Idaho State Statutes - Idaho Attorney Directory

(1) A person may apply to the director for preliminary approval of an
application for a license. Notwithstanding that commitments to invest in the
equity of the applicant have not been obtained and that all directors and
officers of the applicant have not been identified, the director may grant
preliminary approval. In issuing an order granting preliminary approval, the
director shall indicate that, for the director to determine that the
requirements of section 26-2709, Idaho Code, are satisfied, final approval is
conditioned on review by the director of the applicant's completion of
fund-raising, including the controlling persons, and review by the director of
the completion of the roster of directors and officers. If an application for
preliminary approval has been granted, before granting final approval of the
application for a license, the director may request an updated balance sheet
and such other information considered relevant by the director.
(2) If a person files an application under this section, the fee required
in section 26-2705(1)(a), Idaho Code, is payable at the time the application
is filed with the director.
(3) If the director denies an application under this section or section
26-2709, Idaho Code, the director shall provide the applicant with a written
statement explaining the basis for the denial.
(4) If an application for a license is approved and all conditions
precedent to the issuance of that license are fulfilled, the director shall
issue a license to the applicant. A licensee shall post the license in a
conspicuous place in the licensee's principal office. A license is not
transferable or assignable.

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