Terms Used In Idaho Code > Title 26
- Aerial passenger tramway: means any device operated by a ski area operator used to transport passengers, by single or double reversible tramway; chair lift or gondola lift; T-bar lift, J-bar lift, platter lift or similar device; a fiber rope or wire rope tow or a conveyor, which is subject to regulations adopted by the proper authority. See Idaho Code 6-1102
- Agent: means a person who acts with the consent and on behalf of a licensee and is subject to the licensee's direct or indirect control and may include an independent contractor. See Idaho Code 26-31-201
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Annuity: A periodic (usually annual) payment of a fixed sum of money for either the life of the recipient or for a fixed number of years. A series of payments under a contract from an insurance company, a trust company, or an individual. Annuity payments are made at regular intervals over a period of more than one full year.
- Appellate: About appeals; an appellate court has the power to review the judgement of another lower court or tribunal.
- Applicant: means an out-of-state financial institution holding company which has submitted an application under section 26-2605, Idaho Code. See Idaho Code 26-2603
- Applicant: means a person filing an application for a license under the provisions of this chapter. See Idaho Code 26-2902
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- Authorized representative: means an entity designated by the licensee under the provisions of this chapter to sell or issue payment instruments or engage in the business of transmitting money on behalf of a licensee. See Idaho Code 26-2902
- Bank: shall mean any bank chartered under this act. See Idaho Code 26-501
- Bank holding company: shall mean any company:
Idaho Code 26-501
Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings. Borrower: means the person who has applied for a residential mortgage loan from a licensee, or person required to be licensed, under this chapter, or on whose behalf the activities set forth in section 26-31-201(3), (5) or (7) or 26-31-303(7), Idaho Code, are conducted. See Idaho Code 26-31-102 Business trust: shall mean a business organization wherein a business or other property is conveyed to trustees who manage the business or other property for the benefit of the certificate or shareholders of the trust. See Idaho Code 26-501 Capital: means the shares of a credit union. See Idaho Code 26-2104 Chambers: A judge's office. Company: shall mean any corporation, business trust, association, or similar organization but shall not include:
Idaho Code 26-501
Continuing care: means the furnishing to an individual, other than an individual related by blood, marriage, or adoption to the person furnishing the care, of lodging together with nursing services, medical services, or other health related services, pursuant to an agreement requiring an entrance fee. See Idaho Code 26-3703 Control: means ownership of, or the power to vote, twenty-five percent (25%) or more of the outstanding voting securities of a licensee or controlling person. See Idaho Code 26-2902 Control person: means a person who:
Idaho Code 26-31-102
Controlling person: means any person in control of a licensee. See Idaho Code 26-2902 Credit report: A detailed report of an individual's credit history prepared by a credit bureau and used by a lender in determining a loan applicant's creditworthiness. Source: OCC Credit Score: A number, roughly between 300 and 800, that measures an individual's credit worthiness. The most well-known type of credit score is the FICO score. This score represents the answer from a mathematical formula that assigns numerical values to various pieces of information in your credit report. Source: OCC Credit union: means a cooperative nonprofit corporation chartered under the provisions of this chapter. See Idaho Code 26-2104 Credit union service corporation: means a corporation organized to perform credit union services for two (2) or more credit unions, each of which owns part of the capital stock of such corporations, and which are subject to examination by either the department of finance of the state of Idaho or a federal supervisory agency. See Idaho Code 26-2104 Credit union services: means services such as draft and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of drafts, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a credit union. See Idaho Code 26-2104 Debit card transaction: means the purchase of either goods or services, or both, whereby payment is made through the means of a point of sale or other payment system maintained by the college or university which results in a charge to a credit balance maintained by a registered student or a member of its faculty or staff with the college or university business office. See Idaho Code 26-3002 Deed: The legal instrument used to transfer title in real property from one person to another. Deficiency: means information contained in, or omitted from, an application for a mortgage broker, mortgage lender, or mortgage loan originator license that causes the application to be inaccurate, incomplete, or otherwise not in conformance with the provisions of this chapter, any rule promulgated or order issued under this chapter, application instructions published by the director or the provisions of the NMLSR policy guidebook. See Idaho Code 26-31-102 Department: means the department of finance of the state of Idaho. See Idaho Code 26-31-102 Department: means the Idaho department of finance. See Idaho Code 26-2902 Department: means the department of finance. See Idaho Code 26-3703 Deposition: An oral statement made before an officer authorized by law to administer oaths. Such statements are often taken to examine potential witnesses, to obtain discovery, or to be used later in trial. Devise: To gift property by will. Director: means the director of the department of finance. See Idaho Code 26-31-102 Director: means the director of the department of finance. See Idaho Code 26-1702 Director: means the director of the department of finance of the state of Idaho. See Idaho Code 26-2104 Director: means the director of the department of finance. See Idaho Code 26-2603 Director: means the director of the department of finance. See Idaho Code 26-2902 Director: means the director of the department of finance or his authorized designee. See Idaho Code 26-3703 Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial. Donee: The recipient of a gift. Donor: includes , but is not limited to, any food establishment, farmer, processor, distributor, wholesaler or retailer of perishable or nonperishable food. See Idaho Code 6-1301 Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. Source: OCC Entrance fee: means an initial or deferred transfer to a provider of a sum of money or other property made or promised to be made as full or partial consideration for acceptance of a specified individual as a resident in a facility. See Idaho Code 26-3703 Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts Escrow: Money given to a third party to be held for payment until certain conditions are met. Executive officer: means the licensee’s president, chief executive officer, treasurer, chief financial officer and any other person who performs similar functions. See Idaho Code 26-2902 Executor: A male person named in a will to carry out the decedent Facility: means the place or places in which a person undertakes to provide continuing care to an individual. See Idaho Code 26-3703 Fair Credit Reporting Act: A federal law, established in 1971 and revised in 1997, that gives consumers the right to see their credit records and correct any mistakes. Source: OCC Fair Debt Collection Practices Act: The Fair Debt Collection Practices Act is a set of United States statutes added as Title VIII of the Consumer Credit Protection Act. Its purpose is to ensure ethical practices in the collection of consumer debts and to provide consumers with an avenue for disputing and obtaining validation of debt information in order to ensure the information's accuracy. It is often used in conjunction with the Fair Credit Reporting Act. Source: OCC Federal Deposit Insurance Corporation: A government corporation that insures the deposits of all national and state banks that are members of the Federal Reserve System. Source: OCC Federal international bank institutions: means a branch, agency, or representative office of an international banking corporation established and operating under the federal international banking act of 1978, 12 U. See Idaho Code 26-1702 Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC Federal supervisory agency: means the National Credit Union Administration. See Idaho Code 26-2104 Financial holding company: shall mean a bank holding company that, notwithstanding subsection (4) of this section, may engage in any activity, and may acquire and retain the shares of any company engaged in any activity, that the director determines, by rule or order:
Idaho Code 26-501
Financial institution: means any state bank, national bank, trust company, savings and loan association, savings bank, federal savings and loan association, federal savings bank, or credit union, as those terms are defined in title 26, Idaho Code, or any federal credit union organized under the federal credit union act (12 U. See Idaho Code 26-2603 Financial institution holding company: means a person, other than an individual, that has or acquires control over any financial institution. See Idaho Code 26-2603 Financial services: means any activity pertaining to securities, commodities, banking, insurance, consumer lending, money services businesses, consumer debt management, or real estate including, but not limited to, acting as or being associated with a bank or savings association, credit union, farm credit system institution, mortgage lender, mortgage broker, real estate salesperson or agent, appraiser, closing agent, title company, escrow agent, payday lender, money transmitter, check casher, pawnbroker, collection agent, debt management company, title lender, or credit repair organization. See Idaho Code 26-31-102 Firewood gatherer: means a person who enters onto forest land with or without the consent of the owner of the forest land or by payment of a fee in order to gather or cut wood for use as firewood. See Idaho Code 6-1501 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances: Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Foreign country: means a country other than the United States, but including a territory or possession of the United States. See Idaho Code 26-1702 Forest land: means any privately owned land being held and used for the continuous purpose of growing and harvesting trees of a marketable species. See Idaho Code 6-1501 Freestyle terrain: means terrain parks and terrain features including, but not limited to, jumps, hits, ramps, banks, fun boxes, jibs, rails, half-pipes, quarter pipes and any other natural or constructed features. See Idaho Code 6-1102 Germane: On the subject of the pending bill or other business; a strict standard of relevance. Gleaner: means a person who harvests for free distribution perishable food that has been donated by the owner. See Idaho Code 6-1301 Guarantor: A party who agrees to be responsible for the payment of another party's debts should that party default. Source: OCC Home state: means :
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
Idaho Code 26-1603
Host state: means , with respect to any bank, a state other than the home state of the bank in which the bank maintains, or seeks to establish and maintain a branch. See Idaho Code 26-1603 Housing finance agency: means any entity that is:
Idaho Code 26-31-102
Idaho financial institution: means :
Idaho Code 26-2603
Idaho financial institution holding company: means a financial institution holding company whose principal place of business is, and whose operations are principally conducted in, this state. See Idaho Code 26-2603 Impeachment: (1) The process of calling something into question, as in "impeaching the testimony of a witness." (2) The constitutional process whereby the House of Representatives may "impeach" (accuse of misconduct) high officers of the federal government for trial in the Senate. In danger of failing: means a financial institution is in danger of failing if: (i) the financial institution is not likely to be able to meet the demands of its depositors or pay its obligations in the normal course and there is no reasonable prospect for it to do so without federal or other governmental assistance; or (ii) the financial institution has incurred or is likely to incur losses that will deplete all or substantially all of its capital and there is no reasonable prospect for replenishing the financial institutions’ capital without federal or other governmental assistance. See Idaho Code 26-2603 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC International bank agency: means a business or any part of a banking business conducted in this state or through an office located in this state, other than a federal international bank institution, which exercises powers as set forth in section 26-1709, Idaho Code, on behalf of an international banking corporation. See Idaho Code 26-1702 International bank branch: means a business or any part of a banking business conducted in this state, or through an office located in this state, other than a federal international bank institution, which exercises powers as set forth in section 26-1709, Idaho Code, on behalf of an international banking corporation. See Idaho Code 26-1702 International banking corporation: means a banking corporation organized and licensed under the laws of a foreign country or a political subdivision of a foreign country. See Idaho Code 26-1702 International representative office: means a business location of a representative of an international banking corporation other than a federal international bank institution, established to act in a liaison capacity with existing and potential customers of the international banking corporation and to generate new loans and other activities for the international banking corporation that is operating outside the state. See Idaho Code 26-1702 Interstate credit union: means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating both in Idaho and in one (1) or more other states. See Idaho Code 26-2104 Invest: means any advance of funds to a credit union service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment. See Idaho Code 26-2104 Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor. Joint tenancy: A form of property ownership in which two or more parties hold an undivided interest in the same property that was conveyed under the same instrument at the same time. A joint tenant can sell his (her) interest but not dispose of it by will. Upon the death of a joint tenant, his (her) undivided interest is distributed among the surviving joint tenants. Key shareholder: means any person, or group of persons acting in concert, who is the owner of twenty-five percent (25%) or more of any class of an applicant’s stock. See Idaho Code 26-2902 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Licensee: means a person licensed pursuant to this chapter to engage in the activities regulated by this chapter. See Idaho Code 26-31-102 Licensee: means a person licensed under the provisions of this chapter. See Idaho Code 26-2902 Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants. Living unit: means a room, apartment, cottage or other area within a facility set aside for the exclusive use or control of one (1) or more identified individuals. See Idaho Code 26-3703 Loan modification: means an adjustment or compromise of an existing residential mortgage loan. See Idaho Code 26-31-201 Loan modification activities: means , for compensation or gain or in the expectation of compensation or gain, engaging in or offering to engage in effecting loan modifications in this state. See Idaho Code 26-31-201 Marital deduction: The deduction(s) that can be taken in the determination of gift and estate tax liabilities because of the existence of a marriage or marital relationship. Material litigation: means any litigation that, according to generally accepted accounting principles, is deemed significant to the financial health of a business and would be required to be referenced in the business’s annual audited financial statements, report to shareholders or similar documents. See Idaho Code 26-2902 Money transmission: means the sale or issuance of payment instruments or engaging in the business of receiving money for transmission or the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer. See Idaho Code 26-2902 Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgage broker: means any nonexempt organization that performs the activities described in subsection (5) of this section, with respect to a residential mortgage loan. See Idaho Code 26-31-201 Mortgage brokering activities: means , for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept an application for a residential mortgage loan, assisting or offering to assist in the preparation of an application for a residential mortgage loan on behalf of a borrower, negotiating or offering to negotiate the terms or conditions of a residential mortgage loan with any person making residential mortgage loans, or engaging in loan modification activities on behalf of a borrower. See Idaho Code 26-31-201 Mortgage lender: means any nonexempt organization that makes residential mortgage loans to borrowers and performs the activities described in subsection (7) of this section. See Idaho Code 26-31-201 Mortgage lending activities: means , for compensation or gain or in the expectation of compensation or gain, either directly or indirectly, accepting or offering to accept applications for residential mortgage loans, or assisting or offering to assist in the preparation of an application for a residential mortgage loan, or servicing a residential mortgage loan on behalf of any person. See Idaho Code 26-31-201 Mortgage loan: A loan made by a lender to a borrower for the financing of real property. Source: OCC Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. National Bank: A bank that is subject to the supervision of the Comptroller of the Currency. The Office of the Comptroller of the Currency is a bureau of the U.S. Treasury Department. A national bank can be recognized because it must have "national" or "national association" in its name. Source: OCC National Bank Examiner: An employee of the Comptroller of the Currency whose function is to examine national banks periodically to determine the financial position of a bank and the security of its deposits. The examiner also verifies that the bank maintains procedures consistent with federal banking laws and regulations. Source: OCC National Credit Union Administration: The federal regulatory agency that charters and supervises federal credit unions. (NCUA also administers the National Credit Union Share Insurance Fund, which insures the deposits of federal credit unions.) Source: OCC NMLSR: means a mortgage licensing system developed and maintained by the conference of state bank supervisors and the American association of residential mortgage regulators for the licensing and registration of mortgage brokers, mortgage lenders, and mortgage loan originators. See Idaho Code 26-31-102 NMLSR policy guidebook: means the conference of state bank supervisor's and the American association of residential mortgage regulator's NMLSR policy guidebook for licensees, published by the NMLSR, as identified by administrative rule. See Idaho Code 26-31-102 Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose. Organization: means a person that is not a natural person. See Idaho Code 26-31-102 Out-of-state financial institution: means a financial institution whose operations are principally conducted outside this state. See Idaho Code 26-2603 Passenger: means any person who is lawfully using an aerial passenger tramway, or is waiting to embark or has recently disembarked from an aerial passenger tramway and is in its immediate vicinity. See Idaho Code 6-1102 Payment instrument: means any check, draft, money order, traveler’s check or other instrument or written order for the transmission or payment of money, sold or issued to one (1) or more persons, whether or not such instrument is negotiable. See Idaho Code 26-2902 Perishable food: includes , but is not limited to, fresh or processed meats, poultry, seafood, dairy products, bakery products, eggs in the shell, fresh fruits or vegetables, foods that have been packaged, refrigerated or frozen and unserved food of any kind which has been prepared by or for a food establishment. See Idaho Code 6-1301 Permissible investments: means :
Idaho Code 26-2902
Person: means a natural person, corporation, company, limited liability company, partnership or association. See Idaho Code 26-31-102 Person: means a natural person, corporation, partnership, association, cooperative association, unincorporated association, trust or any other legal or commercial entity. See Idaho Code 26-2603 Person: means any individual, partnership, association, joint stock association, limited liability company, trust or corporation. See Idaho Code 26-2902 Plaintiff: The person who files the complaint in a civil lawsuit. Pleadings: Written statements of the parties in a civil case of their positions. In the federal courts, the principal pleadings are the complaint and the answer. Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC Precedent: A court decision in an earlier case with facts and law similar to a dispute currently before a court. Precedent will ordinarily govern the decision of a later similar case, unless a party can show that it was wrongly decided or that it differed in some significant way. Provider: means the promoter, developer, or owner of a continuing care facility, whether a natural person, partnership, unincorporated association, trust, or corporation, or any other person, or that person’s successors or assigns that solicits or undertakes to provide continuing care to the public under a continuing care facility contract. See Idaho Code 26-3703 Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide. Recourse: An arrangement in which a bank retains, in form or in substance, any credit risk directly or indirectly associated with an asset it has sold (in accordance with generally accepted accounting principles) that exceeds a pro rata share of the bank's claim on the asset. If a bank has no claim on an asset it has sold, then the retention of any credit risk is recourse. Source: FDIC Remand: When an appellate court sends a case back to a lower court for further proceedings. Rescission: The cancellation of budget authority previously provided by Congress. The Impoundment Control Act of 1974 specifies that the President may propose to Congress that funds be rescinded. If both Houses have not approved a rescission proposal (by passing legislation) within 45 days of continuous session, any funds being withheld must be made available for obligation. Resident: means an individual entitled to receive continuing care in a facility. See Idaho Code 26-3703 Residential mortgage loan: means any loan that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling, as defined in section 103(w) of the truth in lending act, located in Idaho, or on residential real estate. See Idaho Code 26-31-102 Residential real estate: means any real property located in Idaho upon which is constructed or intended to be constructed a dwelling as defined in section 103(w) of the truth in lending act. See Idaho Code 26-31-102 Right of survivorship: The ownership rights that result in the acquisition of title to property by reason of having survived other co-owners. seal: includes an impression of such seal upon the paper, alone, as well as upon wax or a wafer affixed thereto; or, alternatively, the seal may be the mark of a rubber stamp providing substantially the same information as the impression. See Idaho Code 73-111 Servicing: means collecting payments of principal, interest, or any other payment obligations required pursuant to the terms of a residential mortgage loan. See Idaho Code 26-31-201 Ski area: means the property owned or leased and under the control of the ski area operator within the state of Idaho. See Idaho Code 6-1102 Ski area operator: means any person, partnership, corporation or other commercial entity and their agents, officers, employees or representatives, who has operational responsibility for any ski area or aerial passenger tramway. See Idaho Code 6-1102 Skier: means any person present at a skiing area under the control of a ski area operator for the purpose of engaging in activities including, but not limited to, sliding downhill or jumping on snow or ice on skis, a snowboard, or any other sliding device, or who is using any ski area including, but not limited to, ski slopes, trails and freestyle terrain but does not include the use of an aerial passenger tramway. See Idaho Code 6-1102 Skiing area: means all designated slopes and trails but excludes any aerial passenger tramway. See Idaho Code 6-1102 State: means the state of Idaho. See Idaho Code 26-2902 Statute of limitations: A law that sets the time within which parties must take action to enforce their rights. Subpoena duces tecum: A command to a witness to produce documents. Surplus funds: means those funds which are not needed to meet a credit union’s members’ loan needs and credit union expenses. See Idaho Code 26-2104 Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident. Trust account: A general term that covers all types of accounts in a trust department, such as estates, guardianships, and agencies. Source: OCC Trustor: The person who makes or creates a trust. Also known as the grantor or settlor. Truth in lending act: means the act set forth in 15 U. See Idaho Code 26-31-102 Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC Unique identifier: means a number or other identifier assigned by protocols established by the NMLSR. See Idaho Code 26-31-102 University debit card: means a card issued by a college or university located in this state to a registered student or a member of its faculty or staff which permits such persons to draw against funds on deposit with the college or university business office for the purchase of goods or services. See Idaho Code 26-3002 University debit card program: means a financial arrangement whereby a college or university allows a registered student or a member of its faculty or staff to place funds on deposit with the college or university business office against which such persons may draw, through a debit card transaction, for the purchase of either goods or services or both. See Idaho Code 26-3002 Writ: signifies an order or precept in writing, issued in the name of the people, or of a court or judicial officer, and the word "process" a writ or summons issued in the course of judicial proceedings. See Idaho Code 73-114