TITLE 30

CORPORATIONS

CHAPTER 9

IDAHO ESCROW ACT

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 person, for the purpose of effecting the sale, transfer, encumbrance, or lease of real or personal property to another person, delivers any written instrument, money, evidence of title to real or personal property, or other thing of value to a third person to be held by that third person until the happening of a specified event or the performance of a prescribed condition, when the instrument, money, evidence of title or thing of value is then to be delivered by the third person to a grantee, grantor, promisee, promisor, obligee, obligor, bailee, bailor, or any agent or employee of any of the latter, pursuant to written instructions.

(5)  "Escrow agency" means any person engaged in the business of accepting or receiving escrows for deposit or delivery by any means, including over the internet, or by any other electronic means.

(6)  "Escrow agent" means any person engaged in the business of accepting or receiving escrows for deposit or delivery on behalf of an escrow agency.

(7)  "License" means a license issued pursuant to this chapter.

(8)  "Licensee" means a person holding a valid license as an escrow agency under this chapter.

(9)  "Person" means an individual, cooperative, association, company, firm, partnership, corporation, limited liability company, or other legal entity, or the plural thereof, whether or not resident, nonresident or citizen.

History:

[30-902, added 2005, ch. 236, sec. 2, p. 717.]