26-2725. INDICTMENT OR CONVICTION OF A CRIME — REMOVAL OF SUBJECT PERSON. (1) If the director determines that a subject person of a licensee has been indicted by a grand jury or has been bound over for trial by a court for a crime involving dishonesty or breach of trust, and that the fact that the person continues to be a subject person of the licensee may threaten the interests of the licensee or may threaten to impair public confidence in the licensee, the director may issue an order suspending the subject person from his office, if any, with the licensee and prohibiting the subject person from further participating in any manner in the conduct of the business of the licensee, except with the consent of the director.
(2) If the director determines that a subject person or former subject person of a licensee to whom an order was directed under subsection (1) of this section, or another subject person of a licensee, has been convicted of, entered a plea of guilty to, has been found guilty of a crime which is punishable by imprisonment for a term of not less than one (1) year and which involves dishonesty or breach of trust, and that the fact that the person continues to be or will resume to be a subject person of the licensee may threaten the interests of the licensee or may threaten to impair public confidence in the licensee, the director may issue an order suspending or removing the subject person or former subject person from his office, if any, with the licensee and prohibiting the subject person from further participating in any manner in the conduct of the business of the licensee, except with the prior consent of the director.
(3) Within thirty (30) days after an order is issued under subsection (1) or (2) of this section, the subject person of a licensee to whom the order is directed may file with the director an application for a hearing on the order. If the director fails to commence a hearing within fifteen (15) business days after the application is filed or within a longer period to which the subject person consents, the order shall be considered rescinded. Upon the conclusion of the hearing, the director shall affirm, modify, or rescind the order. A subject person or former subject person of a licensee to whom an order is directed under subsection (1) or (2) of this section may petition for judicial review of the order pursuant to chapter 52, title 67, Idaho Code.
(4) The fact that a subject person of a licensee charged with a crime involving dishonesty or breach of trust is not convicted of the crime shall not preclude the director from issuing an order concerning the subject person under any other provision of this chapter.
(5) A person to whom an order is directed under this section may apply to the director to modify or rescind the order. The director shall not modify or rescind the order unless the director determines that it is in the public interest to do so and that it is reasonable to believe that the person, if and when he or she becomes a subject person of a licensee, will comply with this chapter.
(6) As used in this section, "office," if used with respect to a licensee, means the position of director, officer, or employee of the licensee or of a subsidiary of the licensee.
History:
[26-2725, added 1989, ch. 252, sec. 1, p. 620; am. 2002, ch. 145, sec. 11, p. 416.]
Structure Idaho Code
Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2701 - PURPOSE OF CHAPTER.
Section 26-2702 - DEFINITIONS.
Section 26-2703 - POWERS OF DIRECTOR.
Section 26-2704 - APPLICATIONS — INVESTIGATIONS — SERVICE OF PROCESS.
Section 26-2707 - ANNUAL REPORT TO LEGISLATURE REQUIRED.
Section 26-2708 - ANNUAL LICENSE REVIEW BY DIRECTOR.
Section 26-2709 - REQUIREMENTS FOR LICENSURE.
Section 26-2710 - PRELIMINARY APPROVAL — DENIAL IN WRITING — POSTING OF LICENSE.
Section 26-2711 - USE OF BIDCO NAME RESTRICTED — EXCEPTION.
Section 26-2712 - DUAL LICENSURE — EXCEPTIONS.
Section 26-2713 - SURRENDER OF LICENSE.
Section 26-2714 - CORPORATE NAME — DIRECTORS — DIVIDENDS — RESTRICTION ON USE OF PUBLIC MONEYS.
Section 26-2715 - OFFICES — LOCATION.
Section 26-2716 - BUSINESS ACTIVITIES — CORPORATE POWERS.
Section 26-2717 - FORMS OF FINANCIAL AND MANAGEMENT ASSISTANCE — INTEREST RATES.
Section 26-2718 - BIDCO ACQUIRING ANOTHER FIRM — APPLICATION — REQUIREMENTS.
Section 26-2719 - SOUND BUSINESS PRACTICES REQUIRED.
Section 26-2720 - CONFLICT OF INTEREST — DEFINED.
Section 26-2721 - ACQUISITION OF BIDCO — APPROVAL REQUIRED.
Section 26-2722 - MERGER — REQUIREMENTS — APPLICATIONS.
Section 26-2723 - VIOLATION OF CHAPTER — DIRECTOR’S POWERS — HEARINGS — CEASE AND DESIST.
Section 26-2724 - VIOLATION OF CHAPTER — REMOVAL OF SUBJECT PERSON.
Section 26-2725 - INDICTMENT OR CONVICTION OF A CRIME — REMOVAL OF SUBJECT PERSON.
Section 26-2726 - DISCLOSURE TO SHAREHOLDERS — BOARD OF DIRECTORS.
Section 26-2727 - ORDER TO REFRAIN FROM OFFERING FINANCIAL ASSISTANCE — CONDITIONS — HEARING.
Section 26-2728 - APPOINTMENT OF TRUSTEE — LIQUIDATION OF THE BIDCO — PROCEDURE.
Section 26-2729 - VIOLATION OF CHAPTER — CIVIL PENALTIES.
Section 26-2730 - PROHIBITED ACTS — EXCEPTIONS — PENALTIES.
Section 26-2731 - CONSTRUCTION — PROMULGATION OF RULES — APPLICABILITY OF CHAPTER.