BANKS AND BANKING
BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
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 of the term "BIDCO," and shall not otherwise represent that the person is a business and industrial development corporation or a licensee.
(2) Before being issued a license under this chapter, an Idaho corporation that proposes to apply for a license or that applies for a license may perform, under a name that indicates that the corporation is a business and industrial development corporation, the acts necessary to apply for and obtain a license and to otherwise prepare to commence transacting business as a licensee. Such a corporation shall not represent that it is a licensee until after the license has been obtained. A licensee shall not misrepresent the meaning or effect of its license.
[26-2711, added 1989, ch. 252, sec. 1, p. 610; am. 2002, ch. 145, sec. 4, p. 409.]