TITLE 26

BANKS AND BANKING

CHAPTER 27

BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS

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 identified, the director may grant preliminary approval. In issuing an order granting preliminary approval, the director shall indicate that, for the director to determine that the requirements of section 26-2709, Idaho Code, are satisfied, final approval is conditioned on review by the director of the applicant’s completion of fund-raising, including the controlling persons, and review by the director of the completion of the roster of directors and officers. If an application for preliminary approval has been granted, before granting final approval of the application for a license, the director may request an updated balance sheet and such other information considered relevant by the director.

(2)  If a person files an application under this section, the fee required in section 26-2705(1)(a), Idaho Code, is payable at the time the application is filed with the director.

(3)  If the director denies an application under this section or section 26-2709, Idaho Code, the director shall provide the applicant with a written statement explaining the basis for the denial.

(4)  If an application for a license is approved and all conditions precedent to the issuance of that license are fulfilled, the director shall issue a license to the applicant. A licensee shall post the license in a conspicuous place in the licensee’s principal office. A license is not transferable or assignable.

History:

[26-2710, added 1989, ch. 252, sec. 1, p. 609.]