View Daily Data Tracking History
View Bill Text
View Statement of Purpose / Fiscal Impact
S1371.......................................by COMMERCE AND HUMAN RESOURCES
BANKS AND BANKING - Amends existing law relating to banks and banking to
make technical corrections in the form of updated references to the Idaho
Code.
01/30 Senate intro - 1st rdg - to printing
02/02 Rpt prt - to Com/HuRes
02/13 Rpt out - rec d/p - to 2nd rdg
02/16 2nd rdg - to 3rd rdg
02/19 3rd rdg - PASSED - 31-0-4
AYES--Andreason, Boatright, Branch, Bunderson, Burtenshaw, Cameron,
Danielson, Darrington, Deide, Dunklin, Frasure, Hansen, Ingram,
Ipsen, Keough, King, Lee, McLaughlin, Noh, Parry, Richardson, Riggs,
Risch, Sandy, Schroeder, Sorensen, Stennett, Sweeney, Thorne,
Wheeler, Whitworth
NAYS--None
Absent and excused--Crow, Geddes, Hawkins, Twiggs
Floor Sponsor - King
Title apvd - to House
02/20 House intro - 1st rdg - to Bus
03/18 Rpt out - rec d/p - to 2nd rdg
03/19 2nd rdg - to 3rd rdg
03/19 Rls susp - PASSED - 63-0-7
AYES -- Alltus, Barraclough, Barrett, Bell, Bieter, Bivens,
Black(15), Black(23), Boe, Bruneel, Callister, Campbell, Chase,
Clark, Crow, Cuddy, Deal, Denney, Field(13), Field(20), Gagner,
Geddes, Hadley, Hansen, Henbest, Hornbeck, Jaquet, Jones(9),
Jones(22), Jones(20), Judd, Kellogg, Kempton, Kendell, Kjellander,
Kunz, Lake, Linford, Loertscher, Marley, McKague, Meyer, Miller,
Mortensen, Newcomb, Pischner, Pomeroy, Reynolds, Richman, Ridinger,
Robison, Sali, Schaefer, Stevenson, Stoicheff, Taylor, Tilman,
Tippets, Trail, Watson, Wheeler, Wood, Zimmermann
NAYS -- None
Absent and excused -- Crane, Ellsworth, Gould, Mader, Stone, Stubbs,
Mr Speaker
Floor Sponsor - Kellogg
Title apvd - to Senate
03/20 To enrol - rpt enrol - Pres signed
03/23 Sp signed - to Governor
03/25 Governor signed
Session Law Chapter 337
Effective: 07/01/98
S1371|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fourth Legislature Second Regular Session - 1998IN THE SENATE SENATE BILL NO. 1371 BY COMMERCE AND HUMAN RESOURCES COMMITTEE 1 AN ACT 2 RELATING TO ORGANIZATION AND CORPORATION POWERS OF BANKS AND EXCEPTIONS FROM 3 THE LOAN BROKERS STATUTE; AMENDING SECTION 26-203, IDAHO CODE, TO MAKE A 4 TECHNICAL CORRECTION; AMENDING SECTION 26-204, IDAHO CODE, TO MAKE A TECH- 5 NICAL CORRECTION; AMENDING SECTION 26-1206, IDAHO CODE, TO MAKE TECHNICAL 6 CORRECTIONS; AND AMENDING SECTION 26-2502, IDAHO CODE, TO MAKE TECHNICAL 7 CORRECTIONS. 8 Be It Enacted by the Legislature of the State of Idaho: 9 SECTION 1. That Section 26-203, Idaho Code, be, and the same is hereby 10 amended to read as follows: 11 26-203. ARTICLES OF INCORPORATION -- FORM. Proposed articles of incorpo- 12 ration of a banking corporation shall be in a form acceptable to the director, 13 and must be submitted to the director for approval as to form and content 14 before the same are filed for record in the offices of the secretary of state 15 and county recorder; provided that no bank shall be required to have the word 16 "corporation" in its corporate name. The articles may include a provision 17 which eliminates or limits the personal liability of the directors of the bank 18 in accordance with section 30-1-54202 , Idaho Code, 19 provided that such provision shall not eliminate or limit the liability of a 20 director under section 26-213(5), Idaho Code. 21 SECTION 2. That Section 26-204, Idaho Code, be, and the same is hereby 22 amended to read as follows: 23 26-204. ARTICLES OF INCORPORATION -- AMENDMENT. Any proposed amendment to 24 the articles of incorporation of a bank shall, before the same is adopted, be 25 submitted to the director for his approval as to form and content. In addition 26 to the articles of amendment to be filed with the secretary of state under the 27 provisions of the general business corporation act, like articles and a copy 28 of the articles of incorporation as amended must be filed in the office of the 29 director and no amendment shall be operative nor effective until such articles 30 be filed in the office of the director and shall have been approved in writing 31 by the director. The articles of incorporation may be amended to include a 32 provision which eliminates or limits the personal liability of the directors 33 of the bank in accordance with section 30-1-54202 , 34 Idaho Code, provided that such provision shall not eliminate or limit the lia- 35 bility of a director under section 26-213(5), Idaho Code. 36 SECTION 3. That Section 26-1206, Idaho Code, be, and the same is hereby 37 amended to read as follows: 38 26-1206. PENALTY FOR UNLAWFUL HYPOTHECATION OF ASSETS. Any officer or 39 employee of any bank or the bank holding company owning or controlling the 2 1 bank, doing business in this state who, except in the manner authorized by law 2 or the contract of the parties, hypothecates, pledges or in any way alienates 3 any notes, stocks, bonds, mortgages, securities or any other property coming 4 into his hands or into the possession of said bank as collateral, for safe- 5 keeping or in any other manner, and to which the bank has not 6 acquired full title, shall be guilty ofembezzlementtheft 7 , and upon conviction thereof shall be punished as provided in section 826-120918-2408 , Idaho Code. 9 SECTION 4. That Section 26-2502, Idaho Code, be, and the same is hereby 10 amended to read as follows: 11 26-2502. EXCEPTIONS. This chapter shall not apply to: 12 (a) Any person doing business under any law of this state or of the 13 United States relating to banks, credit unions, trust companies, savings and 14 loan associations, insurers, pension trusts, real estate investment trusts and 15 other financial institutions, or under theuniform consumer16 Idaho credit code; 17 (b) Any corporation, association, syndicate, joint stock company, or 18 partnership engaged exclusively in the business of marketing agricultural, 19 horticultural, viticultural, dairy, livestock, poultry, or bee products on a 20 cooperative nonprofit basis in loaning or advancing money to the members 21 thereof or in connection with any such business; 22 (c) Any corporation securing money or credit from any federal intermedi- 23 ate credit bank organized and existing pursuant to the provisions of an act of 24Cc ongress entitled "Agricultural Credits Act of 25 1923," in loaning or advancing money or credit so secured; 26 (d) Any person who is a F.H.A. (Federal Housing Administration) approved 27 mortgagor; 28 (e) Loans made by a broker-dealer licensed under the Idaho securities act 29 if the loan is made in accordance with applicable provisions of the Idaho 30 securities act, the securities act of 1933, the securities exchange act of 31 1934 and regulation T of the federal reserve board, code of federal regula- 32 tions, part 220 of title 12; or 33 (f) Fees and charges authorized by laws of this state or the laws of the 34 United States if the maximum charge and the manner of collecting the charge 35 are set out in the law or in regulations adopted under the law. 36 (g) Any person licensed as a mortgage broker or mortgage banker pursuant 37 to chapter 31, title 26, Idaho Code.
STATEMENT OF PURPOSE RS07359C1 This legislation amends the Idaho
Bank Act and Loan Brokers statute to correct references in those Acts
to Idaho Code sections that are not in effect.
FISCAL IMPACT
None.
CONTACT
Name: Kelly Robison
Agency:Idaho Department of Finance
Phone: 332-8032
Statement of Purpose/Fiscal Impact
S 1371