Idaho Code 32-1608 – Duties of the Financial Institution
Current as of: 2023 | Check for updates
|
Other versions
(1) Upon receipt or acceptance of an asset withholding order issued by the department pursuant to this chapter, the financial institution shall immediately freeze the asset subject to the withholding order up to the maximum amount as set forth in section 32-1601(6), Idaho Code. The financial institution shall honor the terms of the account of the said asset, except when the terms conflict with compliance with this chapter. The financial institution shall freeze, release or surrender the asset as provided in this chapter.
(2) The financial institution shall be required to mail, within two (2) business days, copies of the asset withholding order and notice, provided by the department pursuant to section 32-1605(3), Idaho Code, to the obligor and to each co-owner, based on the records of the financial institution. A fee not to exceed five dollars ($5.00) per mailing may be assessed by the financial institution for sending the required copies of the documents. The fee can be withheld in addition to the amount ordered withheld. If funds are inadequate to cover the amount of the asset withholding order and the fees, the fees may be withheld from the asset before the remaining balance is applied to the withholding order.
Terms Used In Idaho Code 32-1608
- Asset: means cash or cash value in or of a demand deposit account, checking or negotiable withdrawal order account, savings account, share account, share draft account, time deposit account or money market mutual fund account; and/or negotiable instruments including stocks and bonds, annuities, investment accounts or funds, and the cash value of insurance. See Idaho Code 32-1602
- Asset withholding order: means an administrative order issued by the department of health and welfare to a financial institution requiring the freezing and surrender of an asset in which an obligor has an interest. See Idaho Code 32-1602
- Co-owner: means a person having withdrawal rights on a multiple party account. See Idaho Code 32-1602
- Department: means the Idaho department of health and welfare. See Idaho Code 32-1602
- Financial institution: means a bank, credit union or other depository institution, benefit association, insurance company, safe deposit company, money market mutual fund and other entities defined in 42 U. See Idaho Code 32-1602
- Obligor: means any person obligated by support order to pay child or spousal support. See Idaho Code 32-1602
(3) The financial institution shall complete and return to the department any asset verification form provided by the department within fourteen (14) days from the date of receipt of the asset verification form.
(4) Upon notification by the department that the obligor has not filed a request for hearing within the allowed time, the financial institution will release the asset promptly to the department by sending the funds to the department.