Idaho § 74-502 - Remote interests
Full text of Idaho Idaho Statutes § 74-502 — Remote interests, with citation guidance and answers to common questions.
§ 74-502. Remote interests
(1) A public officer shall not be deemed to be interested in a contract, within the meaning of section 74-501 , Idaho Code, if he has only a remote interest in the contract and if the fact and extent of such interest is disclosed to the body of which he is an officer and noted in the official minutes or similar records prior to the formation of the contract, and thereafter the governing body authorizes, approves, or ratifies the contract in good faith by a vote of its membership sufficient for the purpose without counting the vote or votes of the officer having the remote interest. As used in this section, "remote interest" means:
(a) That of a nonsalaried officer of a nonprofit corporation; or
(b) That of an employee or agent of a contracting party where the compensation of such employee or agent consists entirely of fixed wages or salary; or
(c) That of a landlord or tenant of a contracting party; or
(d) That of a holder of less than one percent (1%) of the shares of a corporation or cooperative which is a contracting party.
(2) Although a public official’s interest in a contract may be only remote, a public official shall not influence or attempt to influence any other officer of the board of which he is an officer to enter into the contract. Violation of the provisions of this subsection shall be a misdemeanor as provided in section 74-509 , Idaho Code. Any contract created or entered into in violation of the provisions of this subsection shall be void.
[74-502, added 2015, ch. 140, sec. 5, p. 377.]
Frequently Asked Questions About Idaho § 74-502
What does Idaho Statutes § 74-502 cover?
Section 74-502 ("Remote interests") is part of the Idaho Statutes, the codified statutory law of Idaho. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Idaho § 74-502?
A common citation format is "Idaho Statutes § 74-502" (Idaho). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Idaho law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Idaho official source linked on this page or consult a licensed Idaho attorney.
How does Idaho § 74-502 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Idaho can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Idaho.