Idaho Department of Finance

Department of Finance Bureaus

The Financial Institutions Bureau regulates, supervises and examines state-chartered commercial banks, savings banks, credit unions, bank holding companies, trust companies and business and industrial development corporations. The Bureau is responsible for enforcement of the Idaho Bank Act, Idaho Bank Holding Company Act, Idaho Interstate Branching Act, Idaho Interstate Banking Act, Idaho International Banking Act, Idaho Savings Bank Act, Idaho Trust Institutions Act, Idaho Credit Union Act, and Business and Industrial Development Corporation Act. Compliance with applicable laws is monitored by on-site examinations, off-site surveillance of all state-chartered financial institutions and licensees, and by investigations of complaints filed with the Department. The Bureau is comprised of the Banking Section and the Credit Union Section.

The Consumer Finance Bureau is the regulatory and licensing authority for regulated lenders (finance companies, payday and title lenders),extending credit to their customers, collection agencies, credit/debt counselors, credit repair organizations, debt buyers, mortgage lenders, brokers, and loan originators. The Consumer Finance Bureau is charged with the responsibility of administering and enforcing the Idaho Credit Code (ICC), the Idaho Collection Agency Act (ICAA), the Idaho Residential Mortgage Practices Act (IRMPA), and the Idaho Mortgage Company Act. Compliance with applicable laws is accomplished by on-site examinations of all licensees, and by investigations of complaints filed with the Bureau. The goal of the Bureau is to assure the availability and quality of consumer finance services, and ethical debt collection practices.

The Securities Bureau administers and enforces several consumer and business protection statutes. In connection with the State of Idaho’s Uniform Securities Act (2004) and the Idaho Commodity Code, the Bureau regulates the securities industry – the sale of investment securities (e.g. stocks and bonds) and those individuals and entities (e.g. stockbrokers, investment advisers, small businesses) that offer investment opportunities to the public. The Bureau’s objectives in administering and enforcing these statutes include promoting the integrity and vitality of state and federal financial markets, protecting the investing public from fraudulent investment schemes, and assisting legitimate businesses in their efforts to raise capital in Idaho. It is important to note that while the Act is designed to protect investors from fraud, it does not protect investors from the possibility of investment loss resulting from securities price movements, market changes or business failures. The Bureau also has limited duties under Idaho’s corporate takeover Acts – the Control Share Acquisition Act and Business Combination Act. The Bureau is responsible for the licensing and enforcement provisions of the Idaho Money Transmitters Act. A money transmitter includes any business engaged in receiving money for transmission by any and all means and any business that issues payment instruments to purchasers (e.g., money orders). The Bureau has responsibility for the licensing and enforcement provisions of the Idaho Escrow Act, an Act that provides a regulatory framework for independent escrow and 1031 exchange companies operating in Idaho. The Bureau also ensures that endowed care cemeteries are properly handling the funds and trust placed with them by administering the Endowment Care Cemetery Act. Finally, the Bureau has limited responsibilities under the Idaho Continuing-Care Disclosure Act, a statute that regulates entities that offer to provide long-term care and lodging after an advance fee payment. Where individuals or entities violate these statutes, appropriate remedies are sought using statutory and administrative enforcement authority. The Bureau also provides assistance in criminal prosecutions when necessary.

The Supporting Services Bureau is responsible for the Department’s personnel and HR functions, accounting and budgeting, information technology systems, web development and integration, database development and maintenance, transportation and vehicles, centralized purchasing, general office services, facilities maintenance and planning, communication systems, and many other services to support the mission of the other bureaus.