Idaho State Statutes - Idaho Attorney Directory

(1) An Idaho corporation may apply
to the director for licensure as a BIDCO. A person other than an Idaho
corporation shall not apply for a license.
(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:
(a) The applicant has a net worth, or firm financing commitments which
demonstrate that the applicant will have a net worth when the applicant
begins transacting business as a BIDCO, in liquid form available to
provide financing assistance, that is adequate for the applicant to
transact business as a BIDCO as determined under subsection (3) of this
section.
(b) Each director, officer, and controlling person of the applicant is of
good character and sound financial standing; each director and officer of
the applicant is competent to perform his or her functions with respect to
the applicant; and the directors and officers of the applicant are
collectively adequate to manage the business of the applicant as a BIDCO.
(c) It is reasonable to believe that the applicant, if licensed, will
comply with this chapter.
(d) The applicant has reasonable promise of being a viable, ongoing BIDCO
and of satisfying the basic objectives of its business plan.
(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:
(a) That a director, officer, or controlling person of an applicant is
not of good character if the director, officer, or controlling person, or
a director or officer of a controlling person, has been convicted of,
entered a plea of guilty to, has been found guilty of, or has pleaded nolo
contendere to a crime involving fraud or dishonesty.
(b) That it is not reasonable to believe that an applicant, if licensed,
will comply with this chapter, if the applicant has been convicted of,
entered a plea of guilty to, has been found guilty of, or has pleaded nolo
contendere to a crime involving fraud or dishonesty.
(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.

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