2005 Idaho Code - 30-1504 — EXEMPT TRANSACTIONS

                                  TITLE  30
                                 CORPORATIONS
                                  CHAPTER 15
                             IDAHO COMMODITY CODE
    30-1504.  EXEMPT TRANSACTIONS. (1) The prohibitions in section 30-1502,
Idaho Code, shall not apply to the following:
    (a)  An account, agreement or transaction within the exclusive
    jurisdiction of the commodity futures trading commission as granted under
    the commodity exchange act;
    (b)  A commodity contract for the purchase of one or more precious metals
    which requires, and under which the purchaser receives, within seven (7)
    calendar days from the payment in good funds of any portion of the
    purchase price, physical delivery of the quantity of the precious metals
    purchased by such payment, provided that, for purposes of this paragraph,
    physical delivery shall be deemed to have occurred if, within such seven
    (7) day period, such quantity of precious metals purchased by such payment
    is delivered whether in specifically segregated or fungible bulk form into
    the possession of a depository, other than the seller, which is either:
         (i)  A financial institution,
         (ii)  A depository the warehouse receipts of which are recognized for
         delivery purposes for any commodity on a contract market designated
         by the commodity futures trading commission,
         (iii)  A storage facility licensed or regulated by the United States
         or any agency thereof, or
         (iv)  A depository designated by the director, and such depository or
         other person which itself qualifies as a depository as aforesaid,
         issues and the purchaser receives, a certificate, document of title,
         confirmation or other instrument evidencing that such quantity of
         precious metals has been delivered to the depository and is being and
         will continue to be held by the depository on the purchaser's behalf,
         free and clear of all liens and encumbrances, other than liens of the
         purchaser, tax liens, liens agreed to by the purchaser, or liens of
         the depository for fees and expenses, which have previously been
         disclosed to the purchaser;
    (c)  A commodity contract solely between persons engaged in producing,
    processing, using commercially or handling as merchants, each commodity
    subject thereto, or any by-product; or
    (d)  A commodity contract under which the offeree or the purchaser is a
    person referred to in section 30-1503, Idaho Code, an insurance company,
    or an investment company as defined in the investment company act of 1940.
    (2)  The director may issue rules, regulations or orders prescribing the
terms and conditions of all transactions and contracts covered by the
provisions of this chapter which are not within the exclusive jurisdiction of
the commodity futures trading commission as granted by the commodity exchange
act, exempting any person or transaction from any provision of this chapter
conditionally or unconditionally and otherwise implementing the provisions of
this chapter for the protection of purchasers and sellers of commodities.