(1) On or before April 30 of each year, every licensee under this chapter shall pay an annual license renewal fee of one hundred fifty dollars ($150), and shall file with the director a renewal form containing such information as the director may require.
(2)  As a condition of renewal, each licensee shall file with the director a statement of its financial condition and status of its escrow transactions as of the preceding December 31. The financial statement must be in a form and contain the information prescribed by the director.

Terms Used In Idaho Code 30-908

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Director: means the director of the Idaho department of finance. See Idaho Code 30-902
  • 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. See Idaho Code 30-902
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • License: means a license issued pursuant to this chapter. See Idaho Code 30-902
  • Licensee: means a person holding a valid license as an escrow agency under this chapter. See Idaho Code 30-902
  • 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. See Idaho Code 30-902
(3)  Each license under this chapter shall remain in full force and effect unless the licensee fails to timely satisfy the renewal requirements of this section, or the license is relinquished, suspended or revoked; provided however, branch licenses shall be terminated upon the relinquishment or revocation of a home office license. Any licensee may relinquish the license by notifying the director of its relinquishment, but this relinquishment shall not affect the licensee’s liability for acts previously committed, and may not occur after the filing of a complaint for revocation or suspension of the license.
(4)  Following the failure of a licensee to satisfy the renewal requirements of this section, a person previously licensed as an escrow agency may, for an additional nonrefundable fee of two hundred dollars ($200), apply for the reinstatement of its previous license provided that he satisfies the renewal requirements of this section no later than the last business day of May immediately following expiration of such license.