2005 Idaho Code - 30-907 — DIRECTOR\'S ISSUANCE OR DENIAL OF LICENSE

                                  TITLE  30
                                 CORPORATIONS
                                  CHAPTER 9
                               IDAHO ESCROW ACT
    30-907.  DIRECTOR'S ISSUANCE OR DENIAL OF LICENSE. (1) The director shall
receive and act upon all applications for licenses to engage in business as an
escrow agency under this chapter. If the director finds that all requirements
of statute and rule have been met and all applicable fees paid, and the
applicant is not otherwise unqualified for licensure, the director shall issue
a license to the applicant.
    (2)  An application for a license as an escrow agency shall be in writing
and filed with the director in such form as is prescribed by the director,
shall include such information as the director may reasonably require, and
shall be verified on oath by the applicant. Such information shall be updated
and filed with the director as necessary to keep the information current. The
application for licensure shall be accompanied by an application fee of three
hundred fifty dollars ($350). When an application for licensure is denied or
withdrawn, the director shall retain all fees paid by the applicant.
    (3)  An application for an escrow agency license under this chapter may be
denied if the director finds that:
    (a)  The escrow agency's business was or will be formed for any business
    other than legitimate escrow services, or proposes to use a name that is
    misleading or in conflict with the name of an existing licensee;
    (b)  Any incorporator, officer, director, member, general partner,
    employee or agent of the escrow agency applicant has been:
         (i)   Convicted of, or received a withheld judgment for, any felony
         or a misdemeanor involving dishonesty or moral turpitude; or
         (ii)  Committed any crime or act involving dishonesty, fraud or
         deceit, which  crime or act is substantially related to the
         qualifications, functions or duties of a person engaged in an escrow
         business;
    (c)  There is no natural person possessing a minimum of three (3) years of
    supervisory experience in relation to an escrow business supervising each
    escrow agency office;
    (d)  The applicant or any officer, director, member, general partner,
    employee or agent of the applicant has demonstrated lack of fitness to
    transact escrow business;
    (e)  The applicant has made any false statement of a material fact in the
    application for a license; or
    (f)  The applicant, any officer, director, member, general partner or any
    person owning or controlling, directly or indirectly, ten percent (10%) or
    more of the outstanding equity securities of the applicant has violated
    any provision of this chapter or rules promulgated thereunder, or any
    similar regulatory scheme in this state or in any foreign jurisdiction.