30-901. SHORT TITLE. (1) This chapter shall be known and may be cited as the "Idaho Escrow Act." (2) It is the intent of the legislature that the escrow industry be supervised and regulated by the department of finance in order to protect the citizens of the state and to provide that the business practices […]
30-902. DEFINITIONS. As used in this chapter and in rules promulgated pursuant to this chapter: (1) "Act" means the "Idaho Escrow Act," chapter 9, title 30, Idaho Code. (2) "Department" means the Idaho department of finance. (3) "Director" means the director of the Idaho department of finance. (4) "Escrow" means any transaction in which any […]
30-903. LICENSE REQUIRED. (1) It shall be unlawful for any person to directly or indirectly engage in or carry on, or purport to engage in or carry on, the business of, or act in the capacity of, an escrow agency in or from Idaho without first obtaining a license under this chapter. (2) The requirements […]
30-904. PLACE OF BUSINESS. No licensee under this chapter shall engage in the escrow business at any place of business for which it does not hold a license, nor shall it engage in business under any other name than that on the license. Every escrow agency licensed under this chapter shall maintain a home office […]
30-905. EXEMPT PERSONS AND TRANSACTIONS. The requirements of this chapter do not apply to: (1) Any person licensed to practice law in this state while engaged in the performance of his professional duties, except an attorney or law firm actively engaging in a separate business as an escrow agency; (2) Any person licensed or chartered […]
30-906. EXEMPTION — BURDEN OF PROOF. In any proceeding or action under this chapter, the burden of proving an exemption from the requirements of this chapter is upon the person claiming the exemption. History: [30-906, added 2005, ch. 236, sec. 2, p. 719.]
30-907. DIRECTOR’S ISSUANCE OR DENIAL OF LICENSE. (1) The director shall receive and act upon all applications for licenses to engage in business as an escrow agency under this chapter. If the director finds that all requirements of statute and rule have been met and all applicable fees paid, and the applicant is not otherwise […]
30-908. RENEWAL OF LICENSE. (1) On or before April 30 of each year, every licensee under this chapter shall pay an annual license renewal fee of one hundred fifty dollars ($150), and shall file with the director a renewal form containing such information as the director may require. (2) As a condition of renewal, each […]
30-909. FINANCIAL RESPONSIBILITY — FIDELITY BOND — ERRORS AND OMISSIONS POLICY — SURETY BOND. At the time of filing an application for an escrow agency license, and at the time of any renewal or reinstatement of such license, the applicant or licensee shall provide satisfactory evidence to the director of having obtained the following as […]
30-910. CANCELLATION OF FIDELITY BOND, SURETY BOND, OR BOTH — NEW BOND REQUIRED. Prior to cancellation of either the fidelity bond or the surety bond required by section 30-909, Idaho Code, or both, the escrow agency licensee shall file with the director satisfactory evidence of a new bond in the appropriate amount with no lapse […]
30-911. LIMITATION OF ACTIONS ON BOND. No action may be brought on an escrow agency licensee’s bond by any person after the expiration of three (3) years from the time when the act or default complained of becomes known or should have become known. History: [30-911, added 2005, ch. 236, sec. 2, p. 722.]
30-912. TRANSFERABILITY. A license issued under this chapter is not transferable or assignable, and control of a license shall not be acquired through stock purchase or other device without the prior written consent of the director. History: [30-912, added 2005, ch. 236, sec. 2, p. 722.]
30-913. UNLAWFUL ACTS. Any person, except a person exempt under section 30-905, Idaho Code, who engages in activity as an escrow agency without first obtaining a license in accordance with this chapter, shall be guilty of a felony. Such person is also subject to a civil penalty in an amount no greater than five thousand […]
30-914. ACCOUNTS TO BE MAINTAINED — RECORDS OPEN TO INSPECTION — RETENTION OF RECORDS — TRUST ACCOUNT — INTEREST ON ESCROW ACCOUNTS. (1) Each licensee shall maintain sufficient books, accounts and records readily accessible to the department for the department to determine at any time the licensee’s financial condition, what duties and responsibilities the licensee […]
30-915. NOTICE OF CONFLICT OF INTEREST — CLOSING STATEMENT. (1) An escrow agency licensee shall act without partiality to any of the parties to the escrow. An escrow agency may not close a transaction where it has, directly or indirectly, a monetary interest in the subject property either as buyer or seller. If an escrow […]
30-916. ATTACHMENT. Funds or other value received by a licensee under this chapter pursuant to an escrow or trust funds are not subject to execution or attachment in any claim against the licensee. History: [30-916, added 2005, ch. 236, sec. 2, p. 723.]
30-917. EXAMINATION AND INVESTIGATIONS. (1) The director shall examine the books, records and accounts of each licensee, within or without the state of Idaho, at intervals he deems necessary for the protection of the public. The licensee so examined shall pay a fee for the examination at the rate fixed annually by the director, not […]
30-918. POWERS AND DUTIES OF THE DIRECTOR. (1) In addition to any other powers and duties of the director authorized by law, 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. (2) The director shall also: (a) […]
30-919. PROHIBITED PRACTICES. No escrow agency licensee or person required to be licensed under this chapter, or any of its officers, directors, members, general partners, employees or agents shall: (1) Issue, circulate, make use of, publish or advertise, by any means of communication, that a person is engaged in accepting or receiving escrows if that […]
30-920. REMEDIES. (1) Whenever it appears to the director that any person has engaged in or is about to engage in any act or practice constituting a violation of any provision of this chapter or any rule or order thereunder, is conducting its business in an unsafe and injurious manner, or that its capital or […]
