View Daily Data Tracking History
View Bill Text
View Statement of Purpose / Fiscal Impact
H0073........................................................by MR. SPEAKER
Requested by Department of Finance
LENDERS - REGULATED - Amends existing law to delete the requirement that
applicants seeking a regulated lender license notify all existing licensees
by publishing a notice in a local newspaper; to delete the requirement that
regulated lender licensees seeking additional branch office licenses
complete separate licensing applications for each office; and to require
that licensees provide notification and payment of the required fee to the
Department of Finance.
01/11 House intro - 1st rdg - to printing
01/11 Rpt prt - to Bus
02/04 Rpt out - rec d/p - to 2nd rdg
02/05 2nd rdg - to 3rd rdg
02/09 3rd rdg - PASSED - 64-1-5
AYES -- Alltus, Barraclough, Barrett, Black, Boe, Bruneel, Callister,
Campbell, Chase, Clark, Crow, Cuddy, Deal, Denney, Ellsworth,
Field(13), Field(20), Gagner, Geddes, Gould, Hadley, Hammond,
Hansen(23), Hansen(29), Henbest, Hornbeck, Jaquet, Jones, Judd,
Kellogg, Kempton, Kendell, Kjellander, Kunz, Lake, Limbaugh, Linford,
Loertscher, Mader, Marley, McKague, Meyer, Montgomery, Mortensen,
Moyle, Pischner, Pomeroy, Ridinger, Ringo, Robison, Sali, Schaefer,
Sellman, Smith, Stevenson, Stoicheff, Stone, Tippets, Trail, Watson,
Wheeler, Wood, Zimmermann, Mr Speaker
NAYS -- Bieter
Absent and excused -- Bell, Reynolds, Taylor, Tilman, Williams
Floor Sponsor - Kunz
Title apvd - to Senate
02/10 Senate intro - 1st rdg - to Com/HuRes
03/17 Rpt out - rec d/p - to 2nd rdg
03/18 Rules susp - PASSED - 24-0-11
AYES--Andreason, Branch, Bunderson, Burtenshaw, Cameron, Crow,
Danielson, Darrington, Davis, Dunklin, Geddes, Hawkins, Ipsen, King,
Lee, McLaughlin, Noh, Richardson, Risch, Schroeder, Sorensen,
Stegner, Stennett, Twiggs
NAYS--None
Absent and excused--Boatright, Deide, Frasure, Ingram, Keough, Parry,
Riggs, Sandy, Thorne, Wheeler, Whitworth
Floor Sponsor - Crow
Title apvd - to House
03/19 To enrol - rpt enrol - Sp signed
Pres signed - to Governor
03/24 Governor signed
Session Law Chapter 275
Effective: 07/01/99
H0073|||| LEGISLATURE OF THE STATE OF IDAHO |||| Fifty-fifth Legislature First Regular Session - 1999IN THE HOUSE OF REPRESENTATIVES HOUSE BILL NO. 73 BY MR. SPEAKER Requested by: Department of Finance 1 AN ACT 2 RELATING TO THE IDAHO CREDIT CODE; AMENDING SECTION 28-46-302, IDAHO CODE, TO 3 DELETE THE REQUIREMENT THAT APPLICANTS SEEKING A REGULATED LENDER LICENSE 4 NOTIFY ALL EXISTING LICENSEES BY PUBLISHING A NOTICE IN A LOCAL NEWSPAPER, 5 TO DELETE THE REQUIREMENT THAT REGULATED LENDER LICENSEES SEEKING ADDI- 6 TIONAL BRANCH OFFICE LICENSES COMPLETE SEPARATE LICENSING APPLICATIONS FOR 7 EACH OFFICE AND TO REQUIRE THAT LICENSEES PROVIDE NOTIFICATION TO THE 8 DEPARTMENT OF FINANCE AND PAYMENT OF THE REQUIRED FEE. 9 Be It Enacted by the Legislature of the State of Idaho: 10 SECTION 1. That Section 28-46-302, Idaho Code, be, and the same is hereby 11 amended to read as follows: 12 28-46-302. LICENSE TO MAKE REGULATED CONSUMER LOANS. (1)Upon13receipt by the administrator of an application with the required fee to be14fixed by the administrator, but not to exceed one hundred dollars ($100), the15applicant shall notify all existing licensees in the community of the applica-16tion by publishing notice once a week for three (3) consecutive weeks in a17newspaper of general circulation in the community. Such licensees may file18with the administrator any objections to the issuance of a license within19thirty (30) days after the date of the last publication of such notice.20(2)No application for license shall be denied if the administra- 21 tor finds that: 22 (a) The financial responsibility, character, and fitness of the appli- 23 cant, and of the officers and directors thereof (if the applicant is a 24 corporation) are such as to warrant belief that the business will be oper- 25 ated honestly and fairly within the purposes of this act; and 26 (b) The applicant has at least thirty thousand dollars ($30,000) avail- 27 able for the purpose of making loans. 28 (32 ) The administrator is empowered to conduct 29 investigations as he may deem necessary, to enable him to determine the exis- 30 tence of the requirements set out in subsections (21 31 )(a) and (21 )(b) of this section. 32 (43 ) The director may issue a license under 33 this act to a mortgage lender licensed under chapter 31, title 26, Idaho Code, 34 and who is engaged in the business described in subsection (1) or (2) of sec- 35 tion 28-46-301, Idaho Code. All provisions of this act, except subsections 36 (1),and (2)and (3)of this section, 37 and subsection (5) of section 28-46-305, Idaho Code, shall apply to persons 38 seeking a license pursuant to this subsection. 39 (54 ) Upon written request, the applicant is 40 entitled to a hearing on the question of his qualifications for a license if: 41 (a) The administrator has notified the applicant in writing that his 42 application has been denied, or objections filed; or 43 (b) The administrator has not issued a license within sixty (60) days 2 1 after the application for the license was filed. 2 If a hearing is held, the applicant and those filing objections shall 3 reimburse, pro rata, the administrator for his reasonable and necessary 4 expenses incurred as a result of the hearing. A request for a hearing may not 5 be made more than fifteen (15) days after the administrator has mailed a writ- 6 ing to the applicant notifying him that the application has been denied and 7 stating in substance the administrator's finding supporting denial of the 8 application or that objections have been filed and the substance thereof. 9 (65 ) The administrator may issue additional 10 licenses to the same licensee uponcompliance with all the provisions of11this act governing the issuance of a single licensenotification 12 by the licensee, in the manner prescribed by the administrator, and payment of 13 the required fee . A separate license shall be required for each place 14 of business. Each license shall remain in full force and effect until surren- 15 dered, suspended or revoked. 16 (76 ) No licensee shall change the location of 17 any place of business, or consolidate, or close any locations, without giving 18 the administrator at least fifteen (15) days' prior written notice. No licen- 19 see shall change the location of any of his places of business to a location 20 more than five (5) miles from the original location or outside the original 21 municipality, if any. 22 (87 ) A licensee shall not engage in the busi- 23 ness of making regulated consumer loans at any place of business for which he 24 does not hold a license nor shall he engage in business under any other name 25 than that in the license.
STATEMENT OF PURPOSE
RS08426
This legislation amends the Idaho Credit Code to delete the
requirement that applicants seeking a regulated lender license
notify all existing licensees by publishing notice in a local
newspaper.
This legislation further amends the Idaho Credit Code to delete the
requirement that regulated lender licensees seeking additional
branch office licenses complete separate licensing applications for
each additional office. The amendment would require only that
licensees provide notification to the Department and payment of the
required fee.
FISCAL IMPACT
None.
CONTACT
Name: Kelly Robison
Agency: Idaho Department of Finance
Phone: 332-8032
Statement of Purpose/Fiscal Impact H 7