or in the case of a continuing violation, one thousand dollars ($1,000) for each day during which the violation continues. Money collected for a civil penalty under this section shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.
(2) The provisions of this section do not apply to any act committed or omitted in good faith in conformity with an order, rule, declaratory ruling, or written interpretative opinion of the director, notwithstanding that the order, rule, declaratory ruling, or written interpretative opinion is later amended, rescinded, or repealed, or determined by judicial or other authority to be invalid for any reason.
(3) The provisions of subsection (1) of this section are additional to, and not alternative to, other provisions of this chapter which authorize the director to issue orders or to take other action on account of a violation of the provisions of this chapter.
History:
[26-2729, added 1989, ch. 252, sec. 1, p. 623; am. 2002, ch. 145, sec. 13, p. 418.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS › Section 26-2731 - CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER.

26-2731. CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER. This chapter shall be liberally construed to accomplish its purposes.
A proceeding to promulgate rules or a proceeding regarding civil penalties under section 26-2729, Idaho Code, shall be subject to the administrative procedure act contained in chapter 52, title 67, Idaho Code.
Except as otherwise provided in this section, the provisions of a licensee’s incorporating statute apply to the licensee. If a provision of the licensee’s incorporating statute conflicts with any provision of this chapter, this chapter controls.
History:
[26-2731, added 1989, ch. 252, sec. 1, p. 625; am. 2002, ch. 145, sec. 14, p. 418.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2903 - LICENSE REQUIRED.

26-2903. LICENSE REQUIRED. (1) On or after the effective date of this act, no person except a person exempt pursuant to the provisions of section 26-2904, Idaho Code, shall engage in the business of money transmission without a license as provided in accordance with the provisions of this chapter.
(2) A licensee may conduct its business in this state at one (1) or more locations, directly or indirectly owned, or through one (1) or more authorized representatives, or both, pursuant to the single license granted to the licensee.
(3) The director may permit multiple corporations, which are directly or indirectly commonly controlled, to engage in activities under the provisions of this chapter, pursuant to a single bond or other security device in satisfaction of the requirements of section 26-2908, Idaho Code.
History:
[26-2903, added 1994, ch. 410, sec. 1, p. 1284.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2904 - EXEMPTIONS.

26-2904. EXEMPTIONS. (1) This chapter shall not apply to:
(a) The United States or any department, agency or instrumentality of the United States;
(b) The United States post office;
(c) The state or any political subdivision of the state; and
(d) Banks, credit unions, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States, provided that they do not issue or sell payment instruments through authorized delegates who are not banks, credit unions, savings and loan associations, savings banks or mutual banks; and
(2) Authorized representatives of a licensee, acting within the scope of authority conferred by a written contract conforming to the requirements of section 26-2918, Idaho Code, shall not be required to obtain a license pursuant to this chapter.
History:
[26-2904, added 1994, ch. 410, sec. 1, p. 1284.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2905 - LICENSE QUALIFICATIONS.

26-2905. LICENSE QUALIFICATIONS. (1) Each licensee licensed under the provisions of this chapter shall at all times have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one (1) location or through authorized representatives shall have an additional net worth of twenty-five thousand dollars ($25,000) per location or authorized representative located in the state, as applicable, to a maximum of two hundred fifty thousand dollars ($250,000).
(2) Every corporate applicant, at the time of filing of an application for a license under the provisions of this chapter and at all times after a license is issued, shall be in good standing in the state of its incorporation. All noncorporate applicants shall, at the time of the filing of an application for a license under the provisions of this chapter and at all times after a license is issued, have all necessary registrations or qualifications to do business in this state.
History:
[26-2905, added 1994, ch. 410, sec. 1, p. 1284.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2906 - PERMISSIBLE INVESTMENTS.

26-2906. PERMISSIBLE INVESTMENTS. Each licensee licensed under the provisions of this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. This requirement may be waived by the director if the dollar volume of a licensee’s outstanding payment instruments does not exceed the bond or other security devices posted by the licensee pursuant to section 26-2908, Idaho Code. Permissible investments, even if commingled with other assets of the licensee, shall be deemed by operation of law to be held in trust for the benefit of the purchasers and holders of the licensee’s outstanding payment instruments in the event of the bankruptcy of the licensee, and shall be immune from attachment by creditors or judgment holders.
History:
[26-2906, added 1994, ch. 410, sec. 1, p. 1285; am. 1999, ch. 274, sec. 1, p. 688.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2909 - APPLICATION FEE.

26-2909. APPLICATION FEE. Each application must be accompanied by a nonrefundable application fee in the amount of one hundred dollars ($100) for the license. The application fee shall also constitute the license fee for the applicant’s first year of activities if the license is granted. All fees, fines, examination and miscellaneous charges provided for in accordance with the provisions of this chapter shall be paid to the director and shall be deposited into the finance administrative account pursuant to section 67-2702, Idaho Code.
History:
[26-2909, added 1994, ch. 410, sec. 1, p. 1288.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2910 - ISSUANCE OF LICENSE.

26-2910. ISSUANCE OF LICENSE. (1) Upon the filing of a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The director may conduct an on-site investigation of the applicant, the actual cost of which shall be borne by the applicant. If the director finds that the applicant’s business will be conducted honestly, fairly, and in a manner commanding the confidence and trust of the community, and that the applicant has fulfilled the requirements imposed in this chapter and has paid the required license fee, the director shall issue a license to the applicant authorizing the applicant to engage in the licensed activities in this state for a term of one (1) year. If these requirements have not been met, the director shall deny the application in writing setting forth the reasons for the denial.
(2) The director shall approve or deny every application for an original license within one hundred eighty (180) days from the date a complete application is submitted, which period may be extended by the written consent of the applicant. The director shall notify the applicant of the date when the application is deemed complete. In the absence of approval or denial of the application, or consent to the extension of the one hundred eighty (180) day period, the application is deemed approved and the director shall issue the license effective as of the first day after the one hundred eighty (180) day or extended period has elapsed.
(3) Any applicant aggrieved by a denial issued by the director under the provisions of this section may at any time within thirty (30) days from the date of receipt of written notice of the denial contest the denial by serving a response on the director. The director shall set a date for a hearing not later than sixty (60) days after service of the response, unless a later date is set with the consent of the denied applicant.
History:
[26-2910, added 1994, ch. 410, sec. 1, p. 1288.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2911 - RENEWAL OF LICENSE AND ANNUAL REPORT.

26-2911. RENEWAL OF LICENSE AND ANNUAL REPORT. (1) Each licensee shall file with the director an annual report, in a form prescribed by the director, which form shall be sent by the director to each licensee no later than three (3) months immediately preceding the thirtieth day of June of each year, or as the director in his discretion, may determine. The licensee must include each of the following in its annual renewal report:
(a) A copy of its most recent audited consolidated annual financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder’s equity and statement of changes in financial position; or, in the case of a licensee that is a wholly owned subsidiary of a parent corporation, the consolidated audited annual financial statement of the parent corporation may be filed with the licensee’s unaudited annual financial statement. In the event any licensee does not otherwise obtain audited financial statements, such licensee shall, in lieu of audited financial statements required in this section, furnish the director with federal income tax returns covering the required periods together with copies of such unaudited, compiled or reviewed financial statements as the licensee shall have prepared or obtained for other purposes, including, without limitation, the most recent financial statements, if any, furnished to licensee’s bank or other lending institution.
(b) For the most recent quarter for which data is available prior to the date of the filing of the renewal application, but in no event more than one hundred twenty (120) days prior to the renewal date, the licensee must provide the number of payment instruments sold by the licensee in the state, the dollar amount of those instruments and the dollar amount of those instruments currently outstanding.
(c) Any material changes in any of the information submitted by the licensee on its original application which have not previously been reported to the director on any other report required to be filed under the provisions of this chapter.
(d) A list of the licensee’s permissible investments; and if an audited financial statement has not been provided, the licensee shall provide a certification by an independent certified public accountant that the licensee has complied with the provisions of section 26-2906, Idaho Code.
(e) A list of the locations within this state at which business regulated by the provisions of this chapter is being conducted by either the licensee or its authorized representative.
(2) A licensee that has not filed an annual report by the renewal filing deadline and has not been granted an extension of time to do so by the director shall be notified by the director, in writing, that a hearing will be scheduled at which time the licensee will be required to show cause why its license should not be suspended pending compliance with this requirement.
History:
[26-2911, added 1994, ch. 410, sec. 1, p. 1289.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2912 - EXTRAORDINARY REPORTING REQUIREMENTS.

26-2912. EXTRAORDINARY REPORTING REQUIREMENTS. Within fifteen (15) days of the occurrence of any one (1) of the events listed below, a licensee shall file a written report with the director describing such event:
(1) The filing for bankruptcy or reorganization by the licensee;
(2) The institution of revocation or suspension proceedings against the licensee by any state or government authority with regard to the licensee’s money transmission activities;
(3) Any felony indictment, complaint or information of the licensee or any of its key officers or directors; or
(4) Any felony conviction of the licensee or any of its key officers or directors.
History:
[26-2912, added 1994, ch. 410, sec. 1, p. 1290.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2913 - CHANGES IN CONTROL OF A LICENSE.

26-2913. CHANGES IN CONTROL OF A LICENSE. (1) Within fifteen (15) days of a change or acquisition of control of a licensee that is a publicly traded corporation or is a direct or indirect subsidiary of a publicly traded corporation, the licensee shall provide notice of such event to the director in writing.
(2) Licensees other than publicly traded corporations or direct or indirect subsidiaries of publicly traded corporations must notify the director in writing thirty (30) days prior to a change of control.
History:
[26-2913, added 1994, ch. 410, sec. 1, p. 1290.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2915 - MAINTENANCE OF RECORDS.

26-2915. MAINTENANCE OF RECORDS. (1) Each licensee shall make, keep, and preserve the following books, accounts and other records for a period of three (3) years:
(a) A record or records of payment instruments sold;
(b) A general ledger containing all asset, liability, capital, income and expense accounts, which general ledger shall be posted at least monthly;
(c) Settlement sheets, if received from authorized representatives;
(d) Bank statements and bank reconciliation records;
(e) Records of outstanding payment instruments;
(f) Records of each payment instrument paid within the three (3) year period;
(g) A list of the names and addresses of all of the licensee’s authorized representatives, as well as copies of each authorized representative’s contract; and
(h) All reports required by federal currency reporting, recordkeeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. sec. 5311, 31 CFR part 103 (2000), and other federal and state laws pertaining to money laundering.
(2) Maintenance of such documents as are required in this section in a photographic or other similar form shall constitute compliance with the provisions of this section.
(3) Records may be maintained at a location other than at a location within this state so long as they are made accessible to the director on seven (7) days’ written notice.
History:
[26-2915, added 1994, ch. 410, sec. 1, p. 1291; am. 2005, ch. 142, sec. 2, p. 439.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2916 - CONFIDENTIALITY OF DATA SUBMITTED TO THE DIRECTOR.

26-2916. CONFIDENTIALITY OF DATA SUBMITTED TO THE DIRECTOR. (1) All information or reports obtained by the director from an applicant, licensee or authorized representative, whether obtained through reports, applications, examinations, audits, investigation, or otherwise including, but not limited to:
(a) All information contained in or related to examination, investigation, operating, or condition reports reported by, on behalf of, or for the use of the director; or
(b) Financial statements, balance sheets, or authorized representative information;
are confidential trade secrets and may not be disclosed or distributed outside the department in accordance with the provisions of chapter 1, title 74, Idaho Code, by the director or any officer or employee of the department.
(2) The director, however, may provide for the release of information to representatives of state or federal agencies who state in writing that they shall maintain the confidentiality of such information or if the director finds that the release is reasonably necessary for the protection of the public and in the interests of justice.
(3) Nothing in this section shall prohibit the director from releasing to the public a list of persons licensed under the provisions of this chapter or to release aggregated financial data on such licensees.
History:
[26-2916, added 1994, ch. 410, sec. 1, p. 1291; am. 1997, ch. 60, sec. 3, p. 118; am. 2005, ch. 142, sec. 3, p. 439; am. 2015, ch. 141, sec. 45, p. 415.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2917 - SUSPENSION OR REVOCATION OF LICENSES.

26-2917. SUSPENSION OR REVOCATION OF LICENSES. After notice and opportunity for hearing, the director may suspend or revoke a licensee’s license if the director finds that:
(1) Any fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying such application;
(2) The licensee’s net worth becomes inadequate and the licensee, after ten (10) days’ written notice from the director, fails to take such steps as the director deems necessary to remedy such deficiency;
(3) The licensee violates any provisions of this chapter or any rule or order of the director under the provisions of this chapter or is convicted of a violation of a state or federal money laundering or terrorism law;
(4) The licensee is conducting its business in an unsafe or unsound manner;
(5) The licensee is insolvent;
(6) The licensee has suspended payment of its obligations, has made an assignment for the benefit of its creditors, or has admitted in writing its inability to pay its debts as they become due;
(7) The licensee has applied for an adjudication of bankruptcy, reorganization, arrangement or other relief under any bankruptcy;
(8) The licensee refuses to permit the director to make any examination authorized in this chapter;
(9) The licensee willfully fails to make any report required in this chapter; or
(10) The licensee, any person who exercises any managerial authority over the licensee’s activities, or any of its executive officers or other persons in control of the licensee are listed or become listed on the "specially designated nationals and blocked persons" list prepared by the United States department of the treasury as a potential threat to commit terrorist acts or to finance terrorist acts.
History:
[26-2917, added 1994, ch. 410, sec. 1, p. 1292; am. 2005, ch. 142, sec. 4, p. 440.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2918 - AUTHORIZED REPRESENTATIVE CONTRACTS.

26-2918. AUTHORIZED REPRESENTATIVE CONTRACTS. Licensees desiring to conduct licensed activities through authorized representatives shall authorize such representative to operate pursuant to an express written contract, which shall provide the following:
(1) That the licensee appoints the person as its representative with authority to engage in money transmission on behalf of the licensee;
(2) That neither a licensee nor an authorized representative may authorize subrepresentatives without the written consent of the director;
(3) That licensees are subject to supervision and regulation by the director;
(4) An acknowledgement that the authorized representative consents to the director’s inspection, with or without prior notice to the licensee or authorized representative(s), of the books and records of authorized representative(s) of the licensee when the director has a reasonable basis to believe that the licensee or authorized representative is in violation of the provisions of this chapter; and
(5) That authorized representatives are under a duty to act only as authorized under the contract with the licensee and that an authorized representative that exceeds its authority is subject to cancellation of its contract and disciplinary action by the director.
History:
[26-2918, added 1994, ch. 410, sec. 1, p. 1292.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2919 - AUTHORIZED REPRESENTATIVE CONDUCT.

26-2919. AUTHORIZED REPRESENTATIVE CONDUCT. (1) An authorized representative shall not make any fraudulent or false statement or misrepresentation to a licensee or to the director.
(2) All money transmission or sale or issuance of payment instrument activities conducted by authorized representatives shall be strictly in accordance with the licensee’s written procedures provided to the authorized representative.
(3) An authorized representative shall remit all money owing to the licensee in accordance with the terms of the contract between the licensee and the authorized representative.
(4) All funds, less fees, received by an authorized representative of a licensee from the sale or delivery of a payment instrument issued by a licensee or received by an authorized representative for transmission shall, from the time such funds are received by such authorized representative until such time when the funds or an equivalent amount are remitted by the authorized representative to the licensee, constitute trust funds owned by and belonging to the licensee. If an authorized representative commingles any such funds with any other funds owned or controlled by the authorized representative, all commingled proceeds and other property shall be impressed with a trust in favor of the licensee in an amount equal to the amount of the proceeds due the licensee.
(5) An authorized representative shall report to the licensee the theft or loss of payment instruments within twenty-four (24) hours from the time he knew or should have known of such theft or loss.
History:
[26-2919, added 1994, ch. 410, sec. 1, p. 1293.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2920 - REVOCATION OR SUSPENSION OF AUTHORIZED REPRESENTATIVES.

26-2920. REVOCATION OR SUSPENSION OF AUTHORIZED REPRESENTATIVES. (1) If, after notice and a hearing, the director finds that any authorized representative of a licensee or any director, officer, employee, or controlling person of such authorized representative:
(a) Has violated any provision of this chapter, or of any rule or order issued under the provisions of this chapter;
(b) Has engaged or participated in any unsafe or unsound act with respect to the business of selling or issuing payment instruments of the licensee or the business of money transmission; or
(c) Has made or caused to be made in any application or report filed with the director or in any proceeding before the director, any statement which was at the time and in the circumstances under which it was made, false or misleading with respect to any material fact, or has omitted to state in any such application or report any material fact which is required to be stated therein, the director may issue an order suspending or barring such authorized representative from continuing to be or becoming an authorized representative of any licensee during the period for which such order is in effect. Upon issuance of such order, the licensee shall terminate its relationship with such authorized representative according to the terms of the order.
(2) (a) Any authorized representative to whom an order is issued under the provisions of this section may apply to the director to modify or rescind such order. The director shall not grant such application unless the director finds that it is in the public interest to do so and that it is reasonable to believe that such person will, if and when such person is permitted to resume being an authorized representative of a licensee, comply with all applicable provisions of this chapter and of any rule and order issued under the provisions of this chapter.
(b) The right of any authorized representative to whom an order is issued under the provisions of this section to petition for judicial review of such order shall not be affected by the failure of such persons to apply to the director to modify or rescind the order.
History:
[26-2920, added 1994, ch. 410, sec. 1, p. 1293.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2921 - LICENSEE LIABILITY.

26-2921. LICENSEE LIABILITY. A license’s [licensee’s] liability to any person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized representative shall be limited to the amount of money transmitted or the face amount of the payment instrument purchased.
History:
[26-2921, added 1994, ch. 410, sec. 1, p. 1294.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2922 - HEARINGS — PROCEDURES.

26-2922. HEARINGS — PROCEDURES. The provisions of the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, shall apply to any hearing afforded pursuant to the provisions of this chapter.
History:
[26-2922, added 1994, ch. 410, sec. 1, p. 1294.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2923 - CIVIL PENALTIES.

26-2923. CIVIL PENALTIES. (1) If, after notice and hearing, the director finds that a person has violated the provisions of this chapter or a rule adopted under the provisions of this chapter, the director may order the person to pay to the director a civil penalty in an amount specified by the director, not to exceed one thousand dollars ($1,000) for each violation or, in the case of a continuing violation, one thousand dollars ($1,000) for each day that the violation continues, but not to exceed twenty-five thousand dollars ($25,000) in the aggregate. The provisions of the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, shall apply to such hearing.
(2) The director, in his discretion, is authorized to compromise, settle, and collect civil penalties with any person for violations of any provision of this chapter, or of any rule or order issued or promulgated pursuant to the provisions of this chapter.
History:
[26-2923, added 1994, ch. 410, sec. 1, p. 1294.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2924 - ENFORCEMENT.

26-2924. ENFORCEMENT. (1) If it appears to the director that any person has committed or is about to commit a violation of any provision of this chapter or of any rule or order of the director, the director may:
(a) Issue a cease and desist order ordering such person to cease and desist violating or continuing to violate any provision of this chapter or any rule or order issued in accordance with this chapter; or
(b) Apply to the district court for an order enjoining such person from violating or continuing to violate any provision of this chapter or any rule or order and for injunctive or such other relief as the nature of the case may require.
(2) The director may enter into consent orders at any time with any person to resolve any matter arising under the provisions of this chapter. A consent order must be signed by the person to whom it is issued or a duly authorized representative, and must indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter or any rule or order promulgated or issued thereunder has been violated nor need it constitute a finding by the director that such person has violated any provision of this chapter or any rule or order promulgated or issued thereunder.
(3) Notwithstanding the issuance of a consent order, the director may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order unless the consent order by its terms expressly precludes the director from so doing.
History:
[26-2924, added 1994, ch. 410, sec. 1, p. 1294.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2925 - CRIMINAL PENALTIES.

26-2925. CRIMINAL PENALTIES. Any person who knowingly and wilfully violates any provision of this chapter is guilty of a felony.
History:
[26-2925, added 1994, ch. 410, sec. 1, p. 1295.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2926 - PROMULGATION OF RULES.

26-2926. PROMULGATION OF RULES. All rules promulgated by the director pursuant to authority conferred in this chapter will be in accordance with the Idaho administrative procedure act, chapter 52, title 67, Idaho Code. In addition thereto, at the time the director files a notice of proposed adoption, amendment or repeal of a rule for public comment, a copy of said notice will be sent by regular United States mail, postage prepaid, to all then current licensees and applicants for licenses under the provisions of this chapter.
History:
[26-2926, added 1994, ch. 410, sec. 1, p. 1295.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2927 - SEVERABILITY.

26-2927. SEVERABILITY. Should any provision, sentence, clause, section or part of this act for any reason be held unconstitutional, illegal or invalid, such unconstitutionality, illegality, or invalidity shall not affect or impair any of the remaining provisions, sentences, clauses, sections or parts of this act. It is hereby declared to be the intention of this legislature that this act would have been adopted had such unconstitutional, illegal or invalid sentence, clause, section or part thereof not been included herein.
History:
[26-2927, added 1994, ch. 410, sec. 1, p. 1295.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 29 - MONEY TRANSMISSION › Section 26-2928 - APPOINTMENT OF DIRECTOR AS AGENT FOR SERVICE OF PROCESS.

26-2928. APPOINTMENT OF DIRECTOR AS AGENT FOR SERVICE OF PROCESS. (1) Any licensee, authorized representative or other person who knowingly engages in business activities that are regulated under the provisions of this chapter, with or without filing an application, is deemed to have done both the following:
(a) Consented to the jurisdiction of the courts of this state for all actions arising under the provisions of this chapter; and
(b) Appointed the director as his lawful agent for the purpose of accepting service of process in any action, suit or proceeding that may arise under the provisions of this chapter.
(2) Within three (3) business days after service of process upon the director, the director shall transmit by certified mail copies of all lawful processes accepted by the director as an agent to that person at his last known address. Service of process shall be considered complete three (3) business days after the director deposits copies of the documents in the United States mail.
History:
[26-2928, added 1994, ch. 410, sec. 1, p. 1295.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 30 - UNIVERSITY DEBIT CARD ACT › Section 26-3001 - TITLE AND SCOPE.

26-3001. TITLE AND SCOPE. (1) This chapter shall be known and cited as the "University Debit Card Act."
(2) This chapter is intended to grant authority to and set forth the terms and conditions under which colleges and universities located in Idaho may offer debit card programs to their student bodies, faculty and staff.
History:
[26-3001, added 1995, ch. 133, sec. 1, p. 579.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 30 - UNIVERSITY DEBIT CARD ACT › Section 26-3002 - DEFINITIONS.

26-3002. DEFINITIONS. As used in this chapter and unless the context otherwise requires:
(1) "Debit card transaction" means the purchase of either goods or services, or both, whereby payment is made through the means of a point of sale or other payment system maintained by the college or university which results in a charge to a credit balance maintained by a registered student or a member of its faculty or staff with the college or university business office.
(2) "University debit card" means a card issued by a college or university located in this state to a registered student or a member of its faculty or staff which permits such persons to draw against funds on deposit with the college or university business office for the purchase of goods or services.
(3) "University debit card program" means a financial arrangement whereby a college or university allows a registered student or a member of its faculty or staff to place funds on deposit with the college or university business office against which such persons may draw, through a debit card transaction, for the purchase of either goods or services or both.
History:
[26-3002, added 1995, ch. 133, sec. 1, p. 579.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 30 - UNIVERSITY DEBIT CARD ACT › Section 26-3003 - DEBIT CARD AUTHORITY AND BOND.

26-3003. DEBIT CARD AUTHORITY AND BOND. (1) Any college or university located in Idaho may make available to its student body and to members of its faculty and staff a university debit card program. A debit card transaction may be used only to purchase goods or services from the college or university or through its approved vendor located on the principal campus of the college or university, which goods or services traditionally are provided by a college or university to its students, faculty or staff.
(2) A surety bond in a form approved by the governing authority of the college or university in the amount of ten thousand dollars ($10,000) shall be maintained for each employee of the college or university with access to the funds maintained in the university debit card program.
History:
[26-3003, added 1995, ch. 133, sec. 1, p. 580.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 30 - UNIVERSITY DEBIT CARD ACT › Section 26-3004 - EXEMPTION FROM BANK ACT AND PROHIBITIONS.

26-3004. EXEMPTION FROM BANK ACT AND PROHIBITIONS. A college or university offering a debit card program under the provisions of this chapter shall not be considered to be a bank or to be doing banking business as those terms are defined in section 26-106, Idaho Code. Provided however, that a college or university located in this state is prohibited from operating a debit card program which would allow a student or a member of its faculty or staff either to receive cash through a debit card transaction or to receive cash through a customer bank communication terminal or other automated banking facility.
History:
[26-3004, added 1995, ch. 133, sec. 1, p. 580.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-101 - SHORT TITLE AND SCOPE.

26-31-101. SHORT TITLE AND SCOPE. This chapter shall be known and may be cited as the "Idaho Residential Mortgage Practices Act," and is organized into three (3) parts. Part 1 includes provisions that apply to the entire chapter. Part 2 includes provisions for the regulation of mortgage brokers and mortgage lenders. Part 3 includes provisions for the regulation of individual mortgage loan originators.
History:
[26-31-101, added 2009, ch. 97, sec. 2, p. 283.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-103 - DIRECTOR’S AUTHORITY UNDER THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.

26-31-103. DIRECTOR’S AUTHORITY UNDER THE NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. (1) The legislature has determined that a nationwide mortgage licensing system and registry for mortgage brokers, mortgage lenders and mortgage loan originators is consistent with both the public interest and the purposes of this chapter.
(2) For the sole purpose of participating in the nationwide mortgage licensing system and registry, the director is authorized to:
(a) Modify by rule the license renewal dates under this chapter;
(b) Establish by rule such new requirements as are necessary for the state of Idaho to participate in the nationwide mortgage licensing system and registry upon the director’s finding that each new requirement is consistent with both the public interest and the purposes of this chapter; and
(c) Require a background investigation of each applicant and each control person of an applicant for a mortgage broker, mortgage lender or mortgage loan originator license by means of fingerprint checks by the Idaho state police and the FBI for state and national criminal history record checks. The information obtained thereby may be used by the director to determine the applicant’s eligibility for licensing under this chapter. The fee required to perform the criminal history record check shall be borne by the license applicant. Information obtained or held by the director pursuant to this subsection shall be considered confidential personal information and shall be exempt from disclosure pursuant to section 74-106(8) and (9), Idaho Code.
History:
[26-31-103, added 2009, ch. 97, sec. 2, p. 284; am. 2013, ch. 64, sec. 2, p. 143; am. 2015, ch. 141, sec. 46, p. 415.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-104 - BORROWER’S REMEDIES NOT AFFECTED.

26-31-104. BORROWER’S REMEDIES NOT AFFECTED. The grant of powers to the director in this chapter does not limit remedies available to borrowers under this chapter or under other principles of law or equity.
History:
[26-31-104, added 2009, ch. 97, sec. 2, p. 285.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-105 - RELATIONSHIP TO OTHER LAWS.

26-31-105. RELATIONSHIP TO OTHER LAWS. (1) All political subdivisions of this state shall be prohibited from enacting and enforcing ordinances, resolutions, regulations and rules pertaining to the financial or lending activities of persons who:
(a) Are subject to the jurisdiction of the department, including those whose activities are subject to this chapter;
(b) Are subject to the jurisdiction or regulatory supervision of the board of governors of the federal reserve system, the office of the comptroller of the currency, the national credit union administration, the federal deposit insurance corporation, the federal trade commission or the United States department of housing and urban development; or
(c) Originate, purchase, sell, assign, securitize or service property interests or obligations created by financial transactions or loans made, executed or originated by persons referred to in paragraph (a) or (b) of this subsection or who assist or facilitate such transactions.
(2) The requirements of this section shall apply to all ordinances, resolutions and rules pertaining to financial or lending activities, including any ordinances, resolutions or rules disqualifying persons from doing business with a political subdivision based upon financial or lending activities or imposing reporting requirements or any other obligations upon persons regarding financial or lending activities.
(3) In the event that the United States department of housing and urban development, pursuant to the authority granted to it under section 1508, P.L. 110-289, determines that a provision of this chapter does not meet the requirements of section 1508, P.L. 110-289, the director may, in his discretion, for the sole purpose of complying with the determination, refrain from enforcing the provision found by the department of housing and urban development to not meet the requirements of section 1508, P.L. 110-289, until the adjournment of the session of the legislature next following the determination by the department of housing and urban development.
History:
[26-31-105, added 2009, ch. 97, sec. 2, p. 285; am. 2015, ch. 244, sec. 11, p. 1013.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-106 - FUNDS COLLECTED UNDER THIS CHAPTER.

26-31-106. FUNDS COLLECTED UNDER THIS CHAPTER. Except as provided in section 26-31-110 of this chapter pertaining to the mortgage recovery fund, the director shall deposit all funds collected by the department under this chapter into the finance administrative account pursuant to section 67-2702, Idaho Code.
History:
[26-31-106, added 2009, ch. 97, sec. 2, p. 285.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-107 - CHARGES FOR PARTICIPATION IN THE NMLSR.

26-31-107. CHARGES FOR PARTICIPATION IN THE NMLSR. Mortgage brokers, mortgage lenders and mortgage loan originators who seek to obtain or retain a license under this chapter shall pay the charges imposed and retained by the NMLSR to fund the expenses associated with an applicant’s or licensee’s participation in the NMLSR.
History:
[26-31-107, added 2009, ch. 97, sec. 2, p. 285.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-108 - REPORT TO NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY.

26-31-108. REPORT TO NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. The director shall regularly report to the NMLSR violations of this chapter, as well as enforcement actions and other relevant information, subject to the provisions of section 26-31-315, Idaho Code.
History:
[26-31-108, added 2009, ch. 97, sec. 2, p. 285.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-109 - MORTGAGE RECOVERY FUND.

26-31-109. MORTGAGE RECOVERY FUND. (1) There is hereby created in the state treasury the mortgage recovery fund.
(2) As provided in section 26-31-112, Idaho Code, the mortgage recovery fund shall be used to reimburse persons to whom an Idaho court awards actual damages resulting from acts constituting violations of this chapter by a mortgage broker, mortgage lender or mortgage loan originator who was licensed, or required to be licensed, under this chapter at the time that the act was committed.
(3) A recovery from the mortgage recovery fund shall not include punitive damages awarded by a court.
(4) Payments from the mortgage recovery fund may not be made to:
(a) Any lender whose acts, or the acts of its agent, were found by a court to be violations of this chapter and a basis of the court’s award of a money judgment to a person injured by such violations;
(b) Any person who acquires a mortgage loan where acts associated with the origination of such loan are found by a court to be violations of this chapter and a basis for a judgment obtained by a person injured by such violations; or
(c) The spouse, the personal representative of the spouse of the judgment debtor or the personal representative of the judgment debtor.
History:
[26-31-109, added 2009, ch. 97, sec. 2, p. 285.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-110 - FUNDING.

26-31-110. FUNDING. (1) Upon application for a mortgage broker, mortgage lender or mortgage loan originator license, and upon renewal of such licenses issued under this chapter, the applicant or person seeking renewal shall, in addition to paying the license application or renewal fee required under this chapter, pay a fee to the department through the NMLSR for deposit in the mortgage recovery fund as follows:
(a) Two hundred fifty dollars ($250) for home office locations of mortgage brokers and mortgage lenders licensed under part 2 of this chapter;
(b) One hundred fifty dollars ($150) for each branch office location of a mortgage broker or mortgage lender licensed under part 2 of this chapter; and
(c) One hundred dollars ($100) for each mortgage loan originator licensed under part 3 of this chapter.
(2) With respect to mortgage recovery fund fees payable at the time of annual license renewal for licensees under this chapter, the director may adjust the fees within the limits of subsection (1) of this section on a pro rata basis as necessary to maintain a balance of one million five hundred thousand dollars ($1,500,000) in the mortgage recovery fund, plus an additional amount of fifty thousand dollars ($50,000) as set forth in subsection (4) of this section.
(3) All interest that accrues in the mortgage recovery fund shall be added to the balance of the mortgage recovery fund.
(4) On an annual basis, the department may apply up to fifty thousand dollars ($50,000) of moneys accumulated in the mortgage recovery fund in excess of one million five hundred thousand dollars ($1,500,000) to:
(a) Fund the department’s expenses in administering the mortgage recovery fund;
(b) Develop and implement consumer education concerning the residential mortgage industry;
(c) Contract for research projects for the state concerning the residential mortgage industry;
(d) Fund the training expenses of department staff members and its attorneys concerning the residential mortgage industry; and
(e) Publish and distribute educational materials to licensees and applicants for licensure under this chapter.
History:
[26-31-110, added 2009, ch. 97, sec. 2, p. 286.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-111 - STATUTE OF LIMITATIONS.

26-31-111. STATUTE OF LIMITATIONS. The filing of a verified claim with the court pursuant to section 26-31-112, Idaho Code, that is the basis of a claim against the mortgage recovery fund may not be instituted more than one (1) year after termination of all court proceedings concerning such judgment, including appeals.
History:
[26-31-111, added 2009, ch. 97, sec. 2, p. 286.]
2023 Idaho Code › Title 26 - BANKS AND BANKING › Chapter 31 - IDAHO RESIDENTIAL MORTGAGE PRACTICES ACT › Part 1 - GENERAL PROVISIONS › Section 26-31-113 - RECOVERY LIMITS.

26-31-113. RECOVERY LIMITS. (1) A person entitled to receive payment from the mortgage recovery fund may receive reimbursement of actual damages, which shall not include post judgment interest, reasonable attorney’s fees and court costs as determined by the court, subject to the limitations in subsection (2) of this section and subject to the availability of sufficient funds in the mortgage recovery fund at the time payment is ordered.
(2) A payment from the mortgage recovery fund may be made by the director only pursuant to a court order as provided by section 26-31-112, Idaho Code, in an amount equal to the unsatisfied portion of the creditor’s judgment or judgments or fifty thousand dollars ($50,000), whichever is less.
(3) Payments from the mortgage recovery fund shall be limited in the aggregate to two hundred fifty thousand dollars ($250,000) against any one (1) licensee. If the total claims against such licensee exceed the aggregate limit of two hundred fifty thousand dollars ($250,000), the court shall prorate payment based on the ratio that a person’s claim bears to the other claims filed against such licensee.
History:
[26-31-113, added 2009, ch. 97, sec. 2, p. 287.]