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Idaho defines legal status of digital assets
On March 28, the Idaho governor signed HB 583, amending the Idaho commercial code’s definition and classification of digital assets. The bill classifies digital assets as intangible personal property and general intangibles under the bill. However, the bill makes a distinction between digital securities and virtual currency—both are classified as intangible personal property, but while digital securities qualify as investment property, virtual currency is not considered a security. With respect to the purchase and sale of digital assets, the bill states that digital assets “may be purchased and sold in the same manner and subject to the same laws of this state as other personal property,” and notes that an “action based on a claim of a property right, right to performance, or right of payment may not be asserted against a qualified purchaser.” The bill also addresses provisions related to perfection by possession or control, and specifies that a “person that acquires an interest in and obtains control of a virtual currency without notice of any adverse claim takes the interest in the virtual currency and in any right to payment evidenced by the virtual currency free of any adverse claim.” The bill is effective July 1.
Idaho updates licensing provisions for debt collection agencies
On March 31, the Idaho governor signed HB 610, which amends existing law to revise certain requirements for collection agencies and applicants for licensure. The amendments remove the prior requirement that applicants and licensees must designate an experienced individual to serve as in charge of the licensee’s collection agency business. Additionally, the bill now permits collection agencies to collect incidental charges if they are included in the contract between the creditor and the debtor, with some exceptions. The bill also establishes licensing efficiencies by requiring the use of an “electronic system of licensing as prescribed by the director” and permitting the reinstatement of an expired license. The bill is effective July 1.
Idaho places restrictions on automatic subscription renewals
On March 23, the Idaho governor signed SB 1298, adding new provisions to protect consumers from unfair or deceptive trade practices with respect to automatic subscription renewals entered into or renewed on or after January 1, 2023. Specifically, a seller may not make an automatic subscription renewal offer to an Idaho resident unless the seller clearly and conspicuously discloses the terms of the renewal and provides specific cancellation methods. The bill provides that notice must be given to the consumer at least thirty days and no more than sixty days in advance of the date of the delivery or provision of goods or services. Additionally, sellers must provide the same method for cancellation (including free online cancellation) as used by the consumers to subscribe. A violation of the bill’s provisions constitutes a violation of the Idaho consumer protection act.
Idaho Department of Finance once again extends “work from home” guidance
On March 31, the Idaho Department of Finance extended its temporary regulatory guidance (previously covered here, here, here) permitting mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants to work from home under certain circumstances. The original guidance (previously covered here) permits employees to work from home where the residence is not a licensed branch and certain data security requirements are met. The guidance is extended through December 31, 2021.
Idaho Department of Finance extends temporary work from home guidance for licensees
On August 12, the Idaho Department of Finance extended temporary work from home guidance previously issued to Idaho mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants. The original guidance (previously covered here and here) permits employees to work from home where the residence is not a licensed branch. The guidance is extended through December 31, 2020. Licensees are expected to meet the requirements of the original guidance, and are reminded that the guidance does not amend the Idaho Residential Mortgage Practices Act, the Idaho Credit Code, or the Idaho Collection Agency Act.
Idaho governor takes steps to make Covid-19 regulatory waivers permanent
On June 22, Idaho Governor Brad Little issued Executive Order 2020-13 creating a rebuttable presumption that any regulation that has been waived in response to the Covid-19 pandemic is unnecessary or counterproductive outside of the emergency. The responsible agencies are instructed to determine by July 24 whether permanent suspension of the regulation would be deleterious to the public health and safety. If so, the agency head should submit a signed letter supporting that conclusion; otherwise they should take necessary steps to finalize the regulation’s permanent suspension.
Idaho Department of Finance extends work from home guidance for its licensees and registrants
On May 22, the Idaho Department of Finance extended temporary work from home guidance previously issued to Idaho mortgage brokers and lenders, mortgage loan originators, regulated lenders, title lenders, payday lenders, and collection agency licensees and registrants. The original guidance, previously covered here, permits employees to work from home where the residence is not a licensed branch. The guidance is extended through September 1, 2020.
Idaho establishes Idaho Rebound cash grants for small businesses
On May 5, the Idaho governor issued an executive order establishing Idaho Rebound cash grants for Idaho-domiciled small businesses. Among other things, businesses eligible for the grants must have had between 1 and 50 employees as of February 15, 2020; have suffered a qualified business interruption; and not have received a Paycheck Protection Program loan or an Economic Injury Disaster Loan Emergency Advance, or received less than $10,000 in such funds.
Idaho extends stay at home order
On April 15, the director of the Idaho Department of Health and Welfare extended the state’s stay at home order, previously covered here, through April 30 due to Covid-19.
Idaho Department of Finance issues memorandum to money transmitter licensees and applicants
On March 26, the Idaho Department of Finance issued a memorandum to Idaho money transmitter licensees and applicants regarding agency operations and communications due to Covid-19. The memorandum includes information on the Department’s teleworking arrangements and notes that routine examinations of registered entities and agents have been suspended. Registration staff continues to process licensing/registration applications through the CRD/IARD/NMLS systems and U.S. mail. In line with the NMLS Policy committee’s decisions and recommendations, the Department has also extended deadlines by 60 days for the filing of certain reports and statements.