No Action and Opinion Letters

Idaho Department of Finance

No-Action / Opinion Letters

Opinion Letters

03/19/2012 - Interpretation of IUSA Section 30-14-202 Which Provides an Exemption from Registration for Transactions Involving Ten or Fewer Purchasers
10/24/2011 - Opinion regarding Exemption for Cooperative Organization
09/13/2011 - Opinion Regarding the Sale of Common Stock in a Business Sales Transaction
11/15/2010 - Request for Exemption and/or No-Action Relief for the Issuance of Surplus Notes
06/03/2010 - Order Waiving condition of exemption - Section 30-14-202(21) of IUSA
04/09/2010 - Opinion regarding licensing requirements for a business involving the introduction of buyers and sellers of promissory notes for a fee
03/31/2010 - Interpretive Opinion with Respect to the Need for the “Firm” to be Registered as a Broker-dealer, and for Its Personnel to be Registered as Agents Pursuant to Sections 30-14-401 and 30-14-402 of the Idaho Uniform Securities Act (2004)
03/03/2010 - Opinion Request - Rule 96 IUSA & Rule 206(4)-2 Investment Advisers Act of 1940
11/04/2009 - Vested Employee Stock Option Service
06/19/2008 - Would the exchange of a minority percentage of the equity of an owner occupied residence as payment for the completion of a home improvement project be considered a security under the Idaho Uniform Securities Act (2004)?
04/11/2008 - Does the Solicitation of Independent Financial Advisors in Gaining Access to Investors Require Agent Registration?
08/06/2007 - Does Proposed Business Model Constitute a Security and Will Company Be Operating as an Investment Adviser?
03/21/2007 - Exempt Transaction - sale of real estate loan interest - IUSA Section 30-14-202(14)
08/24/2006 - Meaning of Terms "political subdivision" and "instrumentality"
06/21/2006 - Isolated Transaction
03/20/2006 - Partnership Interest
10/13/2005 - Common Stock Offering
09/21/2005 - Sale of Mortgage Related Securities
06/14/2005 - Dual Registration Exemption for Investment Adviser Representative
12/01/2004 - Administrative Services
07/19/2004 - Sale of Mortgage Related Securities
09/22/2003 - Broker Dealer Serving Institutional Buyers Only
08/27/2003 - Does Consultant Require Investment Advisor License
06/04/2002 - Department's Denial of Regulatory Relief Regarding Fees for Unit Investment Trusts
03/11/2002 - Declaratory Ruling- Entertainment Cooperative
08/16/2001 - Are Cooperative Memberships Securities
06/06/2001 - Viaticals
02/09/2001 - Broker Dealer Changing Business Operations to an OTC Derivatives Business
06/27/2000 - Does it violate the Idaho Securities Act if registered agents of a broker-dealer turn their commissions over to another corporation in exchange for salary and service support?
06/16/2000 - Do options offered by an LLC to employees and board members qualify for an exemption?
02/08/2000 - Do investment activities of a corporation's acquisitions manager require licensing as a registered investment advisor under the Idaho Securities Act?

No-Action Letters

02/06/2013 - Request for No Enforcement Action Position Regarding Conversion from Mutual Insurer to Stock Insurer (IUSA 30-14-202(22)(b))
08/13/2010 - Applicability of the Public Utility Exemption from Registration to Bonds of a Power Corporation
02/24/2010 - "Capital Formation" No Action
08/18/2009 - Does Idaho Take No Action Position On Sales Of Class B Common Shares
07/30/2009 - Department takes No-Action position regarding Certificates of Deposit being distributed to Idaho residents without benefit of a broker-dealer's license.
06/05/2009 - Client Transition Program
03/21/2008 - Department takes No-Action Position with regard to investment advisory activities.
09/06/2007 - Will inclusion of addendum alter status as a recognized securities manual by the Idaho Department of Finance?
07/06/2007 - Are Contingent Payment Rights Considered to be Securities?
03/13/2007 - No-Action Request Regarding State Chartered Bank Common Stock
11/08/2006 - Rule 60 - Blind Pool Offering
08/30/2006 - Membership Interests (IUSA §30-14-301)
09/20/2005 - Common Stock Distribution
05/11/2005 - State Chartered Bank Securities
04/25/2005 - Class Action Lawsuit Results in Offer of "Settlement Stock" (IUSA §30-14(202)(9))
01/26/2005 - State Chartered Bank section 30-14-201(3)(b)Exemption
07/02/2004 - Private Advisor
06/09/2004 - Limited Offering
04/23/2004 - Investment Adviser Registration
10/21/2003 - Medical Savings Account Products and Services
10/21/2003 - Life Estate Deeds and Continuing Care Contracts
07/15/2003 - Internet Auction of Oil, Gas & Mineral Interests
05/16/2003 - Tuition Certificates
04/02/2003 - Purchase and Sale of Secondary Market Life Insurance Products
05/03/2002 - Investment Adviser Exempt from Registration
05/03/2002 - Investment Adviser Registration with Relation to Idaho-based Venture Capital Funds
02/21/2002 - Venture Capital
09/06/2001 - Late filing for Section 30-1434(1)(k) exemption
08/17/2001 - Exempt Securities Section 30-1434(1)(C)
07/13/2001 - Business Plan
06/05/2001 - Demutualization
05/10/2001 - Institutional Buyer
04/27/2001 - Cooperative Shares
04/17/2001 - Rule 280 Update
03/28/2001 - Demutualization
03/13/2001 - Share Options
11/09/2000 - Purchase of Life Settlements