Regulatory Alerts2013-03-29
Policy Statement 2013-01: Application of the Idaho SAFE Act to Owner Financing
The Idaho Department of Finance issued Policy Statement 2013-01 to clarify that the Idaho SAFE Act licensing requirements apply to owner-financed credit sales only when the seller engages in the activity with habitualness. The Department interprets federal guidance to establish that an individual does not engage in the business of a loan originator if they conduct five or fewer seller-financed transactions involving dwellings within any consecutive twelve-month period. This policy statement remains subject to immediate amendment or withdrawal if the Consumer Financial Protection Bureau issues contrary final rules or formal guidance.
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