26-2701. PURPOSE OF CHAPTER. The purposes of this chapter are to: (1) Promote economic development by encouraging the formation of business and industrial development corporations, a new type of private institution, to help meet the financing assistance and management assistance needs of business firms. (2) Provide for a system of licensing, regulation, and enforcement that […]
26-2702. DEFINITIONS. For the purposes of this chapter: (1) "Advisor" means a person who regularly provides legal, accounting, or management services or advice to a licensee. (2) "Affiliate" means, if used with respect to a specified person other than a natural person, a person controlling or controlled by that specified person, or a person controlled […]
26-2703. POWERS OF DIRECTOR. (1) The director shall administer this chapter. The director may issue orders and promulgate rules that, in the opinion of the director, are necessary to execute, enforce, and effectuate the purposes of this chapter. Any rules promulgated shall be promulgated in accordance with chapter 52, title 67, Idaho Code. The director […]
26-2704. APPLICATIONS — INVESTIGATIONS — SERVICE OF PROCESS. (1) An application filed with the director under this chapter shall be in such a form and contain such information as the director may require. (2) The director may make public or private investigations within or outside this state that the director considers necessary to determine whether […]
26-2705. FEES. (1) The director shall set the fees required under this chapter at a level sufficient to cover the department’s expenses which arise due to the administration of the provisions of this chapter provided, the fees shall be set within the parameters set forth in this section. (a) The fee for filing an application […]
26-2706. REQUIRED RECORDKEEPING — INDEPENDENT AUDIT — APPLICATION TO OUTSIDE RECORDKEEPERS — REPORT REQUIRED. (1) A licensee shall make and keep books, accounts, and other records in such a form and manner as the director may require. These records shall be kept at such a place and shall be preserved for such a length of […]
26-2707. ANNUAL REPORT TO LEGISLATURE REQUIRED. (1) The director shall publish annually and provide to the house business committee and senate commerce and labor committee, or the appropriate germane legislative committees, information on the impact of this chapter in promoting economic development in this state. At a minimum, the information shall include aggregate statistics on […]
26-2708. ANNUAL LICENSE REVIEW BY DIRECTOR. (1) The director shall examine each licensee not less than once each calendar year to determine whether or not the licensee is in compliance with the provisions of this chapter. (2) The director may at any time examine a licensee or subsidiary of a licensee. (3) A director, officer, […]
26-2709. REQUIREMENTS FOR LICENSURE. (1) An Idaho corporation may apply to the director for licensure as a BIDCO. A person other than an Idaho corporation shall not apply for a license. (2) After a review of information regarding the directors, officers, and controlling persons of the applicant, a review of the applicant’s business plan, including […]
26-2710. PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE. (1) A person may apply to the director for preliminary approval of an application for a license. Notwithstanding that commitments to invest in the equity of the applicant have not been obtained and that all directors and officers of the applicant have not been […]
26-2711. USE OF BIDCO NAME RESTRICTED — EXCEPTION. (1) Except as otherwise provided in subsection (2) of this section, a person transacting business in this state, other than a licensee, shall not use a name or title which indicates that the person is a business and industrial development corporation including, but not limited to, use […]
26-2712. DUAL LICENSURE — EXCEPTIONS. (1) An Idaho corporation that is licensed under another law of this state or under any law of the United States may apply for and be issued a license under this chapter unless the transaction of business by that corporation as a licensee under another law of this state or […]
26-2713. SURRENDER OF LICENSE. (1) Upon approval of a two-thirds (2/3) vote of its board of directors and after complying with subsection (2) of this section, a licensee may apply to the director to have the director accept the surrender of the licensee’s license. If the director determines that the requirements of this section have […]
26-2714. CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS. (1) The corporate name of each licensee may include the phrase "Business and Industrial Development Corporation" or may include the word "BIDCO." A licensee shall not transact business under a name other than its corporate name. (2) The board of directors […]
26-2715. OFFICES — LOCATION. (1) A licensee shall maintain not less than one (1) office in this state. (2) A licensee, with the approval of the director, may maintain an office at any place outside this state. (3) Each office of a licensee shall be located in a place which is reasonably accessible to the […]
26-2716. BUSINESS ACTIVITIES — CORPORATE POWERS. (1) The business of a licensee shall be the business of providing financing assistance and management assistance to business firms. A licensee shall not engage in a business other than the business of providing financing assistance and management assistance to business firms. (2) In addition to the powers and […]
26-2717. FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES. (1) A licensee may determine the form and the terms and conditions for financing assistance provided by that licensee to a business firm including, but not limited to, forms such as loans; purchase of debt instruments; straight equity investments such as purchase of common stock […]
26-2718. BIDCO ACQUIRING ANOTHER FIRM — APPLICATION — REQUIREMENTS. (1) Either by itself or in concert with a director, officer, principal shareholder, or affiliate; another licensee; or a director, officer, principal shareholder, or affiliate of another licensee, a licensee shall not hold control of a business firm, except as follows: (a) If and to the […]
26-2719. SOUND BUSINESS PRACTICES REQUIRED. (1) A licensee shall transact its business in a safe and sound manner and shall maintain itself in a safe and sound condition. (2) In determining whether a licensee is transacting business in a safe and sound manner or has committed an unsafe or unsound act, the director shall not […]
26-2720. CONFLICT OF INTEREST — DEFINED. (1) For purposes of this section: (a) "Associate" means that term as defined in section 26-2702, Idaho Code. (b) "Relative" means parent, child, sibling, spouse, father-in-law, mother-in-law, son-in-law, brother-in-law, daughter-in-law, sister-in-law, grandparent, grandchild, nephew, niece, uncle, or aunt. (2) If a licensee provides financing assistance to a business firm […]
