Title 26 — BANKS AND BANKING

26-2176. Meetings and elections of the Idaho corporate credit union. Meetings and elections shall be held as indicated in the bylaws. Each member shall have one (1) vote irrespective of shareholdings. No member may vote by proxy, but may vote through a duly authorized delegate ap…

26-2177. Official family — Idaho corporate credit union. The business affairs of the corporate credit union shall be managed by a board of directors of at least seven (7) directors. One (1) director shall be elected from the designated delegates of each of the seven (7) credit un…

26-2178. Officers — Idaho corporate credit union. Within sixty (60) days following the organizational meeting and at each annual meeting, the directors shall elect from their own number a chairman, one (1) or more vice-chairmen, a treasurer and a secretary, of whom the last two (…

26-2179. Board of directors — Idaho corporate credit union. The board of directors of the corporate credit union shall have the same general powers and duties as boards of directors of credit unions organized under the Idaho credit union act and in the corporate credit union byla…

26-2180. Loans to member credit unions — Idaho corporate credit union. The Idaho corporate credit union may loan to members upon such security and for purposes only as provided in its bylaws. Loans shall be evidenced by a written instrument and within limits set by board policy. …

26-2181. Compensation — Corporate officers. The officers of the corporate credit union shall have the same rights regarding compensation as officers of other credit unions organized under the Idaho credit union act. Nothing in this section is to be interpreted to preclude the cor…

26-2182. Shares and deposits. (a) A share is defined as a term applied to each one hundred dollars ($100) standing to the share account of a member. The shares of a credit union shall all be common shares of one (1) class and shall have a par value of one hundred dollars ($100) p…

26-2183. Reserve allocations — Idaho corporate credit union. No reserve shall be required for the corporate credit union except a special reserve may be required by the director of finance when an annual examination reflects need for such reserves for potential losses from invest…

26-2184. Dividends — Idaho corporate credit union. (a) After allocations to the reserve account if required by the director, the board of directors may at the end of any dividend period duly established, declare a dividend from undivided earnings as the bylaws may provide. (b) Di…

26-2185. Applicable provisions of the Idaho credit union act. The following provisions of the Idaho credit union act shall apply to the Idaho corporate credit union: (a) Share reduction, section 26-2131, Idaho Code. (b) Reports, section 26-2133, Idaho Code. (c) Books and records,…

26-2186. Taxation — Idaho corporate credit union. The Idaho corporate credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except to real estate owned. The shares of a credit union shall not be …

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…

26-2224. License application. (1) Every applicant for a license under this chapter shall file an application through an electronic system of licensing prescribed by the director that shall include: (a) The name of the applicant; if the applicant is a corporation, a list of its of…

26-2225. Approval of license application. (1) The director shall act upon all applications for a license under this act. If the director determines that the requirements of this act have been met and all applicable fees paid, and the applicant is not otherwise unqualified for lic…

26-2226. False or fraudulent debt reduction and elimination practices. (1) No person shall obtain or attempt to obtain a fee, compensation or consideration from a person through a false or fraudulent representation or statement that a debt, loan, or extension of credit could or w…

26-2227. Denial, suspension, or revocation of license. (1) An application for a license may be denied or, after notice and the opportunity for a hearing, a license may be suspended or revoked by the director if he finds that facts or conditions exist that would have justified the…

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…