Title 26, BANKS AND BANKING

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 o…

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…

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…

26-2914. Authority to conduct examinations and investigations. (1) For the purpose of discovering violations of this chapter or rules adopted under this chapter, discovering unsafe and unsound practices, or securing information lawfully required under this chapter, the director m…

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, i…

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 includin…

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 licens…

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 appo…

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 author…

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 a…

26-2921. Licensee liability. A license’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…

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.

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 s…

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…

26-2925. Criminal penalties. Any person who knowingly and wilfully violates any provision of this chapter is guilty of a felony.

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 …

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, claus…

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 …

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 t…

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 co…

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 …

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 ho…

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 m…

26-31-102. GENERAL DEFINITIONS. As used in this chapter and in rules promulgated pursuant to this chapter: (1) "Borrower" means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf th…

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 th…

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.

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…

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…

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’…

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.

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 …

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 renewa…

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 conc…

26-31-112. PROCEDURE FOR RECOVERY. (1) A person who obtains against a mortgage broker, mortgage lender or mortgage loan originator a money judgment in an Idaho court that includes findings of violations of this chapter occurring on or after July 1, 2009, after final judgment has …

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 …

26-31-114. REVOCATION OF LICENSE FOR PAYMENT FROM MORTGAGE RECOVERY FUND. (1) The director may summarily revoke a license issued under this chapter if the director is required by court order under section 26-31-112, Idaho Code, to make a payment from the mortgage recovery fund ba…

26-31-201. definitions. As used in this part and in rules promulgated pursuant to this chapter and pertinent to this part: (1) "Agent" means a person who acts with the consent and on behalf of a licensee and is subject to the licensee’s direct or indirect control and may include …

26-31-202. exemptions. The provisions of this part do not apply to: (1) Agencies of the United States and agencies of this state and its political subdivisions; (2) An owner of real property who offers credit secured by a contract of sale, mortgage, or deed of trust on the proper…

26-31-203. unlawful acts. (1) Any person, except a person exempt under section 26-31-202, Idaho Code, who engages in mortgage brokering activities or mortgage lending activities without first obtaining a license from the department in accordance with this part, shall upon convict…

26-31-204. powers and duties of director. In addition to any other duties imposed upon the director by law, the director shall: (1) Administer and enforce the provisions and requirements of this part; (2) Conduct investigations and issue subpoenas as necessary to determine whethe…

26-31-205. REMEDIES AVAILABLE TO THE DEPARTMENT. (1) Whenever it appears to the director that any person subject to this part has engaged in or is about to engage in any act or practice constituting a violation of any provision of the truth in lending act, the real estate settlem…

26-31-206. LICENSE TO DO BUSINESS AS A MORTGAGE BROKER OR MORTGAGE LENDER. (1) The director shall receive and act on all applications for licenses to do business as a mortgage broker or mortgage lender. Applications shall be filed through the NMLSR, or as otherwise prescribed by …

26-31-207. REVOCATION OR SUSPENSION OF LICENSE. (1) If the department has reason to believe that grounds exist for revocation or suspension of a license issued pursuant to this part, the department may initiate a contested case against a mortgage broker or mortgage lender and any…

26-31-208. RECORDS — REPORTS — RENEWAL and reinstatement OF LICENSE. (1) Every licensee under this part shall maintain records in the United States, including financial records in conformity with generally accepted accounting principles, in a manner that will enable the director …

26-31-209. EXAMINATION AND INVESTIGATIONS. (1) The director shall examine periodically at intervals he deems appropriate, the loans and business records of each licensee under this part. In addition, for the purpose of discovering violations of the provisions of this part or secu…

26-31-210. RESTRICTIONS ON FEES AND CHARGES. (1) A person subject to this part shall not require a borrower or person seeking a loan modification to pay any fees or charges prior to a residential mortgage loan closing, or prior to the completion of a loan modification, except: (a…