Idaho Credit Union Act
Idaho · Banks and Banking · §§ 26-2101 to 26-2188 · 93 sections
Overview
The act governs the chartering, regulation, and internal governance of credit unions — member-owned cooperative financial institutions organized under state law. It establishes how a credit union is formed, running from the application and articles of incorporation through investigation and approval by the state regulator, with an appeal to a supervisory commission, and it sets conditions for commencing business, amending governing documents, maintaining offices, and admitting credit unions chartered elsewhere. It further defines who may become a member and how members vote, prescribes the election, qualification, compensation, bonding, and indemnification of directors and officers along with conflict-of-interest limits, and imposes ongoing reporting, audit, capital, and reserve requirements.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
Sections covered
- Idaho Code § 26-2101Scope
- Idaho Code § 26-2102Purpose
- Idaho Code § 26-2103Supplementary general principles of law applicable
- Idaho Code § 26-2104Definition and use of terms
- Idaho Code § 26-2105Organization
- Idaho Code § 26-2106Amendment to articles of incorporation and bylaws — Approval of director — Procedure
- Idaho Code § 26-2107Restrictions
- Idaho Code § 26-2108Corporate powers
- Idaho Code § 26-2109Power to acquire and hold real property
- Idaho Code § 26-2110Membership
- Idaho Code § 26-2111Expulsion and/or withdrawal from field or membership
- Idaho Code § 26-2112Fiscal year
- Idaho Code § 26-2113Member voting
- Idaho Code § 26-2113AAnnual membership meetings
- Idaho Code § 26-2113BSpecial membership meetings
- Idaho Code § 26-2114Board of directors — Election of directors — Terms — Vacancies — Meetings — Rules
- Idaho Code § 26-2114ABoard members — Qualifications
- Idaho Code § 26-2114BOfficials — Fiduciary duty — Reliance on information
- Idaho Code § 26-2115Officers
- Idaho Code § 26-2116Board of directors — Powers and duties
- Idaho Code § 26-2117Penalties for official misconduct
- Idaho Code § 26-2118Credit committee — Appointment — Duties
- Idaho Code § 26-2119Loans
- Idaho Code § 26-2120Limit on loan amount — Loans to one borrower
- Idaho Code § 26-2120ALimit on loan maturity
- Idaho Code § 26-2121Supervisory committee — Membership — Terms — Vacancies
- Idaho Code § 26-2121ASupervisory committee duties
- Idaho Code § 26-2121BSuspension of members of the board by supervisory committee — For cause
- Idaho Code § 26-2121CSuspension of members of the board of supervisory committee by board — For cause
- Idaho Code § 26-2121DRemoval of director or supervisory committee member
- Idaho Code § 26-2122Compensation — Credit union manager, employment
- Idaho Code § 26-2123Shares and certificates of deposit
- Idaho Code § 26-2124Joint accounts
- Idaho Code § 26-2125Minors
- Idaho Code § 26-2126Trust accounts
- Idaho Code § 26-2127Investment of funds
- Idaho Code § 26-2128Liquidity requirements
- Idaho Code § 26-2129Reserve requirements
- Idaho Code § 26-2130Dividends
- Idaho Code § 26-2131Share reduction
- Idaho Code § 26-2132Merger
- Idaho Code § 26-2133Reports — Financial and statistical data
- Idaho Code § 26-2134Application fees
- Idaho Code § 26-2135Books and records
- Idaho Code § 26-2136Fees
- Idaho Code § 26-2136AExaminations and investigations reports — Access to records — Oaths — Subpoenas
- Idaho Code § 26-2136BExamination reports and specified other information confidential — Exceptions — Penalty
- Idaho Code § 26-2136CDisclosure of confidential information by the department — Penalty
- Idaho Code § 26-2137False reports
- Idaho Code § 26-2138Taxation
- Idaho Code § 26-2139Conversion
- Idaho Code § 26-2140Cease and desist order — Penalty
- Idaho Code § 26-2140AConservatorship
- Idaho Code § 26-2140BSuspension or removal of directors, supervisory committee members, officers, or employees — Prohibition of future employment
- Idaho Code § 26-2141Appointment of receiver — Conditions — Proceeding — Bond — Reporting schedule — Subrogation of federal agency to rights of deposit owners
- Idaho Code § 26-2141AReceiver — Duties — Powers
- Idaho Code § 26-2142Voluntary and/or involuntary liquidation
- Idaho Code § 26-2143Branch offices
- Idaho Code § 26-2144Administration, rules and regulations
- Idaho Code § 26-2145Authority to exercise federal powers
- Idaho Code § 26-2146Investment in service corporation
- Idaho Code § 26-2147Credit unions jointly holding stock — Effect of withdrawal by one credit union
- Idaho Code § 26-2148Duty of credit union service corporation not to discriminate — Burden of proof
- Idaho Code § 26-2149Prohibited activities
- Idaho Code § 26-2150Customer-credit union communication terminal
- Idaho Code § 26-2151Custodial accounts
- Idaho Code § 26-2152Interstate credit unions — Approval — Permit — Fees — Supervision
- Idaho Code § 26-2153Share and deposit insurance
- Idaho Code § 26-2154Credit unions eligible as depositories
- Idaho Code § 26-2155Designation of depository — Reporting of reserves and undivided earnings
- Idaho Code § 26-2156Bond coverage
- Idaho Code § 26-2157Authority of director to call and attend special meeting of the board
- Idaho Code § 26-2158— 26-2167. Books and records — Examinations — False reports — Taxation — Conversion — Cease and desist order — Suspension — Liquidation — Branch offices — Administration, rules and regulations. [Repealed.]
- Idaho Code § 26-2168, 26-2169. [Reserved.]
- Idaho Code § 26-2170Definition, purpose and restrictions, Idaho corporate credit union
- Idaho Code § 26-2171Organization — Idaho corporate credit union
- Idaho Code § 26-2172Amendments — Idaho corporate credit union
- Idaho Code § 26-2173Corporate powers — Idaho corporate credit union
- Idaho Code § 26-2174Membership in the Idaho corporate credit union
- Idaho Code § 26-2175Expulsion and/or withdrawal from the field of membership of the Idaho corporate credit union
- Idaho Code § 26-2176Meetings and elections of the Idaho corporate credit union
- Idaho Code § 26-2177Official family — Idaho corporate credit union
- Idaho Code § 26-2178Officers — Idaho corporate credit union
- Idaho Code § 26-2179Board of directors — Idaho corporate credit union
- Idaho Code § 26-2180Loans to member credit unions — Idaho corporate credit union
- Idaho Code § 26-2181Compensation — Corporate officers
- Idaho Code § 26-2182Shares and deposits
- Idaho Code § 26-2183Reserve allocations — Idaho corporate credit union
- Idaho Code § 26-2184Dividends — Idaho corporate credit union
- Idaho Code § 26-2185Applicable provisions of the Idaho credit union act
- Idaho Code § 26-2186Taxation — Idaho corporate credit union
- Idaho Code § 26-2187Construction against repeal
- Idaho Code § 26-2188Severability
Enacted in other states
Connecticut, Florida, Iowa, Illinois, Maryland, Montana, Nebraska, New Hampshire, New Mexico, Oregon, South Carolina, Texas
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