Idaho State Statutes - Idaho Attorney Directory

(1) Without the prior
approval of the director, a person shall not acquire control of a licensee.
(2) With respect to an application for approval to acquire control of a
licensee, if the director determines, that the applicant and the directors and
officers of the applicant are of good character and sound financial standing;
that it is reasonable to believe that, if the applicant acquires control of
the licensee, the applicant will comply with this chapter; and that the
applicant's plans, if any, to make a major change in the business, corporate
structure, or management of the licensee are not detrimental to the safety and
soundness of the licensee, the director shall approve the application. If,
after notice and a hearing, the director determines otherwise, the director
shall deny the application.
(3) For purposes of subsection (2) of this section, the director may
determine any of the following:
(a) That an applicant or a director or officer of an applicant is not of
good character if that person has been convicted of, or has pleaded nolo
contendere to, a crime involving fraud or dishonesty.
(b) That an applicant's plan to make a major change in the management of
a licensee is detrimental to the safety and soundness of the licensee if
the plan provides for a person to become a director or officer of the
licensee and that person has been convicted of, or has pleaded nolo
contendere to, a crime involving fraud or dishonesty.
(4) The conditions described in subsection (3) of this section are not
the only conditions upon which the director may determine that an applicant or
a director or an officer of an applicant is not of good character or that an
applicant's plan to make a major change in the management of a licensee is
detrimental to the safety and soundness of the licensee.

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