Idaho State Statutes - Idaho Attorney Directory

(1) A debt counselor or credit counselor
which holds a valid permit under this chapter and is engaged in the activities
described in section 26-2223(6) or 26-2223(7), Idaho Code, may, upon approval
of the director of the department of finance, supply the director, upon
renewal of its permit, in lieu of the bond required in section 26-2232(a),
Idaho Code, a bond in the minimum amount of ten thousand dollars ($10,000) or
two (2) times the average monthly net of unremitted funds received from
debtors for the preceding year, computed to the next highest one thousand
dollars ($1,000), whichever is greater.
(2) Such bonds shall be subject to the same conditions and requirements
as the bond set forth in section 26-2232(a), Idaho Code, and shall be in
addition to the bond required by section 26-2232(b), Idaho Code.
(3) Application for approval by the director of the department of finance
shall be on a form provided by the director and shall include such information
as the director shall require.
(4) A credit counselor applicant shall furnish with the application a
certified copy of applicant's determination as an exempt corporation under
section 501(c)(3) of the Internal Revenue Code, made by the district director
of internal revenue, or in the subsequent renewal of its permit and bond,
evidence of continuance of its exempt determination by the district director
of internal revenue.
(5) Upon approval by the director of the department of finance of the
alternate bond and so long thereafter as the credit counselor or debt
counselor service shall continue operations under the alternate bond herein
provided for, it shall furnish to the director of the department of finance,
not later than the fifteenth day of March of each year, a statement containing
the following information:
(a) The amount of net unremitted funds received from debtors it held on
the first day of each calendar month which was collected or received in
any prior month or months showing the exact month received and the amount
for such month.
(b) The amount of money received during each calendar month from debtors.
(c) The amount of money remitted to creditors or returned to debtors
during each calendar month.
(d) The moneys, fees, or commissions retained from the moneys received
during each calendar month.
(e) The amount of net unremitted funds due creditors or debtors at the
end of each calendar month.
(6) For the purposes of this section money or moneys remitted shall mean
money which has actually been conveyed or transferred to the creditor or
debtor or his designated agent by physical transfer of cash or by certified or
cashier's check or other means so that actual ownership of such funds shall
have passed to the creditor or debtor or his agent and no right or interest
shall remain in the credit counseling service. A check or bank draft issued
but not actually paid, without recourse shall not constitute a remittance.
(7) At any time that the director of the department of finance shall deem
that the alternate bond provided for in this section shall be inadequate he
may withdraw and cancel approval for the "in lieu" bond and require the bond
provided in section 26-2232(a), Idaho Code, or cancel or suspend the permit of
the consumer credit counseling service as provided in section 26-2236, Idaho
Code.

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