reglab/statecodes huggingface dataset:
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-505 - MISLEADING FILINGS.

30-14-505. MISLEADING FILINGS. It is unlawful for a person to make or cause to be made, in a record that is used in an action or proceeding or filed under this chapter, a statement that, at the time and in the light of the circumstances under which it is made, is false or misleading in a material respect, or, in connection with the statement, to omit to state a material fact necessary to make the statement made, in the light of the circumstances under which it was made, not false or misleading.
History:
[30-14-505, added 2004, ch. 45, sec. 2, p. 210.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-506 - MISREPRESENTATIONS CONCERNING REGISTRATION OR EXEMPTION.

30-14-506. MISREPRESENTATIONS CONCERNING REGISTRATION OR EXEMPTION. The filing of an application for registration, a registration statement, a notice filing under this chapter, the registration of a person, the notice filing by a person, or the registration of a security under this chapter does not constitute a finding by the administrator that a record filed under this chapter is true, complete, and not misleading. The filing or registration or the availability of an exemption, exception, preemption or exclusion for a security or a transaction does not mean that the administrator has passed upon the merits or qualifications of, or recommended or given approval to, a person, security or transaction. It is unlawful to make, or cause to be made, to a purchaser, customer, client, or prospective customer or client a representation inconsistent with this section.
History:
[30-14-506, added 2004, ch. 45, sec. 2, p. 210.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-507 - QUALIFIED IMMUNITY.

30-14-507. QUALIFIED IMMUNITY. A broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative is not liable to another broker-dealer, agent, investment adviser, federal covered investment adviser, or investment adviser representative for defamation relating to a statement that is contained in a record required by the administrator, or designee of the administrator, the securities and exchange commission or a self-regulatory organization, unless the person knew, or should have known at the time that the statement was made, that it was false in a material respect or the person acted in reckless disregard of the statement’s truth or falsity.
History:
[30-14-507, added 2004, ch. 45, sec. 2, p. 210.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 5 - FRAUD AND LIABILITIES › Section 30-14-508 - CRIMINAL PENALTIES.

30-14-508. CRIMINAL PENALTIES. (a) Criminal penalties. A person that willfully violates this chapter, or a rule adopted or an order issued under this chapter, except section 30-14-504, Idaho Code, or the notice filing requirements of section 30-14-302 or 30-14-405, Idaho Code, or that willfully violates section 30-14-505, Idaho Code, knowing the statement made to be false or misleading in a material respect, shall be guilty of a felony and upon conviction, shall be fined not more than ten thousand dollars ($10,000) or imprisoned not more than five (5) years, or both. An individual convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the individual did not have knowledge of the rule or order.
(b) A person that willfully violates section 30-14-501 or 30-14-502(a), Idaho Code, and in connection with that violation, the violator knowingly accepts any money representing:
(1) Equity in a person’s home;
(2) A withdrawal from any individual retirement account or similar retirement account; or
(3) A withdrawal from any qualified retirement plan as defined in the Internal Revenue Code,
shall upon conviction be punished by imprisonment for not less than three (3) years or more than fifteen (15) years if, at the time the crime was committed, the property, money or thing unlawfully obtained or sought to be obtained was worth ten thousand dollars ($10,000) or more.
(c) If, in the commission of an offense described in subsection (a) or (b) of this section, the victim is an elder or dependent adult, and the violator has knowledge that the victim is an elder or dependent adult, the defendant shall receive an additional term of imprisonment as follows:
(1) Three (3) years if the victim is under seventy (70) years of age.
(2) Five (5) years if the victim is seventy (70) years of age or older.
(d) As used in this section, "elder" means any person who is sixty-five (65) years of age or older.
(e) As used in this section, "dependent adult" means any person who is between the ages of eighteen (18) and sixty-four (64) years, who has physical or mental limitations which restrict the person’s ability to carry out normal activities or to protect the person’s rights, including, but not limited to, persons who have physical or developmental disabilities or whose physical or mental abilities have diminished because of age.
(f) No indictment or information may be returned under this chapter more than five (5) years after the alleged violation.
(g) Criminal reference not required. The attorney general or the proper prosecuting attorney with or without a reference from the administrator, may institute criminal proceedings under this chapter.
(h) No limitation on other criminal enforcement. This chapter does not limit the power of this state to punish a person for conduct that constitutes a crime under other laws of this state.
History:
[30-14-508, added 2004, ch. 45, sec. 2, p. 210.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-601 - ADMINISTRATION.

30-14-601. ADMINISTRATION. (a) Administration. The administration of the provisions of this chapter shall be under the general supervision and control of the administrator.
(b) Unlawful use of records or information. It is unlawful for the administrator or an officer, employee, or designee of the administrator to use for personal benefit or the benefit of others records or other information obtained by or filed with the administrator that are not public under section 30-14-607(b), Idaho Code. This chapter does not authorize the administrator or an officer, employee, or designee of the administrator to disclose the record or information, except in accordance with section 30-14-602, 30-14-607(c) or 30-14-608, Idaho Code.
(c) No privilege or exemption created or diminished. This chapter does not create or diminish a privilege or exemption that exists at common law, by statute or rule, or otherwise.
(d) Investor education. The administrator may develop and implement investor education initiatives to inform the public about investing in securities, with particular emphasis on the prevention and detection of securities fraud. In developing and implementing these initiatives, the administrator may collaborate with public and nonprofit organizations with an interest in investor education. The administrator may accept a grant or donation from a person that is not affiliated with the securities industry or from a nonprofit organization, regardless of whether the organization is affiliated with the securities industry, to develop and implement investor education initiatives. This subsection does not authorize the administrator to require participation or monetary contributions of a registrant in an investor education program.
(e) The securities investor education and training fund. The securities investor education and training fund is hereby created to provide funds for the purposes specified in subsection (d) of this section. All moneys received by the state by reason of civil penalties and administrative fines collected pursuant to this chapter shall be deposited in the securities investor education and training fund up to but not exceeding fifty thousand dollars ($50,000) per year. The administrator may use funds in this account in a manner consistent with the duties of the department of finance under this chapter.
History:
[30-14-601, added 2004, ch. 45, sec. 2, p. 216.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-603 - CIVIL ENFORCEMENT.

30-14-603. CIVIL ENFORCEMENT. (a) Civil action instituted by administrator. If the administrator believes that a person has engaged, is engaging, or is about to engage in an act, practice, or course of business constituting a violation of this chapter or a rule adopted or an order issued under this chapter or that a person has, is, or is about to engage in an act, practice, or course of business that materially aids a violation of this chapter or a rule adopted or an order issued under this chapter, the administrator may maintain an action in any court of competent jurisdiction to enjoin the act, practice, or course of business and to enforce compliance with this chapter or a rule adopted or an order issued under this chapter.
(b) Relief available. In an action under this section and on a proper showing, the court may:
(1) Issue a permanent or temporary injunction, restraining order, or declaratory judgment;
(2) Order other appropriate or ancillary relief, which may include:
(A) An asset freeze, accounting, writ of attachment, writ of general or specific execution, and appointment of a receiver or conservator, that may be the administrator, for the defendant or the defendant’s assets;
(B) Ordering the administrator to take charge and control of a defendant’s property, including investment accounts and accounts in a depository institution, rents, and profits; to collect debts; and to acquire and dispose of property;
(C) Imposing a civil penalty not to exceed ten thousand dollars ($10,000) for each violation; an order of rescission, restitution, or disgorgement directed to a person that has engaged in an act, practice, or course of business constituting a violation of this chapter or the predecessor act or a rule adopted or an order issued under this chapter or the predecessor act; and
(D) Ordering the payment of prejudgment and postjudgment interest; or
(3) Order such other relief as the court considers appropriate.
(c) No bond required. The administrator shall not be required to post a bond in an action or proceeding under this chapter.
(d) Statute of limitation. If the administrator brings a civil action under this section, such action must be instituted within three (3) years from the discovery by the administrator of the facts constituting the alleged violation.
History:
[30-14-603, added 2004, ch. 45, sec. 2, p. 218; am. 2012, ch. 65, sec. 8, p. 186.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-606 - ADMINISTRATIVE FILES AND OPINIONS.

30-14-606. ADMINISTRATIVE FILES AND OPINIONS. (a) Public register of filings. The administrator shall maintain, or designate a person to maintain, a register of applications for registration of securities; registration statements; notice filings; applications for registration of broker-dealers, agents, investment advisers, and investment adviser representatives; notice filings by federal covered investment advisers that are or have been effective under this chapter or the predecessor act; notices of claims of exemption from registration or notice filing requirements contained in a record; orders issued under this chapter or the predecessor act; and interpretative opinions or no action determinations issued under this chapter.
(b) Public availability. The administrator shall make all rules, forms, interpretative opinions, and orders available to the public.
(c) Copies of public records. The administrator shall furnish a copy of a record that is a public record or a certification that the public record does not exist to a person that so requests. A rule adopted under this chapter may establish a reasonable charge for furnishing the record or certification. A copy of the record certified or a certificate by the administrator of a record’s nonexistence is prima facie evidence of a record or its nonexistence.
History:
[30-14-606, added 2004, ch. 45, sec. 2, p. 221.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-607 - PUBLIC RECORDS — CONFIDENTIALITY.

30-14-607. PUBLIC RECORDS — CONFIDENTIALITY. (a) Presumption of public records. Except as otherwise provided in subsection (b) of this section, records obtained by the administrator or filed under this chapter, including a record contained in or filed with a registration statement, application, notice filing, or report, are public records and are available for public examination.
(b) Nonpublic records. Records as set forth in section 74-111, Idaho Code, are not public records and are not available for public examination under subsection (a) of this section.
(c) Administrator discretion to disclose. If disclosure is for the purpose of a civil, administrative, or criminal investigation, action, or proceeding or to a person specified in section 30-14-608(a), Idaho Code, the administrator may disclose a record obtained in connection with an audit or inspection under section 30-14-411(d), Idaho Code, or a record obtained in connection with an investigation under section 30-14-602, Idaho Code.
History:
[30-14-607, added 2004, ch. 45, sec. 2, p. 221; am. 2015, ch. 141, sec. 52, p. 419.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-609 - JUDICIAL REVIEW.

30-14-609. JUDICIAL REVIEW. Judicial review of orders. A final order issued by the administrator under this chapter is subject to judicial review in accordance with chapter 52, title 67, Idaho Code.
History:
[30-14-609, added 2004, ch. 45, sec. 2, p. 222.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-611 - SERVICE OF PROCESS.

30-14-611. SERVICE OF PROCESS. (a) Signed consent to service of process. A consent appointing the administrator the person’s agent for service of process in a noncriminal action or proceeding against the person, or the person’s successor or personal representative under this chapter or a rule adopted or an order issued under this chapter after the consent is filed, has the same force and validity as if the service were made personally on the person filing the consent. Registrants shall be required to submit a consent to service of process only if there has been a material change.
(b) Conduct constituting appointment of agent for service. If a person, including a nonresident of this state, engages in an act, practice, or course of business prohibited or made actionable by this chapter or a rule adopted or an order issued under this chapter and the person has not filed a consent to service of process under subsection (a) of this section, the act, practice, or course of business constitutes the appointment of the administrator as the person’s agent for service of process in a noncriminal action or proceeding against the person or the person’s successor or personal representative.
(c) Procedure for service of process. Service under subsection (a) or (b) of this section may be made by providing a copy of the process to the office of the administrator, but it is not effective unless:
(1) The plaintiff, which may be the administrator, promptly sends notice of the service and a copy of the process, return receipt requested, to the defendant or respondent at the address set forth in the consent to service of process or, if a consent to service of process has not been filed, at the last known address, or takes other reasonable steps to give notice; and
(2) The plaintiff files an affidavit of compliance with this subsection in the action or proceeding on or before the return day of the process, if any, or within the time that the court, or the administrator in a proceeding before the administrator, allows.
(d) Service in administrative proceedings or civil actions by administrator. Service pursuant to subsection (c) of this section may be used in a proceeding before the administrator or by the administrator in a civil action in which the administrator is the moving party.
(e) Opportunity to defend. If process is served under subsection (c) of this section, the court, or the administrator in a proceeding before the administrator, shall order continuances as are necessary or appropriate to afford the defendant or respondent reasonable opportunity to defend.
History:
[30-14-611, added 2004, ch. 45, sec. 2, p. 224; am. 2008, ch. 143, sec. 3, p. 423; am. 2012, ch. 65, sec. 9, p. 187.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 6 - ADMINISTRATION AND JUDICIAL REVIEW › Section 30-14-612 - SEVERABILITY CLAUSE.

30-14-612. SEVERABILITY CLAUSE. If any provision of this chapter or its application to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this act that can be given effect without the invalid provision or application, and to this end the provisions of this act are severable.
History:
[30-14-612, added 2004, ch. 45, sec. 2, p. 225.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 7 - TRANSITION › Section 30-14-701 - EFFECTIVE DATE.

30-14-701. EFFECTIVE DATE. This act takes effect on September 1, 2004.
History:
[30-14-701, added 2004, ch. 45, sec. 2, p. 225.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 7 - TRANSITION › Section 30-14-702 - REPEALS.

30-14-702. REPEALS. The following chapter is repealed: The Idaho securities act, chapter 14, title 30, Idaho Code.
History:
[30-14-702, added 2004, ch. 45, sec. 2, p. 225.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 14 - UNIFORM SECURITIES ACT (2004) › Part 7 - TRANSITION › Section 30-14-703 - APPLICATION OF CHAPTER TO EXISTING PROCEEDING AND EXISTING RIGHTS AND DUTIES.

30-14-703. APPLICATION OF CHAPTER TO EXISTING PROCEEDING AND EXISTING RIGHTS AND DUTIES. (a) Applicability of predecessor act to pending proceedings and existing rights. The predecessor act exclusively governs all actions or proceedings that are pending on the effective date of this act or may be instituted on the basis of conduct occurring before the effective date of this act, but a civil action may not be maintained to enforce any liability under the predecessor act unless instituted within any period of limitation that applied when the cause of action accrued or within five (5) years after the effective date of this act, whichever is earlier.
(b) Continued effectiveness under predecessor act. All effective registrations under the predecessor act, all administrative orders relating to the registrations, rules, statements of policy, interpretative opinions, declaratory rulings, no action determinations, and conditions imposed on the registrations under the predecessor act remain in effect while they would have remained in effect if this act had not been enacted. They are considered to have been filed, issued, or imposed under this act, but are exclusively governed by the predecessor act.
(c) Applicability of predecessor act to offers or sales. The predecessor act exclusively applies to an offer or sale made within one (1) year after the effective date of this act pursuant to an offering made in good faith before the effective date of this act on the basis of an exemption available under the predecessor act.
History:
[30-14-703, added 2004, ch. 45, sec. 2, p. 225.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1502 - UNLAWFUL COMMODITY TRANSACTIONS.

30-1502. UNLAWFUL COMMODITY TRANSACTIONS. Except as otherwise provided in sections 30-1503 or 30-1504, Idaho Code, no person shall sell or purchase or offer to sell or purchase any commodity under any commodity contract or under any commodity option or offer to enter into or enter into as seller or purchaser any commodity contract or any commodity option.
History:
[30-1502, added 1989, ch. 414, sec. 1, p. 1009.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1503 - EXEMPT PERSON — TRANSACTIONS.

30-1503. EXEMPT PERSON — TRANSACTIONS. (1) The prohibitions in section 30-1502, Idaho Code, shall not apply to any transaction offered by and in which any of the following persons or any employee, officer or director thereof, acting solely in that capacity is the purchaser or seller:
(a) A person registered with the commodity futures trading commission as a futures commission merchant or as a leverage transaction merchant whose activities require such registration;
(b) A person registered with the securities and exchange commission or under the laws of this state as a securities broker-dealer whose activities require such registration;
(c) A person affiliated with, and whose obligations and liabilities under the transaction are guaranteed by a person referred to in paragraph (a) or (b) of this subsection;
(d) A person who is a member of a contract market designated by the commodity futures trading commission or any clearinghouse thereof; or
(e) A financial institution.
(2) The exemption provided in this section shall not apply to any transaction or activity which is prohibited by the commodity exchange act or CFTC rule.
History:
[30-1503, added 1989, ch. 414, sec. 1, p. 1009.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1504 - EXEMPT TRANSACTIONS.

30-1504. EXEMPT TRANSACTIONS. (1) The prohibitions in section 30-1502, Idaho Code, shall not apply to the following:
(a) An account, agreement or transaction within the exclusive jurisdiction of the commodity futures trading commission as granted under the commodity exchange act;
(b) A commodity contract for the purchase of one or more precious metals which requires, and under which the purchaser receives, within seven (7) calendar days from the payment in good funds of any portion of the purchase price, physical delivery of the quantity of the precious metals purchased by such payment, provided that, for purposes of this paragraph, physical delivery shall be deemed to have occurred if, within such seven (7) day period, such quantity of precious metals purchased by such payment is delivered whether in specifically segregated or fungible bulk form into the possession of a depository, other than the seller, which is either:
(i) A financial institution,
(ii) A depository the warehouse receipts of which are recognized for delivery purposes for any commodity on a contract market designated by the commodity futures trading commission,
(iii) A storage facility licensed or regulated by the United States or any agency thereof, or
(iv) A depository designated by the director, and such depository or other person which itself qualifies as a depository as aforesaid, issues and the purchaser receives, a certificate, document of title, confirmation or other instrument evidencing that such quantity of precious metals has been delivered to the depository and is being and will continue to be held by the depository on the purchaser’s behalf, free and clear of all liens and encumbrances, other than liens of the purchaser, tax liens, liens agreed to by the purchaser, or liens of the depository for fees and expenses, which have previously been disclosed to the purchaser;
(c) A commodity contract solely between persons engaged in producing, processing, using commercially or handling as merchants, each commodity subject thereto, or any by-product; or
(d) A commodity contract under which the offeree or the purchaser is a person referred to in section 30-1503, Idaho Code, an insurance company, or an investment company as defined in the investment company act of 1940.
(2) The director may issue rules, regulations or orders prescribing the terms and conditions of all transactions and contracts covered by the provisions of this chapter which are not within the exclusive jurisdiction of the commodity futures trading commission as granted by the commodity exchange act, exempting any person or transaction from any provision of this chapter conditionally or unconditionally and otherwise implementing the provisions of this chapter for the protection of purchasers and sellers of commodities.
History:
[30-1504, added 1989, ch. 414, sec. 1, p. 1009.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1505 - UNLAWFUL COMMODITY ACTIVITIES.

30-1505. UNLAWFUL COMMODITY ACTIVITIES. (1) No person shall engage in a trade or business or otherwise act as a commodity merchant unless such person:
(a) Is registered or temporarily licensed with the commodity futures trading commission for each activity constituting such person as a commodity merchant and such registration or temporary license shall not have expired, nor been suspended nor revoked; or
(b) Is exempt from such registration by virtue of the commodity exchange act or of a CFTC rule.
(2) No board of trade shall trade, or provide a place for the trading of, any commodity contract or commodity option required to be traded on or subject to the rules of a contract market designated by the commodity futures trading commission unless such board of trade has been so designated for such commodity contract or commodity option and such designation shall not have been vacated, nor suspended nor revoked.
History:
[30-1505, added 1989, ch. 414, sec. 1, p. 1010.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1506 - FRAUDULENT CONDUCT — LIABILITY OF PRINCIPALS, CONTROLLING PERSONS AND OTHERS.

30-1506. FRAUDULENT CONDUCT — LIABILITY OF PRINCIPALS, CONTROLLING PERSONS AND OTHERS. (1) It is unlawful for any person, directly or indirectly, in connection with a commodity contract or commodity option:
(a) To employ any device, scheme or artifice to defraud;
(b) To make any false report, enter any false record or make any untrue statement of material fact or omit to state a material fact necessary in order to make the statements made, in the light of the circumstances under which they were made, not misleading;
(c) To engage in any transaction, act, practice or course of business which operates or would operate as a fraud or deceit upon any person; or
(d) To misappropriate or convert the funds, security or property of any other person.
(2) The act, omission or failure of any person acting for any individual, association, partnership, corporation or trust within the scope of the person’s employment or office shall be deemed the act, omission or failure of the individual, association, partnership, corporation or trust, as well as of the person.
(3) Every person who directly or indirectly controls another person liable under any provision of this chapter, every partner, officer, or director of such other person, every person occupying a similar status or performing similar functions, every employee of such other person who materially aids in the violation is also liable jointly and severally with and to the same extent as such other person, unless the person who is also liable by virtue of this provision sustains the burden of proof that he did not know, and in exercise of reasonable care could not have known, of the existence of the facts by reason of which the liability is alleged to exist.
History:
[30-1506, added 1989, ch. 414, sec. 1, p. 1011.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1507 - SECURITIES STATUTES UNAFFECTED.

30-1507. SECURITIES STATUTES UNAFFECTED. Nothing in this chapter shall impair, derogate or otherwise affect the authority or powers of the director under the Idaho securities act or the application of any provision thereof to any person or transaction subject thereto.
History:
[30-1507, added 1989, ch. 414, sec. 1, p. 1011.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1508 - PURPOSE.

30-1508. PURPOSE. The provisions of this chapter may be construed and implemented to effectuate the general purpose to protect investors, to prevent and prosecute illegal and fraudulent schemes involving commodity contracts and to maximize coordination with federal law and laws of other states and the administration and enforcement thereof. The provisions of this chapter are not intended to create any rights or remedies upon which actions may be brought by private persons against persons who violate the provisions of this chapter.
History:
[30-1508, added 1989, ch. 414, sec. 1, p. 1011.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1509 - INVESTIGATIONS.

30-1509. INVESTIGATIONS. (1) The director may make investigations, within or outside this state, as the director deems necessary or appropriate to:
(a) Determine whether any person has violated, or is about to violate, any provision of this chapter or any rule or order hereunder; or
(b) Aid in enforcement of the provisions of this chapter.
(2) The director may publish information concerning any violation of the provisions of this chapter or any rule or order of the director.
(3) For purposes of any investigation or proceeding under this chapter, the director or any officer or employee designated by him, may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the director deems to be relevant or material to the inquiry.
(4) (a) If a person does not give testimony or produce the documents required by the director pursuant to an administrative subpoena, the director may apply for a court order compelling compliance with the subpoena or the giving of the required testimony.
(b) The request for order of compliance may be addressed to any court of competent jurisdiction, within or outside the state.
History:
[30-1509, added 1989, ch. 414, sec. 1, p. 1011.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1510 - ENFORCEMENT.

30-1510. ENFORCEMENT. (1) If the director believes, whether or not based upon an investigation conducted under section 30-1509, Idaho Code, that any person has engaged or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order hereunder, the director may:
(a) Issue a cease and desist order;
(b) Issue an order imposing a civil penalty in an amount which may not exceed twenty-five thousand dollars ($25,000) for any single violation or one hundred thousand dollars ($100,000) for multiple violations in a single proceeding or a series of related proceedings; or
(c) Initiate any of the actions specified in subsection (2) of this section.
(2) The director may institute any of the following actions in the appropriate courts of this state, or in the appropriate courts of another state, in addition to any legal or equitable remedies otherwise available:
(a) An action for a declaratory judgment;
(b) An action for a permanent or temporary injunction, restraining order or writ of mandamus to enjoin the violation and to ensure compliance with the provisions of this chapter or any rule or order of the director;
(c) An action for disgorgement and other equitable remedies; and
(d) An action for appointment of a receiver or conservator for the defendant or the defendant’s assets.
History:
[30-1510, added 1989, ch. 414, sec. 1, p. 1012.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1512 - CRIMINAL PENALTIES.

30-1512. CRIMINAL PENALTIES. (1) Any person who willfully violates:
(a) Any provision of this chapter; or
(b) Any rule or order of the director under this chapter shall, upon conviction, be fined not more than twenty-five thousand dollars ($25,000) or imprisoned for not more than ten (10) years, or both, for each violation.
(2) Any person convicted of violating a rule or order under this chapter may be fined, but may not be imprisoned, if the person proves he had no knowledge of the rule or order.
(3) The director may refer such evidence as is available concerning violations of the provisions of this chapter or any rule or order of the director to the attorney general of this state or the proper prosecuting attorney, who may, with or without such a reference from the director, institute the appropriate criminal proceedings under this chapter.
History:
[30-1512, added 1989, ch. 414, sec. 1, p. 1013.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1513 - ADMINISTRATION — RULES AND FORMS.

30-1513. ADMINISTRATION — RULES AND FORMS. (1) The administration of the provisions of this chapter shall be under the general supervision and control of the director. The director may from time to time make, amend and rescind such rules and forms as are necessary to carry out the provisions of this chapter. No rule or form may be made unless the director finds that the action is necessary or appropriate in the public interest or for the protection of investors and consistent with the purposes of this chapter.
(2) Neither the director nor any employees of the director shall use any information which is filed with or obtained by the director which is not public information for personal gain or benefit, nor shall the director nor any employees of the director conduct any securities or commodity dealings whatsoever based upon any such information, even though public, if there has not been a sufficient period of time for the securities or commodity markets to assimilate such information.
(3) (a) Except as provided in paragraph (b) of this subsection, all information collected, assembled or maintained by the director is public information and is available for the examination of the public.
(b) The following items are not public information and are deemed to be confidential:
(i) Information or documents obtained by the director concerning any matter or party under investigation;
(ii) Information designated as confidential by any rule or order of the director;
(iii) Information obtained from federal agencies which may not be disclosed under federal law.
(c) The director in his discretion may disclose any information made confidential under paragraph (b)(i) of this subsection to persons identified in section 30-1514, Idaho Code.
(d) No provision of this chapter either creates or derogates any privilege which exists at common law, by statute or otherwise when any documentary or other evidence is sought under subpoena directed to the director or any employee of the director.
History:
[30-1513, added 1989, ch. 414, sec. 1, p. 1014.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1514 - COOPERATION WITH OTHER AGENCIES.

30-1514. COOPERATION WITH OTHER AGENCIES. To encourage uniform application and interpretation of the provisions of this chapter and securities regulation and enforcement in general, the director and the employees of the director may cooperate, including bearing the expense of the cooperation, with the securities agencies or director of another jurisdiction, Canadian province or territory or such other agencies administering the provisions of this chapter, the commodity futures trading commission, the securities and exchange commission, any self-regulatory organization established under the commodity exchange act or the securities exchange act of 1934, any national or international organization of commodities or securities officials or agencies, and any governmental law enforcement agency.
History:
[30-1514, added 1989, ch. 414, sec. 1, p. 1015.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1515 - CONSENT TO SERVICE OF PROCESS.

30-1515. CONSENT TO SERVICE OF PROCESS. When a person including a nonresident of this state, engages in conduct prohibited or made actionable by the provisions of this chapter or any rule or order of the director, such conduct shall constitute the appointment of the director and his successors as the person’s attorney to receive service of any lawful process in a noncriminal proceeding against the person, a successor, or personal representative, which grows out of that conduct and which is brought under this chapter or any rule or order of the director with the same force and validity as if served personally.
History:
[30-1515, added 1989, ch. 414, sec. 1, p. 1015.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1516 - SCOPE.

30-1516. SCOPE. (1) Sections 30-1502, 30-1505 and 30-1506, Idaho Code, apply to persons who sell or offer to sell when:
(a) An offer to sell is made in this state, or
(b) An offer to buy is made and accepted in this state.
(2) Sections 30-1502, 30-1505 and 30-1506, Idaho Code, apply to persons who buy or offer to buy when:
(a) An offer to buy is made in this state, or
(b) An offer to sell is made and accepted in this state.
(3) For the purposes of this section, an offer to sell or to buy is made in this state, whether or not either party is then present in this state, when the offer:
(a) Originates from this state, or
(b) Is directed by the offeror to this state and received at the place to which it is directed or at any post office in this state in the case of a mailed offer.
(4) For the purpose of this section, an offer to buy or to sell is accepted in this state when acceptance:
(a) Is communicated to the offeror in this state, and
(b) Has not previously been communicated to the offeror, orally or in writing, outside this state; and acceptance is communicated to the offeror in this state, whether or not either party is then present in this state, when the offeree directs it to the offeror in this state, reasonably believing the offeror to be in this state and it is received at the place to which it is directed or at any post office in this state in the case of a mailed acceptance.
(5) An offer to sell or to buy is not made in this state when:
(a) The publisher circulates or there is circulated on his behalf in this state any bona fide newspaper or other publication of general, regular, and paid circulation which is not published in this state, or which is published in this state, but more than two-thirds of the publication’s circulation has been outside this state during the previous twelve (12) months, or
(b) A radio or television program originating outside this state is received in this state.
History:
[30-1516, added 1989, ch. 414, sec. 1, p. 1015.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1517 - PROCEDURE FOR ENTRY OF AN ORDER.

30-1517. PROCEDURE FOR ENTRY OF AN ORDER. (1) The director shall commence an administrative proceeding under this chapter by entering either a notice of intent to do a contemplated act or a summary order. The notice of intent or summary order may be entered without notice, without opportunity for hearing, and need not be supported by findings of fact or conclusions of law, but must be in writing.
(2) Upon entry of a notice of intent or summary order, the director shall promptly notify all interested parties that the notice or summary order has been entered and the reasons therefor. If the proceeding is pursuant to a notice of intent, the director shall inform all interested parties of the date, time and place set for the hearing on the notice. If the proceeding is pursuant to a summary order, the director shall inform all interested parties that they have thirty (30) business days from the entry of the order to file a written request for a hearing on the matter with the director and that the hearing will be scheduled to commence within thirty (30) business days after the receipt of the written request.
(3) If the proceeding is pursuant to a summary order, the director, whether or not a written request for a hearing is received from any interested party, may set the matter down for hearing on the director’s own motion.
(4) If no hearing is requested and none is ordered by the director, the summary order will automatically become a final order after thirty (30) business days.
(5) If a hearing is requested or ordered, the director, after notice of an opportunity for hearing to all interested persons, may modify or vacate the order or extend it until final determination.
(6) No final order or order after hearing may be returned without:
(a) Appropriate notice to all interested persons;
(b) Opportunity for hearing by all interested persons; and
(c) Entry of written findings of fact and conclusions of law.
Every hearing in an administrative proceeding under the provisions of this chapter shall be public unless the director grants a request joined in by all the respondents that the hearing be conducted privately.
History:
[30-1517, added 1989, ch. 414, sec. 1, p. 1016.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1518 - JUDICIAL REVIEW OF ORDERS.

30-1518. JUDICIAL REVIEW OF ORDERS. Any person aggrieved by a final order of the director may obtain judicial review of the order pursuant to the provisions of chapter 52, title 67, Idaho Code.
History:
[30-1518, added 1989, ch. 414, sec. 1, p. 1016; am. 1993, ch. 216, sec. 15, p. 597.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 15 - IDAHO COMMODITY CODE › Section 30-1519 - PLEADING EXEMPTIONS.

30-1519. PLEADING EXEMPTIONS. It shall not be necessary to negative any of the exemptions in this chapter in any complaint, information or indictment, or any writ or proceeding brought under this chapter, and the burden of proof of any such exemption shall be upon the party claiming the same.
History:
[30-1519, added 1989, ch. 414, sec. 1, p. 1016.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 16 - CONTROL SHARE ACQUISITION ACT › Section 30-1602 - DUTIES OF DIRECTOR.

30-1602. DUTIES OF DIRECTOR. In discharging the duties of the position of director of an issuing public corporation, a director, in considering the best interests of the corporation, shall consider the long-term as well as the short-term interests of the corporation and its shareholders including the possibility that these interests may be best served by the continued independence of the corporation. In addition, a director may consider the interests of Idaho employees, suppliers, customers and communities in discharging his duties.
History:
[30-1602, added 1988, ch. 84, sec. 2, p. 153.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 16 - CONTROL SHARE ACQUISITION ACT › Section 30-1603 - APPLICATION.

30-1603. APPLICATION. (1) The provisions of this chapter shall not apply to a control share acquisition if:
(a) The acquiring person was an acquiring person on, or became an acquiring person pursuant to a tender offer commenced prior to, the day following the effective date of this act, and remained such;
(b) The original articles or bylaws of the issuing public corporation contain a provision expressly electing not to be subject to this chapter;
(c) The issuing public corporation, by action of its board of directors, adopts an amendment to its bylaws expressly electing not to be subject to this chapter; or
(d) The issuing public corporation, by action of its shareholders, adopts an amendment to its articles of incorporation or bylaws approved by the shareholders holding sixty-six and two-thirds per cent (66 2/3%) of the outstanding voting power of all shares entitled to vote, excluding the shares of interested shareholders and their affiliates and associates, under which the issuing public corporation by such shareholder action expressly elects not to be subject to this chapter, and such amendment provides that it is not to be effective until eighteen (18) months after the effective date of this chapter.
(2) The shares of an issuing public corporation acquired by an acquiring person in a control share acquisition that exceed the threshold of voting power of any of the ranges specified in section 30-1604(1)(d), Idaho Code, have only the voting rights accorded them pursuant to section 30-1607, Idaho Code, and then only as provided in such section, and will not otherwise have any voting rights regardless of the terms thereof.
(3) This chapter does not apply to insurance companies regulated under Title 41, Idaho Code.
History:
[30-1603, added 1988, ch. 84, sec. 2, p. 153.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 16 - CONTROL SHARE ACQUISITION ACT › Section 30-1605 - MEETING OF SHAREHOLDERS.

30-1605. MEETING OF SHAREHOLDERS. If the acquiring person so requests in writing at the time of delivery of an information statement pursuant to section 30-1604, Idaho Code, and has made, or has made a bona fide written offer to make, a control share acquisition and gives a written undertaking to pay or reimburse the issuing public corporation’s expenses of a special meeting, except the expenses of the issuing public corporation in opposing approval of the control share acquisition, within ten (10) days after receipt by the issuing public corporation of the information statement, a special meeting of the shareholders of the issuing public corporation shall be called for the purpose of considering the voting rights to be accorded to shares referred to in section 30-1603(2), Idaho Code, acquired or to be acquired pursuant to the control share acquisition. The special meeting shall be held no later than fifty-five (55) days after receipt of the information statement, unless the acquiring person agrees to a later date. If no request for a special meeting is made, consideration of the voting rights to be accorded to shares referred to in section 30-1603(2), Idaho Code, acquired or to be acquired pursuant to the control share acquisition shall be presented at the next special or annual meeting of the shareholders, which takes place more than fifty-five (55) days after the receipt of the information statement by the issuing public corporation, unless the matter of the voting rights becomes moot. The notice of the meeting shall be accompanied at a minimum by a copy of the information statement and a copy of any amendment to the information statement previously delivered to the issuing public corporation and a statement disclosing that the board of the issuing public corporation recommends approval of, expresses no opinion and is remaining neutral toward, recommends rejection of or is unable to take a position with respect to according voting rights to shares referred to in section 30-1603(2), Idaho Code, acquired or to be acquired in the control shares acquisition. The notice of meeting shall be given at least ten (10) days before the meeting.
History:
[30-1605, added 1988, ch. 84, sec. 2, p. 155.]
2023 Idaho Code › Title 30 - CORPORATIONS › Chapter 16 - CONTROL SHARE ACQUISITION ACT › Section 30-1606 - FINANCING.

30-1606. FINANCING. No call of a special meeting of the shareholders of the issuing public corporation is required to be made pursuant to section 30-1605, Idaho Code, and no consideration of the voting rights to be accorded to shares referred to in section 30-1603(2), Idaho Code, acquired or to be acquired pursuant to a control share acquisition shall be presented at any special or annual meeting of the shareholders of the issuing public corporation unless at the time of delivery of the information statement pursuant to section 30-1604, Idaho Code, the acquiring person has entered into and has delivered to the issuing public corporation a copy or copies of a definitive financing agreement or agreements with one (1) or more responsible financial institutions or other entities having the necessary financial capacity for any financing of the control share acquisition not to be provided by moneys of the acquiring person.
History:
[30-1606, added 1988, ch. 84, sec. 2, p. 155.]