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Can you summarize IDAPA 12.01.04?
Department of Finance > Rules Pursuant to the Idaho Credit Union Act
Short Summary
The provided legal document content pertains to the rules and regulations governing state chartered credit unions in the state of Idaho. These rules are implemented to regulate and supervise the operations of credit unions in accordance with the Idaho Credit Union Act. The document includes definitions of key terms such as ‘Act’, ‘Applicant’, ‘Department’, ‘Director’, ‘Corporate Credit Union’, ‘Credit Union’, and ‘NCUA’. It outlines the requirements for the approval of credit union charters, including the proposed name, location, common bond, stability of employment or membership, economic characteristics, and sufficient interest from the common bond and potential field of membership. The document also covers various aspects of credit union services, advertising regulations, reporting crimes, bonds, and member business loans. It specifies that credit unions are not allowed to provide bookkeeping or record-keeping services for themselves without approval. Misrepresentation of shares, stocks, investments, or shareholder rights in advertisements is prohibited. The use of certain words or insignia implying state or national credit union insurance is restricted to insured credit unions. The Director may require credit unions to file copies of their advertisements. The document also provides rules and regulations regarding member business loans made by credit unions, including definitions, types of loans excluded from member business loans, requirements for credit unions making such loans, and restrictions on loans to certain employees and their associated members or immediate family members. Additionally, the document prohibits preferential treatment in loans or lines of credit to officials, immediate family members of officials, or individuals with common ownership or pecuniary interest in a business enterprise with an official or their immediate family member. It also prohibits credit unions from receiving commissions or other compensation in connection with underwriting, insuring, servicing, or collecting loans or lines of credit, except for employee salaries. The document does not specify any penalties or exemptions.
Whom does it apply to?
State chartered credit unions in the state of Idaho
What does it govern?
Credit unions under the Idaho Credit Union Act
What are exemptions?
No specific exemptions are mentioned in the document.
What are the Penalties?
No specific penalties are mentioned in the document.
Jurisdiction
Idaho