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| Idaho- Department of Finance, Banking Section |
The Department of Finance serves the citizens and businesses of Idaho by supervising and regulating those state chartered businesses and individuals who provide financial services in the state of Idaho. Those businesses include state chartered commercial banks, savings banks, bank holding companies, credit unions, trust companies, finance companies (including pay day lenders and car title loan companies), collection agencies and money transmitters (i.e. those businesses that sell money orders).
The Banking Section is a division of the Idaho Department of Finance and is charged with the responsibility of supervising Idaho's state-chartered commercial banks, savings banks, and bank holding companies to ensure safe and prudent banking practices for the benefit of depositors and shareholders, maintain public confidence, promote fair competition, and to encourage the continuation, maintenance and preservation of the dual banking system. The Department shares many of the same objectives as the Conference of State Bank Supervisors (CSBS), which endeavors to support state banking supervisors, state-chartered banks, and the state banking system by promoting the state banking charter as the "charter of choice." CSBS offers training for both bankers and regulators, provides a timely source of relevant information and guidance, and maintains a system of coordination within the banking community. The close working relationship with CSBS has been beneficial to the Department in meeting its regulatory responsibilities. Idaho was the 16th state banking department to be accredited under the CSBS Accreditation Program, and the first western state to achieve that distinction.
In addition, the Banking Section regulates licensed business and industrial development corporations and independent trust companies. The Department has also been charged with supervising the operations of Education Funding Associates, a student loan servicing company.
The Department works closely with federal and other state regulatory agencies in order to provide seamless supervision, minimize disruption and costs for the banking industry, and effectively utilize supervisory/regulatory resources. The primary tool in this endeavor is close coordination of examinations. Teams for commercial, trust, and information technology examinations frequently include both state and federal examiners. In at least one instance the examination team included examiners from two federal and four state agencies. They also continue to provide and support a "single point of contact" for state chartered institutions operating on a multi-state basis
Contact and Location Information
700 West State Street, 2nd Floor
P.O. Box 83720
Boise, ID 83720-0031
Phone: (208)332-8000
Fax: (208)332-8097
Entities Regulated
The Department of Finance regulates the following entities….
- Banks
- Savings & Loan Associations
- Business & Industrial Development Companies
- Trust Companies
- Credit Unions
- Lenders, Collectors, Companies that Offer Credit
- (List of Licenses: CA)
- (List of Licensees: ICC)
- Mortgage Brokers and Bankers
- (List of Licensees)
- Stock Brokers (List of Licensees)
- Investment Advisers (List of Licensees)
- Money Transmitters (List of Licensees)
- Cemetaries
- Issuers of Securities
Complaints
Use the following link to understand the process for filing a complaint against one of the entities the department regulates.
http://finance.state.id.us/consumer/complaints.asp
Laws and Regulations
The Department administers nine distinct programs, two of which relate specifically to the internal operations of the Department. The other seven programs involve enforcement of the following twenty regulatory statutes:
Financial Institutions Statutes:
- Idaho Bank Act
- Idaho Bank Holding Company Act
- Interstate Banking Act
- Interstate Branching Act
- International Banking Act
- Idaho Trust Company Act
- Idaho Savings Bank Act
- Business & Industrial Development Corporation Act (BIDCO)
- Idaho Credit Union Act
Consumer Finance Statutes:
- Idaho Collection Agency Act
- Idaho Credit Code
- Idaho Mortgage Company Act
- Idaho Residential Mortgage Practices Act
- Securities Statutes:
- Idaho Money Transmitters Act
- Uniform Securities Act (2004)
- Business Combination Law
- Control Share Acquisition Act
- Idaho Commodity Code
- Endowment Care Cemetery Act
- Continuing Care Disclosure Act
Use the following link to access more current information on laws and regulations the department is responsible for enforcing.
http://finance.state.id.us/industry/Codes.asp
Mortgage Brokers
The Idaho Residential Mortgage Practices Act became effective on July 1, 1996. Since that time, mortgage brokers and bankers ("originators") that provide loans on Idaho residential properties have been required to be licensed. The Consumer Finance Bureau of the Department of Finance oversees this activity.
Originators do not have to have a physical office location in Idaho. In fact the Department has license holders nationwide. Some originators may not need a license because they may be a bank or credit union, an attorney, CPA or a licensed Idaho real estate sales agent. If you have a question about someone who has contacted you for a mortgage loan or someone you are considering doing business with, the Department may be able to provide some information to you. If you would like to verify if the originator is licensed, view the mortgage broker/banker lists on their website or contact the Department.
Many resources are available to consumers about mortgage loans. If you are a first-time homebuyer, the Idaho Housing and Finance Association can refer you to originators that offer their loans. If you are a veteran, married to a veteran or have a VB loan, the Veteran's Administration may be of assistance. For FHA or HUD insured home loans, including reverse mortgages, visit the HUD website. In addition, consumer information regarding credit may be obtained from the Federal Trade Commission website.
If you have a complaint about a realtor involved in your home purchase, contact the Real Estate Commission. Complaints about contractors, suppliers and others may be mediated by the Better Business Bureau.
If you have a complaint about an originator use the following link to access information on the requirements for mortgage brokers and how to file a complaint.
http://finance.state.id.us/consumer/mortgage_section.asp
Identity Theft
When it comes to identity theft, the old adage applies, an ounce of prevention is worth a pound of cure. The following are useful tips and information for consumers to avoid identity theft:
- Be careful about giving out your personal information. Don’t give out any personal information over the phone unless you initiate the call;
- Pay attention to your billing cycles. If you don’t get your bills in the mail, be suspicious;
- Be cautious about where you leave your information. Think of your bills as cash, don’t leave them lying around;
- Guard your mail from theft. Be vigilant about checking your mail promptly after it has been delivered. Don’t let it pile up while you are away;
- Watch what you throw away. What may be garbage to you can be stolen treasure to an identity thief;
- Travel light. Don’t carry more checks or credit cards than you need. That will minimize the damage if your wallet is lost or stolen; and
- Check your credit report on a regular basis. Order a copy of your credit report from the three major credit reporting agencies at least once a year and make sure that the information they have is correct.
- The agencies are:
- Experian 1-800-397-3742
- Equifax 1-800-525-6285
- Trans Union 1-800-680-7289
If a consumer is a victim of Identity theft, he/she should:
- Contact creditors by phone and by certified mail;
- Stop payment on checks and close bank accounts;
- Contact the Department of Motor Vehicles and your local postal inspector;
- File a report with your local police department; and
- Call the FTC’s fraud hotline at 1-877-IDTHEFT.
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