Title 26, BANKS AND BANKING

26-2121B. SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE. (1) The supervisory committee may, for cause, suspend a member of the board, until a special membership meeting called for that purpose is held in accordance with the requirements of section 26-211…

26-2121C. SUSPENSION OF MEMBERS OF the BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE. (1) The board may, for cause, suspend a member of the board or a member of the supervisory committee until a special membership meeting, called for that purpose, is held. The membership me…

26-2121D. REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER. (1) The members of a credit union may remove a director of the credit union at a special membership meeting held in accordance with section 26-2113B, Idaho Code, and called for that purpose. If the members remove a di…

26-2122. Compensation — Credit union manager, employment. No officer, director, or committee member may be compensated, directly or indirectly, for his services as such; provided, however, an elected member of the board of directors may serve as a part-time treasurer and receive …

26-2123. Shares and certificates of deposit. A share may be in increments of five dollars ($5.00) with a minimum of five dollars ($5.00) and a maximum of twenty-five dollars ($25.00) as the board of directors shall establish. The shares of a credit union shall all be common share…

26-2124. Joint accounts. A member may designate any person or persons to hold shares, deposits, and thrift club accounts with him in joint tenancy with the right of survivorship; but no joint tenant, unless a member in his own right, shall be permitted to vote, obtain loans, or h…

26-2125. Minors. Shares, deposits or thrift club accounts may be issued in the name of a minor and such above accounts may be withdrawn by such minor and payments made on such withdrawals shall be valid.

26-2126. trust accounts. Share may be issued in the name of a member in trust for a beneficiary, including a minor, but no beneficiary, unless a member in his own right, may be permitted to vote, obtain loans, hold office or be required to pay an entrance fee. Payment of part or …

26-2127. INVESTMENT OF FUNDS. (1) A credit union’s board of directors must establish a written investment policy consistent with this chapter and other applicable laws and regulations. (2) A credit union may invest its funds in any of the following, as long as the investments are…

26-2128. Liquidity requirements. (a) Every credit union shall have on hand as a liquidity reserve an amount equal to four percent (4%) of its outstanding shares, certificates of deposit, and certificates of indebtedness. Share or deposit accounts from which a member may withdraw …

26-2129. Reserve requirements. (a) At the end of each accounting period the gross income shall be determined. From this amount there shall be set aside, as a regular reserve against losses on loans and against such other losses as may be specified in rules prescribed under this c…

26-2130. DIVIDENDS. (1) After allocation to required reserves, the board of directors may, at the end of any dividend period duly established, declare a dividend to be paid on shares or share certificates from undivided earnings as the bylaws may provide. Dividends may be paid at…

26-2131. Share reduction. Whenever the losses of any credit union, resulting from a depreciating in value of its loans or investments or otherwise, exceed its undivided earnings and reserve fund so that the estimated value of its assets is less than the total amount due the share…

26-2132. Merger. Any credit union may, with the approval of the director, merge with another credit union under the existing charter of such other credit union. The director shall not approve a merger if the effect of the merger would be to provide a broader common bond than allo…

26-2133. REPORTS — FINANCIAL AND STATISTICAL DATA. Each credit union shall timely file with the director any financial and statistical report or other information that a federally insured state-chartered credit union is required to file with the national credit union administrati…

26-2134. Application fees. For the purpose of paying the costs incident to the ascertainment of whether articles of incorporation should be issued, the subscribers to any such articles of incorporation shall pay, at the time of filing their articles of incorporation with the dire…

26-2135. Books and records. The books and records of a credit union shall be kept in accordance with generally accepted accounting principles and by procedures approved by the director. Every credit union shall keep correct and complete books of accounts, minutes of meetings of m…

26-2136. fees. (1) On or before February 15 of each calendar year, the director shall fix and collect from each credit union an assessment fee based upon the total assets of the credit union as of December 31 of the previous calendar year, which fees shall not exceed the amounts …

26-2136A. EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS. (1) The director shall examine each credit union at least once every eighteen (18) months, unless the director determines with respect to a credit union that a less frequent examination sch…

26-2136B. EXAMINATION REPORTS AND SPECIFIED OTHER INFORMATION CONFIDENTIAL — EXCEPTIONS — PENALTY. (1) The following shall be confidential and privileged and not subject to public disclosure under chapter 1, title 74, Idaho Code, and shall be subject to the provisions of section …

26-2136C. dISCLOSURE OF CONFIDENTIAL INFORMATION by the Department — penalty. (1) The department of finance, its director, employees, and former employees shall not disclose to any person or agency any fact or information obtained in the course of business of the department under…

26-2137. False reports. Any person, firm, corporation, or association which maliciously and knowingly spreads false reports about the management or finances of any credit union shall be guilty of a misdemeanor.

26-2138. Taxation. A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned. The shares of a credit union shall not be subject to a stock transfer tax when issued by…

26-2139. Conversion. A state chartered credit union may be converted into a federal credit union by complying with the following requirements: (a) The proposition for such conversion shall first be approved and a date set for a vote thereof by the members, either at a meeting to …

26-2140. Cease and desist order — Penalty. (1) If the director finds that any credit union has engaged in an unsafe or unsound practice in conducting the business of such credit union, or any person has violated any provision of this chapter, any rule or order issued under this c…

26-2140A. Conservatorship. (1) The director may, in his discretion and without notice, appoint himself or an agent as conservator and immediately take possession and control of the business and assets of any credit union in any case in which: (a) The director determines that such…

26-2140B. suspension or removal of directors, supervisory committee members, officers, or employees — prohibition of future employment. (1) The director may issue a written order, pursuant to chapter 52, title 67, Idaho Code, suspending or removing a credit union director, superv…

26-2141. APPOINTMENT OF RECEIVER — CONDITIONS — PROCEEDING — BOND — REPORTING SCHEDULE — SUBROGATION OF FEDERAL AGENCY TO RIGHTS OF DEPOSIT OWNERS. (1) If a credit union refuses to pay its shares, deposits, or obligations in accordance with the terms under which the shares were r…

26-2141A. receiver — duties — powers. (1) A receiver appointed pursuant to section 26-2141, Idaho Code, shall do all of the following: (a) Take possession of the books, records, and assets of the credit union and collect all debts, dues, and claims belonging to the credit union; …

26-2142. Voluntary and/or involuntary liquidation. (1) A credit union may elect to dissolve voluntarily and wind up its affairs in the following manner: The board shall adopt a resolution recommending that the credit union be dissolved voluntarily and directing that the question …

26-2143. HEAD OFFICE AND BRANCH OFFICES. (1) A credit union may relocate its head office and the location of its books and records upon written notice to the director. (2) A credit union may, under such rules as the director may adopt, establish branch offices at locations other …

26-2144. Administration, rules and regulations. The administration of the provisions of this chapter shall be under the general supervision and control of the director. The director may from time to time make, amend and rescind such rules, regulations and forms necessary to carry…

26-2145. Authority to exercise federal powers. (1) Notwithstanding any other provision of law, but subject to the limitations provided for in this section, a credit union may engage in any activity that it could engage in, exercise any power it could exercise, or make any loan or…

26-2151. custodial accounts. A credit union is authorized to act as custodian or fiduciary for members of the credit union and may receive reasonable compensation for so acting under any written trust instrument or custodial agreement in connection with a tax-advantaged savings p…

26-2152. Interstate credit unions — Approval — Permit — Fees — Supervision. (1) Provided that the membership limits as defined in section 26-2110, Idaho Code, are maintained: (a) A credit union chartered under this chapter may operate in another state unless prohibited by the law…

26-2153. Share and deposit insurance. (1) Not later than January 1, 1986, a state chartered credit union shall apply for and obtain insurance on shares and deposits as provided by the national credit union administration under title II of the federal credit union act (12 U.S.C. s…

26-2154. Credit unions eligible as depositories. Notwithstanding any other provision of this chapter, any state credit union or federal credit union located within this state may become a state depository by making application for that purpose to the state treasurer and may accep…

26-2155. Designation of depository — Reporting of reserves and undivided earnings. (1) The state treasurer shall designate state or federal credit unions qualified under this chapter as a state depository or depositories. Such designation shall be determined by competitive biddin…

26-2156. BOND COVERAGE. (1) Each credit union must be adequately insured against risk. The board of directors of each credit union must at least annually review its bond and other insurance coverage to ensure that it is adequate in relation to the potential risks facing the credi…

26-2157. AUTHORITY OF DIRECTOR TO CALL and attend SPECIAL MEETING OF THE BOARD. The director may require and attend a special meeting of the board of a credit union if an examination of the credit union results in a composite capital adequacy, asset quality, management, earnings,…

26-2187. Construction against repeal. This chapter being a general chapter intended as unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

26-2188. Severability. If any provision of this chapter or the application thereof to any person or circumstance is held invalid, the invalidity does not affect other provisions or applications of this chapter which can be given effect without the invalid provisions or applicatio…

26-2221. Short title. This act shall be known as the "Idaho Collection Agency Act."

26-2222. Definitions. As used in this act: (1) "Agent" means any person who, for compensation or gain, or in the expectation of compensation or gain, contacts persons in Idaho in connection with the business activities of a licensee or person required to be licensed under this ac…

26-2223. Collection agency, debt counselor, credit counselor, or credit repair organization — License required. No person shall without complying with the terms of this act and obtaining a license from the director: (1) Operate as a collection agency, debt counselor, credit couns…

26-2223A. Collection agency office requirements. Each licensee shall maintain a home office licensed under this chapter as the licensee’s principal location for collection activities. Each licensee must maintain a listed telephone number and must be open to the public during norm…