BOISE, Idaho - Director Gavin Gee of the Idaho Department ofFinance announced changes to the Residential Mortgage Practices Actand Bank Act effective July 1, and to the Uniform Securities Acteffective Sept. 1, "that will significantly affect how members ofthose industries conduct business in Idaho." Effective July 1, thehome office surety bond requirement for Idaho mortgagebrokers/lenders increases from $10,000 to $25,000, the licenseapplication fee increases from $200 to $350, and the annual licenserenewal fee increases from $100 to $150. The former $10,000 networth requirement of license applicants was repealed. In addition,after July 1, mortgage brokers/lenders in the state are required toconspicuously display their license certificates at all businesslocations; record retention requirements for mortgagebrokers/lenders have been decreased from five to three years;mortgage brokers/lenders have increased responsibility over themortgage-related conduct of their loan originations; and mortgagebrokers/lenders are required to notify the DoF within three days ofclosing a license business location. The 2004 changes also includelicensing requirements for mortgage loan originators. This goesinto effect the earliest January 2006. The Idaho Bank Act wasamended to eliminate the limitation on real estate loans andconstruction loans, although all banks remain governed by certainFDIC rules on these loans. The old limits were set in 1979 andhadn't been amended since. DoF said the changes "are intended tomake the loan limitations on Idaho state-chartered banks moreconsistent with those applicable to national banks and banks inother states." Concerning loans to one person, the amendmentsmaintain the current percentage limits of 20% of capital, but itnow applies to "capital structure" in order to be consistent withfederal regulations. The balance of the federal regulationsgoverning limits on loans to one person was also adopted to allowIdaho's Bank Act "to provide consistent clarification on issuesrelating to the limit," a DoF releases stated. Lastly, beginningSept. 1, 2004, Idaho will have a new law governing investmentprofessionals and securities activities. The Uniform Securities Act2004 modernizes the state's securities laws and provides bettercoordination between state and federal law. It updates three keyareas of state securities regulation: registration and noticefiling of securities offerings; registration of securitiesprofessionals; and fraud enforcement.