US Laws, Codes, Statutes & Cases

                                  TITLE  26
                              BANKS AND BANKING
                                  CHAPTER 31
                        RESIDENTIAL MORTGAGE PRACTICES
    26-3110.  SURETY BONDS AND CONTINUING EDUCATION. (1) All mortgage broker
and mortgage lender licensees, with or without an office located in this
state, shall maintain a surety bond to the state of Idaho in accordance with
this section. The bond to be maintained shall be in the amount of twenty-five
thousand dollars ($25,000). This amount shall be increased by additional sums
of ten thousand dollars ($10,000) for each licensed branch office. The bond
shall be a continuing obligation of the issuing surety. The surety's liability
under the bond for any claims made thereunder either individually or in the
aggregate shall in no event exceed the face amount of the bond issued. The
bond shall be issued by a surety authorized to do business in the state of
Idaho. The licensee shall place the bond, including any and all riders and
endorsements executed subsequent to the effective date of the bond, on file
with the department. In lieu of the bonds required by this section, a
certificate of deposit issued by an Idaho bank and made payable to the
director may be provided to the director in the same principal amount as
required for bonds. The interest on the certificate of deposit shall be
payable to the licensee. The certificate of deposit shall be maintained at all
times during which the licensee is authorized to conduct mortgage brokering or
mortgage lending activities under this chapter, and must provide that it will
remain in effect for at least three (3) years following discontinuance of
operations unless released earlier by the director.
    (2)  All loan originator licensees under this chapter, whether operating
within or outside of the state of Idaho, shall maintain a surety bond to the
state of Idaho in accordance with this section. The bond to be maintained
shall be in the amount of ten thousand dollars ($10,000). The surety's
liability under the bond for any claims made thereunder either individually or
in the aggregate shall in no event exceed the face amount of the bond issued.
The bond shall be issued by a surety authorized to do business in the state of
Idaho. The licensee shall place the bond, including any and all riders and
endorsements executed subsequent to the effective date of the bond, on file
with the department. In lieu of the bond required by this section, a
certificate of deposit issued by an Idaho bank and made payable to the
director may be provided to the director in the same principal amount as
required for a bond. The interest on the certificate of deposit shall be
payable to the licensee. The certificate of deposit shall be maintained at all
times during which the licensee is authorized to conduct loan origination
activities under this chapter, and must provide that it will remain in effect
for at least three (3) years following discontinuance of operations unless
released earlier by the director.
    (3)  In the event that a licensee under this chapter, or any employee or
agent of such licensee, has violated any of the provisions of this chapter or
of a rule or order lawfully made pursuant to this chapter, or federal law or
regulation pertaining to loan origination, mortgage lending or mortgage
brokering activities set forth in section 26-3102, Idaho Code, and has damaged
any person by such violation, then the bond shall be forfeited and paid by the
surety to the state of Idaho for the benefit of any person so damaged.
    (4)  (a) The director may adopt rules to require continuing education of
    licensees under this chapter for the purpose of enhancing the professional
    competence and the professional responsibility of all licensees. The rules
    may include, but shall not be limited to, criteria for the content of
    continuing education courses, the accreditation of continuing education
    sponsors and programs, the computation of continuing education credits,
    and general compliance with this subsection.
    (b)  Continuing professional education requirements shall be determined by
    the director, provided however, the requirements shall not exceed twenty
    (20) credit hours within a two (2) year period.
    (c)  The director may require accredited sponsors of continuing education
    programs to file information, in a manner prescribed by the director,
    regarding the contents and materials of proposed courses to satisfy the
    education requirements with the director for review and approval. The
    director may set fees for the initial and continuing review of courses for
    which credit hours will be granted. The initial filing fee for review of
    materials shall not exceed five hundred dollars ($500) and the fee for
    continued review shall not exceed two hundred fifty dollars ($250) per
    annum per course offered.