Idaho State Statutes - Idaho Attorney Directory

A purchaser, seller, or recipient of
investment advice may not maintain an action under section 30-14-509, Idaho
Code, if:
(a) The purchaser, seller, or recipient of investment advice receives in
a record, before the action is instituted:
(1) An offer stating the respect in which liability under section
30-14-509, Idaho Code, may have arisen and fairly advising the purchaser,
seller, or recipient of investment advice of that person's rights in
connection with the offer, and any financial or other information
necessary to correct all material misrepresentations or omissions in the
information that was required by this chapter to be furnished to that
person at the time of the purchase, sale, or investment advice;
(2) If the basis for relief under this section may have been a violation
of section 30-14-509(b), Idaho Code, an offer to repurchase the security
for cash, payable on delivery of the security, equal to the consideration
paid, and interest at the annual rate of interest set forth in section
28-22-104(2), Idaho Code, from the date of the purchase, less the amount
of any income received on the security, or, if the purchaser no longer
owns the security, an offer to pay the purchaser upon acceptance of the
offer damages in an amount that would be recoverable upon a tender, less
the value of the security when the purchaser disposed of it, and interest
at the annual rate of interest set forth in section 28-22-104(2), Idaho
Code, from the date of the purchase in cash equal to the damages computed
in the manner provided in this subsection;
(3) If the basis for relief under this section may have been a violation
of section 30-14-509(c), Idaho Code, an offer to tender the security, on
payment by the seller of an amount equal to the purchase price paid, less
income received on the security by the purchaser and interest at the
annual rate of interest set forth in section 28-22-104(2), Idaho Code,
from the date of the sale; or if the purchaser no longer owns the
security, an offer to pay the seller upon acceptance of the offer, in
cash, damages in the amount of the difference between the price at which
the security was purchased and the value the security would have had at
the time of the purchase in the absence of the purchaser's conduct that
may have caused liability and interest at the annual rate of interest set
forth in section 28-22-104(2), Idaho Code, from the date of the sale;
(4) If the basis for relief under this section may have been a violation
of section 30-14-509(d), Idaho Code; and if the customer is a purchaser,
an offer to pay as specified in subsection (b) of this section; or, if the
customer is a seller, an offer to tender or to pay as specified in
subsection (c) of this section;
(5) If the basis for relief under this section may have been a violation
of section 30-14-509(e), Idaho Code, an offer to reimburse in cash the
consideration paid for the advice and interest at the annual rate of
interest set forth in section 28-22-104(2), Idaho Code, from the date of
payment; or
(6) If the basis for relief under this section may have been a violation
of section 30-14-509(f), Idaho Code, an offer to reimburse in cash the
consideration paid for the advice, the amount of any actual damages that
may have been caused by the conduct, and interest at the annual rate of
interest set forth in section 28-22-104(2), Idaho Code, from the date of
the violation causing the loss;
(b) The offer under subsection (a)(1) of this section states that it must
be accepted by the purchaser, seller, or recipient of investment advice within
thirty (30) days after the date of its receipt by the purchaser, seller, or
recipient of investment advice or any shorter period, of not less than three
(3) days, that the administrator, by order, specifies;
(c) The offeror has the present ability to pay the amount offered or to
tender the security under subsection (a)(1) of this section;
(d) The offer under subsection (a)(1) of this section is delivered to the
purchaser, seller, or recipient of investment advice, or sent in a manner that
ensures receipt by the purchaser, seller, or recipient of investment advice;
and
(e) The purchaser, seller, or recipient of investment advice that accepts
the offer under subsection (a)(1) of this section in a record within the
period specified under subsection (a)(2) of this section is paid in accordance
with the terms of the offer.

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