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Can you summarize IDST Title 26, Chapter 21?
BANKS AND BANKING > IDAHO CREDIT UNION ACT
Short Summary
The Idaho Credit Union Act governs the organization, operation, and regulation of credit unions in the state of Idaho. It covers various aspects, including the definition and issuance of shares, the establishment of reserves, the payment of dividends, the provision of loans, the appointment and duties of the board of directors and supervisory committee, and the process for mergers and liquidation. The Act also outlines the powers and additional powers granted to Idaho corporate credit unions, the requirements for state-chartered credit unions to obtain insurance on shares and deposits, and the appointment of a receiver or conservator for credit unions under certain conditions. Additionally, the Act addresses the taxation, compensation, and removal of directors and committee members, as well as the reporting and record-keeping requirements for credit unions. Overall, the Idaho Credit Union Act provides a comprehensive framework for the operation and regulation of credit unions in Idaho.
Whom does it apply to?
Credit unions organized under the Idaho Credit Union Act, including state-chartered credit unions and federal credit unions operating in Idaho
What does it govern?
Credit unions in the state of Idaho, including share accounts, loans, investments, reserves, dividends, mergers, supervisory committees, and more
What are exemptions?
No specific exemptions are mentioned in the provided legal document content
What are the Penalties?
No specific penalties for non-compliance or violation are mentioned in the provided legal document content
Jurisdiction
Idaho