2012 Idaho Statutes
Title 26 - BANKS AND BANKING
Chapter 27 - BUSINESS AND INDUSTRIAL DEVELOPMENT CORPORATIONS
Section 26-2709 - REQUIREMENTS FOR LICENSURE.
(2) After a review of information regarding the directors, officers, and controlling persons of the applicant, a review of the applicant's business plan, including at least three (3) years of detailed financial projections and other relevant information, and a review of additional information considered relevant by the director, the director shall approve an application for a license if, and only if, the director determines all of the following:
(3) In determining if the applicant has a net worth or firm financing commitments adequate to transact business as a BIDCO, the director shall consider the types and variety of financing assistance that the applicant plans to provide; the experience that the directors, officers, and controlling persons of the applicant have in providing financing and managerial assistance to business firms; the financial projections and other relevant information from the applicant's business plan; and whether the applicant intends to operate as a profit or nonprofit corporation. Except as otherwise provided in this chapter, the director shall require a minimum net worth of not less than one million dollars ($1,000,000) and not more than ten million dollars ($10,000,000). The director may require a minimum net worth of less than one million dollars ($1,000,000), but not less than five hundred thousand dollars ($500,000), if, in the context of the applicant's business plan, the initial capitalization amount is adequate for the applicant to transact business as a BIDCO because of special circumstances including, but not limited to, funded overhead, low overhead, or specialized opportunities.
(4) For the purposes of subsection (2) of this section, the director may find any of the following:
(5) For purposes of subsection (2) of this section, subsection (4) of this section shall not be considered to be the only grounds upon which the director may find that a director, officer, or controlling person of an applicant is not of good character or that it is not reasonable to believe that an applicant, if licensed, will comply with the provisions of this chapter.
History:
[26-2709, added 1989, ch. 252, sec. 1, p. 608; am. 2002, ch. 145, sec. 3, p. 408.]
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