Title 26, BANKS AND BANKING

26-31-214. Notice of Transfer. Except as otherwise provided for in the truth in lending act, the real estate settlement procedures act, regulation X, or regulation Z, a mortgage lender shall provide notice to the borrower within fifteen (15) days after any sale or assignment of t…

26-31-301. title. This part 3 of the chapter may be cited as the "Idaho Secure and Fair Enforcement for Mortgage Licensing Act" or the "Idaho S.A.F.E. Mortgage Licensing Act."

26-31-302. purpose of this part. (1) The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable and immediate impact upon Idaho consumers, Idaho’s economy, the neighborhoods and communities of Ida…

26-31-303. definitions. For purposes of this part, the following definitions shall apply: (1) "Depository institution" has the same meaning as in section 3 of the federal deposit insurance act, and includes any credit union. (2) "Expungement" means, with respect to a record of cr…

26-31-304. LICENSE AND REGISTRATION REQUIRED — EXEMPTIONS. (1) Unless specifically exempt under subsection (2) of this section, an individual shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining …

26-31-305. LICENSE AND REGISTRATION APPLICATION. (1) Applicants for a license under this part shall apply through the NMLSR in a form prescribed by the director. Each form shall include such content as the director may reasonably require, shall be updated as necessary to keep the…

26-31-306. issuance of license — license not assignable or transferable — inactive license status. (1) The director shall not issue a mortgage loan originator license under this part unless the director first makes the following findings: (a) The applicant has never had a mortgag…

26-31-307. PRELICENSING AND RELICENSING EDUCATION OF MORTGAGE LOAN ORIGINATORS. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the prelicensing education requirement by completing at least twenty (20) hours of course instruction that …

26-31-308. testing of mortgage loan originators. (1) All individuals seeking a mortgage loan originator license under this part shall satisfy the written test requirement by passing a qualified written test developed by the NMLSR and administered by a provider approved by the NML…

26-31-309. LICENSE RENEWAL and reinstatement REQUIREMENTS. (1) The minimum standards for license renewal for mortgage loan originators licensed under this part shall include the following: (a) The mortgage loan originator continues to meet the minimum standards for license issuan…

26-31-310. CONTINUING EDUCATION FOR MORTGAGE LOAN ORIGINATORS. (1) In order to meet the annual continuing education requirements, a licensed mortgage loan originator shall complete at least eight (8) hours of education each year, which shall include: (a) Three (3) hours minimum o…

26-31-311. authority to require license and registration. In addition to any other duties imposed upon the director by law, the director shall require mortgage loan originators to be licensed and registered through the NMLSR. In order to carry out this requirement the director is…

26-31-312. NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY INFORMATION CHALLENGE PROCESS. The director shall establish a process whereby mortgage loan originators may challenge the information entered into the NMLSR by the director.

26-31-313. ENFORCEMENT AUTHORITY, VIOLATIONS AND PENALTIES. (1) In order to ensure the effective supervision and enforcement of this part, the director may, pursuant to chapter 52, title 67, Idaho Code: (a) Deny, suspend, revoke, condition or decline to renew a license for a viol…

26-31-314. REMEDIES AVAILABLE TO THE DEPARTMENT. (1) If the director determines that a 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 settlement procedu…

26-31-315. confidentiality. In order to promote effective regulation and reduce regulatory burden through supervisory information sharing: (1) Except as otherwise provided in section 1512, P.L. 110-289, the requirements under any federal law or chapter 1, title 74, Idaho Code, re…

26-31-316. INVESTIGATION AND EXAMINATION AUTHORITY. In addition to any authority allowed under this chapter, the director shall have the authority to conduct investigations and examinations as follows: (1) For purposes of initial licensing, license renewal, license suspension, li…

26-31-317. PROHIBITED ACTS AND PRACTICES. It is a violation of this part for a person or individual subject to this part, in connection with mortgage loan origination activity in this state, to: (1) Directly or indirectly employ any scheme, device or artifice to defraud or mislea…

26-31-318. unlawful acts. Any person, not exempt under the provisions of this part, who engages in mortgage loan origination activities without first obtaining a mortgage loan originator license or without first registering as a mortgage loan originator in accordance with the req…

26-31-319. NONFEDERALLY INSURED CREDIT UNIONS. Nonfederally insured credit unions which employ loan originators, as defined in P.L. 110-289, shall register such loan originators with the NMLSR by furnishing the information concerning the loan originators’ identities set forth in …

26-31-320. UNIQUE IDENTIFIER DISCLOSURE. The unique identifier of any person engaged in the origination of a residential mortgage loan shall be clearly displayed on all residential mortgage loan application forms, solicitations or advertisements, including business cards, website…

26-31-321. 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 re…

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…

26-3208. Name of trust institution. A state trust company or out-of-state trust institution may register any name with the director in connection with establishing a principal office, trust office or representative trust office in this state pursuant to this act, except that the …

26-3301. Trust business. A state trust company or a state bank may: (1) Perform any act as a fiduciary; (2) Engage in any trust business; (3) Exercise any incidental power that is reasonably necessary to enable it to fully exercise, according to commonly accepted fiduciary custom…

26-3302. Branches and offices of state trust institutions. (1) A state trust institution may act as a fiduciary and engage in a trust business at each trust office as permitted by this act, and at a branch in this state. (2) A state trust institution may not act as a fiduciary bu…

26-3303. State trust company principal office. (1) Each state trust company must have and continuously maintain a principal office in this state. (2) Each executive officer at the principal office is an agent of the state trust company for service of process. (3) A state trust co…

26-3304. Trust office — Representative trust office. (1) A state trust institution may establish or acquire, and maintain, trust offices or representative trust offices anywhere in this state. A state trust institution desiring to establish or acquire, and maintain, such an offic…

26-3305. Out-of-state offices. (1) A state bank, a state trust company or a savings association chartered under the laws of this state may establish and maintain a new trust office or a representative trust office or acquire and maintain an office in a state other than this state…

26-3401. Trust business at a branch or trust office or representative trust office. (1) An out-of-state trust institution may act as a fiduciary in this state or engage in a trust business in this state if it maintains a trust office in this state as permitted by this chapter, or…

26-3402. Establishing or acquiring an interstate trust office or representative office. (1) An out-of-state trust institution that does not operate a trust office in this state and that meets the requirements of this chapter may establish or acquire, and maintain, a trust office …

26-3403. Requirement of notice. An out-of-state trust institution desiring to establish and maintain a new trust office or acquire and maintain a trust office in this state pursuant to this chapter shall provide, or cause its home state regulator to provide, written notice of the…

26-3404. Conditions for approval. (1) No trust office of an out-of-state trust institution may be acquired or established in this state under this chapter unless: (a) The out-of-state trust institution shall have confirmed in writing to the director that for as long as it maintai…

26-3405. Registration of representative trust office. (1) An out-of-state trust institution may establish or acquire and maintain a representative trust office in this state. An out-of-state trust institution not maintaining a trust office in this state and desiring to establish …

26-3406. Additional trust offices. An out-of-state trust institution that maintains a trust office in this state under this chapter may establish or acquire additional trust offices or representative trust offices in this state to the same extent that a state trust institution ma…

26-3407. Notice of subsequent merger, transfer, or closing. Each out-of-state trust institution that maintains an office in this state pursuant to this act, or the home state regulator of such trust institution, shall give at least thirty (30) days’ prior written notice or, in th…

26-3501. Prerequisite to engaging in trust business. (1) A corporation duly organized for the purpose of engaging in the trust business may apply for a charter to operate as a state trust company. A state trust company may perform any act as a fiduciary or engage in any trust bus…

26-3502. Application for charter. An application for a state trust company or trust department charter shall be in writing and in such form as the director shall prescribe, verified under oath and supported by such information, data and records as the director may require.

26-3503. Application fee. A reasonable application fee, as set by the director, shall be paid to the department with respect to each application for a charter under this chapter at the time the application is filed.

26-3504. Minimum capital. (1) A charter shall not be issued to a corporation applying for a state trust company charter having a paid-in capital of less than one million five hundred thousand dollars ($1,500,000). (2) A charter to operate a trust department shall not be issued to…