26-2233. LICENSEE ACCOUNTS REQUIRED. (1) Every licensee under this act that receives or holds funds belonging to another in connection with the business activities authorized by this act shall, in its own name, establish and maintain a separate trust account for deposit and remittance of such funds in a financial institution, the deposits of which are insured by the federal deposit insurance corporation. A licensee may not, directly or indirectly, misappropriate, misapply or borrow money held in trust.
(2) Every licensee under this act shall establish and maintain a separate business account for the licensee’s business funds and moneys in a financial institution, the deposits of which are insured by the federal deposit insurance corporation.
History:
[26-2233, added 1970, ch. 53, sec. 12, p. 118; am. 1983, ch. 252, sec. 1, p. 672; am. 1995, ch. 211, sec. 9, p. 720; am. 1997, ch. 370, sec. 6, p. 1181; am. 2008, ch. 347, sec. 16, p. 950.]
Structure Idaho Code
Chapter 22 - COLLECTION AGENCIES
Section 26-2221 - SHORT TITLE.
Section 26-2222 - DEFINITIONS.
Section 26-2223A - COLLECTION AGENCY OFFICE REQUIREMENTS.
Section 26-2224 - LICENSE APPLICATION.
Section 26-2225 - APPROVAL OF LICENSE APPLICATION.
Section 26-2226 - FALSE OR FRAUDULENT DEBT REDUCTION AND ELIMINATION PRACTICES.
Section 26-2227 - DENIAL, SUSPENSION, OR REVOCATION OF LICENSE.
Section 26-2228 - POWERS OF THE DIRECTOR.
Section 26-2229A - REQUIREMENT OF FAIR, OPEN, AND HONEST DEALING — PROHIBITED PRACTICES.
Section 26-2230 - BRANCH OFFICES.
Section 26-2231 - RENEWAL OF LICENSE — REINSTATEMENT.
Section 26-2232 - COLLECTION AGENCY SURETY BONDS.
Section 26-2232A - DEBT COUNSELORS, CREDIT COUNSELORS, CREDIT REPAIR ORGANIZATIONS — BONDS.
Section 26-2233 - LICENSEE ACCOUNTS REQUIRED.
Section 26-2234 - EXAMINATIONS, INVESTIGATIONS, RECORDS AND PAYMENT OF FUNDS.
Section 26-2237 - FEES — DISPOSITION OF FUNDS.
Section 26-2238 - VIOLATIONS — PENALTIES.
Section 26-2240 - AGENT IDENTIFICATION — QUARTERLY NOTICE — FEE.
Section 26-2243 - PROPERTY RIGHT IN ACCOUNTS — PRACTICE OF LAW PROHIBITED.
Section 26-2244 - CEASE AND DESIST ORDERS, PENALTY.
Section 26-2245 - DIRECTOR’S POWER TO ENJOIN VIOLATIONS.
Section 26-2246 - CLOSURE OR DISCONTINUANCE OF OPERATIONS — REQUIREMENTS.
Section 26-2247 - INSTITUTION OF CRIMINAL PROCEEDINGS.
Section 26-2248 - ADMINISTRATION OF ACT.
Section 26-2249 - JUDICIAL REVIEW OF FINAL ORDERS OF DIRECTOR.