Idaho § 49-1608B - Idaho consumer asset recovery fund established - Expenditures authorized

§ 49-1608B. Idaho consumer asset recovery fund established - Expenditures authorized

(1) There is hereby created in the state treasury an account to be known as the "Idaho consumer asset recovery fund" (ICAR), hereinafter referred to as the "fund." Moneys in the fund are hereby continuously appropriated to the department and shall be used exclusively to satisfy unpaid judgments as provided for in section 49-1608C , Idaho Code. The fund shall consist of moneys appropriated by the legislature and other moneys as provided for in law. All interest earned on investment by the department of moneys in the fund shall be returned to the fund.

(2) Except as provided for in subsection (3) of this section, moneys paid out of the fund shall be known as expenditures and shall be limited to awards based upon claims or final judgments of fraud, fraudulent representation or any violation of: provisions of this chapter; provisions of chapter 6, title 48 , Idaho Code; provisions of chapter 5, title 49 , Idaho Code; provisions of section 49-1418 , Idaho Code; or provisions of federal motor vehicle safety standards or odometer fraud as provided for in this chapter. All expenditures from the fund by the board pursuant to the provisions of this act, including expenditures provided for in subsection (3) of this section, shall be paid out on warrants drawn by the department upon presentation of proper vouchers approved by the Idaho consumer asset recovery control board as established in section 49-1608C , Idaho Code.

(3) Notwithstanding any other provision of this act, no expenditures shall be made from the fund until the fund has accumulated one (1) full year of fees. When the fund reaches or exceeds two million dollars ($2,000,000), the fee provided for in section 49-1608C , Idaho Code, shall be temporarily suspended upon approval of the Idaho consumer asset recovery control board.

(4) Claims made against a dealer with an existing bond, pursuant to section 49-1608 , Idaho Code, shall first be paid by the bond before claims may be approved for payment by the board from the fund. From July 1, 2013, through June 30, 2014, all dealers shall be required to maintain the surety bond required pursuant to the provisions of 49-1608 , Idaho Code.

[49-1608B, added 2013, ch. 136, sec. 2, p. 318.]