Title 26 — BANKS AND BANKING

26-2722. Merger — Requirements — Applications. (1) A licensee shall not merge with another corporation unless: (a) The licensee is the surviving corporation and the merger is approved by the director. (b) The licensee is a disappearing corporation, the surviving corporation is a …

26-2723. Violation of chapter — Director’s powers — Hearings — Cease and desist. (1) If in the opinion of the director, a person violates, or there is reasonable cause to believe that a person is about to violate the provisions of this chapter, the director may bring an action in…

26-2724. Violation of chapter — Removal of subject person. (1) The director may issue an order removing a subject person of a licensee from his office, if any, with the licensee and prohibiting the subject person from further participating in any manner in the conduct of the busi…

26-2725. Indictment or conviction of a crime — Removal of subject person. (1) If the director determines that a subject person of a licensee has been indicted by a grand jury or has been bound over for trial by a court for a crime involving dishonesty or breach of trust, and that…

26-2726. Disclosure to shareholders — Board of directors. (1) If, in the opinion of the director, disclosure to shareholders regarding a matter is warranted, the director may require a licensee, in such a form and manner as the director may specify, to disclose to the shareholder…

26-2727. Order to refrain from offering financial assistance — Conditions — Hearing. (1) The director may issue an order directing a licensee to refrain from providing any additional financing assistance and management assistance to business firms if, in the opinion of the direct…

26-2728. Appointment of trustee — Liquidation of the Bidco — Procedure. (1) If the director finds that any of the factors set forth in section 26-2727, Idaho Code, are true with respect to a licensee and that it is necessary for the protection of the interests of the licensee or …

26-2729. Violation of chapter — Civil penalties. (1) If, after notice and the opportunity for a hearing, the director finds that a person has violated the provisions of this chapter, he may order that person to pay to the director a civil penalty in the amount the director specif…

26-2730. Prohibited acts — Exceptions — Penalties. (1) A person shall not willfully make an untrue statement of a material fact in an application or report filed with the director under this chapter, or willfully omit to state in such an application or report a material fact requ…

26-2731. Construction — Promulgation of rules — Applicability of chapter. This chapter shall be liberally construed to accomplish its purposes. A proceeding to promulgate rules or a proceeding regarding civil penalties under section 26-2729, Idaho Code, shall be subject to the ad…

26-2732. Short title. This chapter may be cited as the "Business and Industrial Development Corporation Act."

26-2901. Short title. This chapter may be known and cited as the "Idaho Money Transmitters Act."

26-2902. Definitions. Unless otherwise indicated, the following definitions shall apply to the terms set forth below wherever such terms are used in this chapter: (1) "Applicant" means a person filing an application for a license under the provisions of this chapter. (2) "Authori…

26-2903. License required. (1) On or after the effective date of this act, no person except a person exempt pursuant to the provisions of section 26-2904, Idaho Code, shall engage in the business of money transmission without a license as provided in accordance with the provision…

26-2904. Exemptions. (1) This chapter shall not apply to: (a) The United States or any department, agency or instrumentality of the United States; (b) The United States post office; (c) The state or any political subdivision of the state; and (d) Banks, credit unions, savings and…

26-2905. License qualifications. (1) Each licensee licensed under the provisions of this chapter shall at all times have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles. Licensees engaging in mo…

26-2906. Permissible investments. Each licensee licensed under the provisions of this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate…

26-2907. License application. Each application for a license under the provisions of this chapter shall be made in writing, under oath, and in a form prescribed by the director. Each application shall contain: (1) For all applicants: (a) The exact name of the applicant, the appli…

26-2908. Bond or other security device. (1) Each application must be accompanied by a surety bond, irrevocable letter of credit or such other similar security device, hereinafter referred to as security device, acceptable to the director in the amount of ten thousand dollars ($10…

26-2909. Application fee. Each application must be accompanied by a nonrefundable application fee in the amount of one hundred dollars ($100) for the license. The application fee shall also constitute the license fee for the applicant’s first year of activities if the license is …

26-2910. Issuance of license. (1) Upon the filing of a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The director may conduct an on-site investiga…

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…

26-3201. Title. Chapters 32 through 36, title 26, Idaho Code, shall be known and may be cited as the "Idaho Trust Institutions Act."

26-3202. Purposes of the act. The purposes of this act are to permit: (1) State banks and state trust companies to engage in the trust business in this state; and (2) Banks and other depository institutions, foreign banks and trust companies to engage in the trust business on a m…

26-3203. Definitions. The following definitions shall be liberally construed to accomplish the purposes of this act. In this act, unless the context otherwise requires: (1) "Account" means the client relationship established with a trust institution involving the transfer of fund…

26-3204. Persons authorized to act as a fiduciary. (1) No person shall act as a fiduciary in this state except: (a) A state trust company; (b) A state bank; (c) A savings bank organized under the laws of this state and authorized to act as a fiduciary pursuant to the savings bank…

26-3205. Activities not requiring a charter. Notwithstanding any other provision of this act, a person does not engage in the trust business or in any other business in a manner requiring a charter under this act, or in an unauthorized trust activity by: (1) Acting in a manner au…

26-3206. Trust business of state trust institution. (1) A state trust institution may act as a fiduciary or otherwise engage in a trust business in this or any other state or foreign country, subject to complying with applicable laws of such state or foreign country, at an office…

26-3207. Trust business of out-of-state trust institution. An out-of-state trust institution which establishes or maintains one (1) or more offices in this state under this act, may conduct any activity at each such office which would be authorized under the laws of this state fo…