Title 26, BANKS AND BANKING

26-2228. Powers of the director. In addition to any other duties authorized by law, the director shall: (1) Administer and enforce the provisions and requirements of this act; (2) Conduct investigations and issue subpoenas as necessary to determine whether a person has violated a…

26-2229. Contracts. (1) Contracts between collection agency licensees or collection agencies required to be licensed under this act and creditor clients shall be in writing. (2) It shall be a violation of this act for any collection agency contract to: (a) Authorize a collection …

26-2229A. Requirement of fair, open, and honest dealing — Prohibited practices. (1) Every licensee or person required to be licensed under this chapter and its agents shall deal openly, fairly, and honestly without deception in the conduct of its business activities in this state…

26-2230. Branch offices. A licensee must register, in a manner prescribed by the director, each additional place of business from which activities authorized under this act are directly or indirectly conducted in this state. Registered locations shall be considered branches of th…

26-2231. Renewal of license — REINSTATEMENT. (1) On or before December 31 of each year, each licensee shall pay to the director a nonrefundable license renewal fee of one hundred dollars ($100) and shall file, through an electronic system of licensing as prescribed by the directo…

26-2232. Collection agency surety bonds. (1) Upon approval of the application and prior to the issuance of a license under this act, the applicant shall file in the department of finance a surety bond in a form prescribed by the director. The bond shall be executed by the applica…

26-2232A. Debt counselors, credit counselors, credit repair organizations — Bonds. (1) Upon approval of the application and prior to the issuance of a license under this act, an applicant for a license as a debt counselor, credit counselor or credit repair organization shall file…

26-2233. Licensee accounts required. (1) Every licensee under this act that receives or holds funds belonging to another in connection with the business activities authorized by this act shall, in its own name, establish and maintain a separate trust account for deposit and remit…

26-2234. Examinations, investigations, records and payment of funds. (1) The director or his duly authorized representative may make an annual examination, or more frequently in the director’s discretion, of the licensee’s business locations from which activities authorized under…

26-2236. Subpoenas. The director shall have the power to issue subpoenas as necessary to determine whether a person has violated any provision of this act, rule or order thereunder, to swear witnesses and to take the testimony of any person by deposition, with the same fees and m…

26-2237. Fees — Disposition of funds. All fees provided for in this act shall be paid to the director and by him remitted to the state treasurer pursuant to section 59-1014, Idaho Code, and all such funds shall be deposited to the credit of the finance administrative account in t…

26-2238. Violations — Penalties. (1) Any person who engages in activities authorized under this act, who fails to establish and maintain a separate trust account as required under this act, or fails to disburse funds in accordance with the requirements of this act, or misappropri…

26-2239. Exemptions. The provisions of this act shall not apply to the following: (1) Persons licensed to practice law in this state, to the extent that they are retained by their clients to engage in activities authorized by this act, and such activities are incidental to the pr…

26-2240. Agent identification — Quarterly notice — Fee. Each applicant for a license under this act, with its initial license application, and each licensee at annual renewal, shall file with the director a list of all agents including the name of each agent and any other identif…

26-2243. Property right in accounts — Practice of law prohibited. A licensee under this act shall have a property right in any account assigned to it for collection; provided, however, no right herein granted shall authorize such licensee to engage in the practice of law.

26-2244. Cease and desist orders, penalty. (1) Whenever it appears to the director that it is in the public interest, he may order any person to cease and desist from acts, practices, or omissions which constitute a violation of this act or a rule adopted or an order issued under…

26-2245. Director’s power to enjoin violations. (1) Whenever it appears to the director that any person, or employee or agent thereof, has engaged in or is about to engage in any act or practice or omission constituting a violation of any provision of this act, or any rule or ord…

26-2246. Closure or discontinuance of operations — Requirements. (1) Whenever the operations of a collection agency licensee under this act are closed or discontinued due to revocation, termination, or relinquishment of a collection agency license, or for any other reason, the co…

26-2247. Institution of criminal proceedings. The director may refer such evidence as may be available concerning violations of this act or of any rule or order hereunder to the attorney general or the proper prosecuting attorney, either of whom may in his discretion, with or wit…

26-2248. Administration of act. The administration of the provisions of this act shall be under the general supervision and control of the director, subject to chapter 52, title 67, Idaho Code. The director may from time to time adopt, amend, and rescind rules and issue orders ne…

26-2249. Judicial review of final orders of director. Any person aggrieved by a final order of the director may obtain judicial review of that order pursuant to the provisions of chapter 52, title 67, Idaho Code.

26-2251. Severability. The provisions of this act are hereby declared to be severable and if any provision of this act or the application of such provision to any person or circumstance is declared invalid for any reason, such declaration shall not affect the validity of the rema…

26-2401. Definitions. As used in this act, the following words and phrases, unless differently defined or described, shall have the meanings and references as follows: (1) "Corporation" means an Idaho industrial development corporation created under this act. (2) "Financial insti…

26-2402. Who may incorporate. Ten (10) or more persons, a majority of whom shall be residents of this state, who may desire to create an industrial development corporation under the provisions of this act, for the purpose of promoting, developing and advancing the prosperity and …

26-2403. Powers of the corporation. In furtherance of its purposes and in addition to the powers now or hereafter conferred on business corporations by the provisions of chapter 1, title 30, Idaho Code, the corporation shall, subject to the restrictions and limitations herein con…

26-2404. Right to purchase or transfer capital stock or obligations of corporation. Notwithstanding any rule at common law or any provision of any general or special law or any provision in their respective charters, agreements of association, articles of organization or trust in…

26-2405. Application for membership — Loans. Any financial institution may request membership in the corporation by making application to the board of directors on such form and in such manner as said board of directors may require, and membership shall become effective upon acce…

26-2406. Duration of membership. Membership in the corporation shall be for the duration of the corporation; provided, that upon written notice given to the corporation five (5) years in advance, a member may withdraw from membership in the corporation at the expiration date of s…

26-2407. Powers of stockholders and members. The stockholders of the corporation shall have the power to determine the number of and elect directors as provided in section 26-2409. The stockholders and the members of the corporation shall have the following powers of the corporat…

26-2408. Amendment to articles of incorporation. The articles of incorporation may be amended by the votes of the stockholders and the members of the corporation, voting separately by classes, and such amendments shall require approval by the affirmative vote of two-thirds (2/3) …

26-2409. Business of corporation managed by board of directors. The business and affairs of the corporation shall be managed and conducted by a board of directors, a president, a vice-president, a secretary, a treasurer, and such other officers and such agents as the corporation …

26-2410. Earned surplus. Each year the corporation shall set apart as earned surplus not less than ten percent (10%) of its net earnings for the preceding fiscal year until such surplus shall be equal in value to one-half (1/2) of the amount paid in on capital stock then outstand…

26-2411. Deposits in banks. The corporation shall not deposit any of its funds in any banking institution unless such institution has been designated as a depository by a vote of a majority of the directors present at an authorized meeting of the board of directors, exclusive of …

26-2412. Annual financial examination. The corporation shall be examined at least once annually by the director of the department of finance and shall make reports of its condition not less than annually to said director of the department of finance and more frequently upon call …

26-2413. Meetings. The first meeting of the corporation shall be called by a notice signed by three (3) or more of the incorporators, stating the time, place and purpose of the meeting, a copy of which notice shall be mailed, or delivered, to each incorporator at least five (5) d…

26-2414. Duration of corporation. Unless otherwise provided in the articles of incorporation, the period of duration of the corporation shall be perpetual, subject, however, to the right of the stockholders and the members to dissolve the corporation prior to the expiration of sa…

26-2415. Dissolution. The corporation may upon the affirmative vote of two-thirds (2/3) of the votes to which the stockholders shall be entitled and two-thirds (2/3) of the votes to which the members shall be entitled dissolve said corporation as provided by sections 30-1-82 thro…

26-2416. Credit of state not pledged. Under no circumstances shall the credit of the state of Idaho be pledged to any corporation organized under the provisions of this act.

26-2417. Corporation deemed a state development company. Any corporation organized under the provisions of this act shall be a state development company, as defined in the Small Business Investment Act of 1958, and amendments thereto, or any other similar federal legislation, and…

26-2418. Fiscal year. Corporations organized under this act shall adopt the calendar year as their fiscal year.

26-2501. Definition. "Loan broker" means any person, corporation, partnership or other business entity which offers for compensation, in this state, to arrange for a loan or other extension of credit. "Loan broker" includes a person, corporation, partnership or other business ent…

26-2502. Exceptions. This chapter shall not apply to: (a) Any person doing business under any law of this state or of the United States relating to banks, credit unions, trust companies, savings and loan associations, insurers, pension trusts, real estate investment trusts and ot…

26-2503. Fees prohibited until a loan is made. No loan broker shall directly or indirectly receive any fee, interest or other charge of any nature until a loan or extension of credit is made or a written commitment to loan or extend credit is made by any person exempt under secti…

26-2504. Fees recoverable. A person damaged as a result of a violation of the provisions of this chapter may recover from the loan broker the amount of the fee thus paid, plus damages in the amount of twice the fee.

26-2505. Administration — Enforcement — Actions for monetary relief. (1) The director of the Idaho department of finance shall have the power to administer and enforce the provisions of this chapter. Whenever it appears to the director that a loan broker has violated section 26-2…

26-2506. Criminal penalty. Any person who wilfully violates any provision of chapter 25, title 26, Idaho Code, shall be guilty of a felony.