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Can I collect bank account information from participants in Idaho? What are the requirements?
Based on the additional context documents provided, here is an updated response to your query:
Can I collect bank account information from participants in Idaho? What are the requirements?
According to the context documents provided, there are no specific regulations that prohibit collecting bank account information from participants in Idaho. However, there are some relevant regulations that you should consider.
Disclosure or Use of Information Relating to Depositories [2.1]
Information regarding the solvency of the bank obtained by the board, the department of finance, or office of state treasurer, shall be subject to disclosure according to chapter 1, title 74, Idaho Code, except that such disclosure is subject to the privilege set out in subsection (3) of section 26-1111, Idaho Code. Any public official who violates any provision of this section shall forfeit his office or employment and shall also be guilty of a felony. Any person who is not lawfully entitled to such information and who attempts to obtain such information illegally or who misuses such information as he may have obtained shall be guilty of a felony.
Satisfying the Privacy Notice Information Requirements [3.1]
A licensee satisfies the requirement to categorize the nonpublic personal financial information it collects if the licensee categorizes it according to the source of the information, as applicable: (a) Information from the consumer; (b) Information about the consumer’s transactions with the licensee, its affiliates, or third parties; (c) Information from a consumer reporting agency.
Compliance and Approval with Financial Institution Acquisition Act Required [5.1]
No out-of-state financial institution or out-of-state financial institution holding company shall be allowed to join in an application for transfer of fiduciary capacities pursuant to the provisions of this chapter unless such out-of-state financial institution or out-of-state financial institution holding company first complies in full with the provisions of chapter 26, title 26, Idaho Code, and obtains approval of the director as specified in chapter 26, title 26, Idaho Code.
Conclusion
Based on the context documents provided, there are no specific regulations that prohibit collecting bank account information from participants in Idaho. However, it is important to comply with regulations related to the disclosure or use of information relating to depositories and satisfying the privacy notice information requirements. Additionally, out-of-state financial institutions or holding companies must comply with the provisions of chapter 26, title 26, Idaho Code, and obtain approval from the director before joining in an application for transfer of fiduciary capacities. It is recommended that you consult with a legal professional to determine the specific requirements for collecting bank account information in Idaho.
Source(s):
- [2.1] DISCLOSURE OR USE OF INFORMATION RELATING TO DEPOSITORIES — PENALTY.
- [3.1] SATISFYING THE PRIVACY NOTICE INFORMATION REQUIREMENTS.
- [5.1] COMPLIANCE AND APPROVAL WITH FINANCIAL INSTITUTION ACQUISITION ACT REQUIRED.
Jurisdiction
Idaho