Idaho State Statutes - Idaho Attorney Directory

The following securities are exempt from
the requirements of sections 30-14-301 through 30-14-306, Idaho Code, and
section 30-14-504, Idaho Code:
(1) A security, including a revenue obligation or a separate security as
defined in rule 131 (17 CFR 230.131) adopted under the securities act of 1933,
issued, insured or guaranteed by the United States; by a state; by a political
subdivision of a state; by a public authority, agency, or instrumentality of
one (1) or more states; by a political subdivision of one (1) or more states;
or by a person controlled or supervised by and acting as an instrumentality of
the United States under authority granted by congress; or a certificate of
deposit for any of the foregoing;
(2) A security issued, insured or guaranteed by a foreign government with
which the United States maintains diplomatic relations, or any of its
political subdivisions, if the security is recognized as a valid obligation
by the issuer, insurer or guarantor;
(3) A security issued by and representing, or that will represent, an
interest in or a direct obligation of, or be guaranteed by:
(a) An international banking institution;
(b) A banking institution organized under the laws of the United States;
a member bank of the federal reserve system; or a depository institution a
substantial portion of the business of which consists or will consist of
receiving deposits or share accounts that are insured to the maximum
amount authorized by statute by the federal deposit insurance corporation,
the national credit union share insurance fund, or a successor authorized
by federal law, or exercising fiduciary powers that are similar to those
permitted for national banks under the authority of the comptroller of
currency pursuant to section 1 of public law 87-722 (12 U.S.C. 92a); or
(c) Any other depository institution, or any trust company organized or
chartered under the laws of this state, unless by rule or order the
administrator proceeds under section 30-14-204, Idaho Code;
(4) A security issued by and representing an interest in, or a debt of,
or insured or guaranteed by, an insurance company authorized to do business in
this state;
(5) A security issued or guaranteed by a railroad, other common carrier,
public utility, or public utility holding company that is:
(a) Regulated in respect to its rates and charges by the United States or
a state;
(b) Regulated in respect to the issuance or guarantee of the security by
the United States, a state, Canada, or a Canadian province or territory;
or
(c) A public utility holding company registered under the public utility
holding company act of 1935 or a subsidiary of such a registered holding
company within the meaning of that act;
(6) A federal covered security specified in section 18(b)(1) of the
securities act of 1933 (15 U.S.C. 77r(b)(1)) or by a rule adopted under that
provision or a security listed or approved for listing on another securities
market specified by rule under this chapter; a put or a call option contract;
a warrant; a subscription right on or with respect to such securities; or an
option or similar derivative security on a security or an index of securities
or foreign currencies issued by a clearing agency registered under the
securities exchange act of 1934 and listed or designated for trading on a
national securities exchange, a facility of a national securities exchange, or
a facility of a national securities association registered under the
securities exchange act of 1934 or an offer or sale, of the underlying
security in connection with the offer, sale, or exercise of an option or other
security that was exempt when the option or other security was written or
issued; or an option or a derivative security designated by the securities and
exchange commission under section 9(b) of the securities exchange act of 1934
(15 U.S.C. 78i(b));
(7) A security issued by a person organized and operated exclusively for
religious, educational, benevolent, fraternal, charitable, social, athletic or
reformatory purposes, or as a chamber of commerce, and not for pecuniary
profit, no part of the net earnings of which inures to the benefit of a
private stockholder or other person, or a security of a company that is
excluded from the definition of an investment company under section
3(c)(10)(b) of the investment company act of 1940 (15 U.S.C. 80a-3(c)(10)(B));
except that with respect to the offer or sale of a note, bond, debenture or
other evidence of indebtedness issued by such a person, a rule may be adopted
under this chapter limiting the availability of this exemption by classifying
securities, persons and transactions, imposing different requirements for
different classes, specifying with respect to paragraph (b) of this subsection
the scope of the exemption and the grounds for denial or suspension, and
requiring an issuer:
(a) To file a notice specifying the material terms of the proposed offer
or sale and copies of any proposed sales and advertising literature to be
used and provide that the exemption becomes effective if the administrator
does not disallow the exemption within the period established by the rule;
(b) To file a request for exemption authorization for which a rule under
this chapter may specify the scope of the exemption, the requirement of an
offering statement, the filing of sales and advertising literature, the
filing of consent to service of process complying with section 30-14-611,
Idaho Code, and grounds for denial or suspension of the exemption; or
(c) To register under section 30-14-304, Idaho Code;
(8) A member's or owner's interest in, or a retention certificate or like
security given in lieu of a cash patronage dividend issued by, a cooperative
organized and operated as a nonprofit membership cooperative under the
cooperative laws of a state, but not a member's or owner's interest, retention
certificate, or like security sold to persons other than bona fide members of
the cooperative;
(9) An equipment trust certificate with respect to equipment leased or
conditionally sold to a person, if any security issued by the person would be
exempt under this section or would be a federal covered security under section
18(b)(1) of the securities act of 1933 (15 U.S.C. 77r(b)(1)); and
(10) Any security issued by a domestic or foreign corporation,
partnership, trust or association engaged in actual mining operations or the
exploration and development of mining properties in this state, whether or not
sold through a broker-dealer, provided the following conditions are met:
(a) The term "actual mining operations" within the meaning of this
subsection does not include the development or production of gas or oil;
(b) The total amount of the securities to be offered and sold does not
exceed five hundred thousand dollars ($500,000) in any twelve (12) month
period;
(c) All sales brochures, pamphlets, advertisements and literature are
filed with the director prior to being used;
(d) At least eighty percent (80%) of the gross amount paid by the
purchasers of the securities is used in actual mining operations or for
actual exploration and development expenses, including legal, accounting,
engineering and geological expenses; and
(e) The issuer shall file a report in a form prescribed by the director
and at such times that the director by rule may provide, not to exceed
once every three (3) months, stating the number of shares or amount of
other securities sold, the number of purchasers, the amount of money
obtained by the issuer from the sales, and the manner in which the moneys
have been expended.

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