2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 22 - COLLECTION AGENCIES
Section 26-2232 - COLLECTION AGENCY SURETY BONDS.
(2) The surety bond shall be executed to the state of Idaho in the sum of fifteen thousand dollars ($15,000) or upon renewal in such larger sum as hereinafter provided. In any case where a licensee or its representatives have failed to account for and pay over the proceeds of any collection made or money received for payment or prorating to creditors, or have failed to return to a debtor any sum received that was not to be applied to his debts, the creditor or debtor shall have in addition to all other legal remedies a right of action in his own name on such bond without the necessity of joining the licensee in such action. The bond shall be continuous in form and shall remain in full force and effect for the license period. The surety may cancel the bond provided that the surety shall in such event provide the licensee and the director with notice no less than thirty (30) days prior to cancellation of said bond. Such notice shall be by registered or certified mail with request for a return receipt and addressed to the licensee at its main office and to the director. In no event shall the liability of the surety for any and all claims against the bond exceed the face amount of such bond.
(3) Upon renewal of a license, the licensee shall supply the director with a statement of the preceding year's net collections. The amount of the bond upon renewal shall be in the amount of fifteen thousand dollars ($15,000), or two (2) times the average monthly net collections for the preceding year computed to the next highest one thousand dollars ($1,000), whichever sum is greater, up to a maximum of one hundred thousand dollars ($100,000).
History:
[26-2232, added 1970, ch. 53, sec. 11, p. 118; am. 1987, ch. 296, sec. 1, p. 632; am. 1987, ch. 301, sec. 1, p. 639; am. 1999, ch. 277, sec. 1, p. 691; am. 2008, ch. 347, sec. 13, p. 948.]
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