26-2104. DEFINITION AND USE OF TERMS. As used in this chapter unless the context otherwise requires:
(a) "Credit union" means a cooperative nonprofit corporation chartered under the provisions of this chapter.
(b) "Capital" means the shares of a credit union.
(c) "Director" means the director of the department of finance of the state of Idaho.
(d) "Federal supervisory agency" means the National Credit Union Administration.
(e) "Credit union services" means services such as draft and deposit sorting and posting, computation and posting of interest and other credits and charges, preparation and mailing of drafts, statements, notices, and similar items, or any other clerical, bookkeeping, accounting, statistical, or similar functions performed for a credit union.
(f) "Credit union service corporation" means a corporation organized to perform credit union services for two (2) or more credit unions, each of which owns part of the capital stock of such corporations, and which are subject to examination by either the department of finance of the state of Idaho or a federal supervisory agency.
(g) "Interstate credit union" means a credit union chartered under the provisions of this chapter or under the authority of the laws of another state and operating both in Idaho and in one (1) or more other states.
(h) "Invest" means any advance of funds to a credit union service corporation, whether by the purchase of stock, the making of a loan, or otherwise, except a payment for rent earned, goods sold and delivered, or services rendered prior to the making of such payment.
(i) "Surplus funds" means those funds which are not needed to meet a credit union’s members’ loan needs and credit union expenses.
(j) "Unsafe or unsound practice" means any action or lack of action that is contrary to the generally accepted standards of prudent operation, the likely consequences of which, if continued, would be abnormal risk of loss or danger to a credit union, its members, or an organization insuring or guaranteeing its shares and deposits.
(k) "Electronic service facility" means an electronic device that is operated by a credit union and that can be used to conduct transactions or obtain services offered by the credit union.
History:
[26-2104, added 1977, ch. 213, sec. 2, p. 583; am. 1997, ch. 111, sec. 1, p. 269; am. 2022, ch. 78, sec. 1, p. 217.]
Structure Idaho Code
Chapter 21 - IDAHO CREDIT UNION ACT
Section 26-2103 - SUPPLEMENTARY GENERAL PRINCIPLES OF LAW APPLICABLE.
Section 26-2104 - DEFINITION AND USE OF TERMS.
Section 26-2105 - ORGANIZATION.
Section 26-2107 - RESTRICTIONS.
Section 26-2109 - POWER TO ACQUIRE AND HOLD REAL PROPERTY.
Section 26-2111 - EXPULSION AND WITHDRAWAL FROM FIELD OR MEMBERSHIP.
Section 26-2112 - FISCAL YEAR.
Section 26-2113 - MEMBER VOTING.
Section 26-2113A - ANNUAL MEMBERSHIP MEETINGS.
Section 26-2113B - SPECIAL MEMBERSHIP MEETINGS.
Section 26-2114 - BOARD OF DIRECTORS — ELECTION OF DIRECTORS — TERMS — VACANCIES — MEETINGS — RULES.
Section 26-2114A - BOARD MEMBERS — QUALIFICATIONS.
Section 26-2114B - OFFICIALS — FIDUCIARY DUTY — RELIANCE ON INFORMATION.
Section 26-2116 - BOARD OF DIRECTORS — POWERS AND DUTIES.
Section 26-2117 - PENALTIES FOR OFFICIAL MISCONDUCT.
Section 26-2118 - CREDIT COMMITTEE — APPOINTMENT — DUTIES.
Section 26-2120 - LIMIT ON LOAN AMOUNT — LOANS TO ONE BORROWER.
Section 26-2120A - LIMIT ON LOAN MATURITY.
Section 26-2121 - SUPERVISORY COMMITTEE — MEMBERSHIP — TERMS — VACANCIES.
Section 26-2121A - SUPERVISORY COMMITTEE DUTIES.
Section 26-2121B - SUSPENSION OF MEMBERS OF THE BOARD BY SUPERVISORY COMMITTEE — FOR CAUSE.
Section 26-2121C - SUSPENSION OF MEMBERS OF THE BOARD OR SUPERVISORY COMMITTEE BY BOARD — FOR CAUSE.
Section 26-2121D - REMOVAL OF DIRECTOR OR SUPERVISORY COMMITTEE MEMBER.
Section 26-2122 - COMPENSATION — CREDIT UNION MANAGER, EMPLOYMENT.
Section 26-2123 - SHARES AND CERTIFICATES OF DEPOSIT.
Section 26-2124 - JOINT ACCOUNTS.
Section 26-2126 - TRUST ACCOUNTS.
Section 26-2127 - INVESTMENT OF FUNDS.
Section 26-2128 - LIQUIDITY REQUIREMENTS.
Section 26-2129 - RESERVE REQUIREMENTS.
Section 26-2131 - SHARE REDUCTION.
Section 26-2133 - REPORTS — FINANCIAL AND STATISTICAL DATA.
Section 26-2134 - APPLICATION FEES.
Section 26-2135 - BOOKS AND RECORDS.
Section 26-2136A - EXAMINATIONS AND INVESTIGATIONS REPORTS — ACCESS TO RECORDS — OATHS — SUBPOENAS.
Section 26-2136C - DISCLOSURE OF CONFIDENTIAL INFORMATION BY THE DEPARTMENT — PENALTY.
Section 26-2137 - FALSE REPORTS.
Section 26-2140 - CEASE AND DESIST ORDER — PENALTY.
Section 26-2140A - CONSERVATORSHIP.
Section 26-2141A - RECEIVER — DUTIES — POWERS.
Section 26-2142 - VOLUNTARY AND/OR INVOLUNTARY LIQUIDATION.
Section 26-2143 - HEAD OFFICE AND BRANCH OFFICES.
Section 26-2144 - ADMINISTRATION, RULES AND REGULATIONS.
Section 26-2145 - AUTHORITY TO EXERCISE FEDERAL POWERS.
Section 26-2146 - INVESTMENT IN SERVICE CORPORATION.
Section 26-2147 - CREDIT UNIONS JOINTLY HOLDING STOCK — EFFECT OF WITHDRAWAL BY ONE CREDIT UNION.
Section 26-2148 - DUTY OF CREDIT UNION SERVICE CORPORATION NOT TO DISCRIMINATE — BURDEN OF PROOF.
Section 26-2149 - PROHIBITED ACTIVITIES.
Section 26-2150 - CUSTOMER-CREDIT UNION COMMUNICATION TERMINAL.
Section 26-2151 - CUSTODIAL ACCOUNTS.
Section 26-2152 - INTERSTATE CREDIT UNIONS — APPROVAL — PERMIT — FEES — SUPERVISION.
Section 26-2153 - SHARE AND DEPOSIT INSURANCE.
Section 26-2154 - CREDIT UNIONS ELIGIBLE AS DEPOSITORIES.
Section 26-2155 - DESIGNATION OF DEPOSITORY — REPORTING OF RESERVES AND UNDIVIDED EARNINGS.
Section 26-2156 - BOND COVERAGE.
Section 26-2157 - AUTHORITY OF DIRECTOR TO CALL AND ATTEND SPECIAL MEETING OF THE BOARD.
Section 26-2170 - DEFINITION, PURPOSE AND RESTRICTIONS, IDAHO CORPORATE CREDIT UNION.
Section 26-2171 - ORGANIZATION — IDAHO CORPORATE CREDIT UNION.
Section 26-2172 - AMENDMENTS — IDAHO CORPORATE CREDIT UNION.
Section 26-2173 - CORPORATE POWERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2174 - MEMBERSHIP IN THE IDAHO CORPORATE CREDIT UNION.
Section 26-2176 - MEETINGS AND ELECTIONS OF THE IDAHO CORPORATE CREDIT UNION.
Section 26-2177 - OFFICIAL FAMILY — IDAHO CORPORATE CREDIT UNION.
Section 26-2178 - OFFICERS — IDAHO CORPORATE CREDIT UNION.
Section 26-2179 - BOARD OF DIRECTORS — IDAHO CORPORATE CREDIT UNION.
Section 26-2180 - LOANS TO MEMBER CREDIT UNIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2181 - COMPENSATION — CORPORATE OFFICERS.
Section 26-2182 - SHARES AND DEPOSITS.
Section 26-2183 - RESERVE ALLOCATIONS — IDAHO CORPORATE CREDIT UNION.
Section 26-2184 - DIVIDENDS — IDAHO CORPORATE CREDIT UNION.
Section 26-2185 - APPLICABLE PROVISIONS OF THE IDAHO CREDIT UNION ACT.
Section 26-2186 - TAXATION — IDAHO CORPORATE CREDIT UNION.