Idaho Department of Finance

Idaho Money Transmitters Section

Language:

The Securities Bureau of the Department of Finance is charged with the responsibility of administering and enforcing the Idaho Money Transmitters Act.

Who is required to have an Idaho Money Transmitter license?

Any person, unless exempt, that sells or issues payment instruments or who engages in the business of receiving money for transmission or engaging in the business of money transmission, by any and all means including but not limited to payment instruments, wire, facsimile, or electronic transfer.

More plainly, the Department licenses:

  • Money and wire remitters (including both business and consumer transactions)
  • Money Order issuers and sellers
  • Traveler Check issuers and sellers
  • Open Loop and Semi-Closed Loop “Stored Value” issuers and sellers
  • Open Loop and Semi-Closed Loop “Prepaid Access” issuers and sellers
  • Delayed Delivery Currency or Stored Value Delayed Delivery Providers
Current Idaho law does not address provider compensation in any way. Hence, providers need to license whether or not they will be compensated for the transaction.

Who does not need this license?

  • Agencies of the United States, agencies of Idaho and its political subdivisions
  • The United States post office
  • The State or any political subdivision of the state
  • Banks, credit unions, savings and loan associations, savings banks or mutual banks organized under the laws of any state or the United States, provided that they do not issue or sell payment instruments through authorized delegates who are not banks, credit unions, savings and loan associations, savings banks or mutual banks, and
  • Authorized representatives of a licensee, acting within the scope of authority conferred by a written contract conforming to the requirements of Section 26-2918 of the Idaho Money Transmitters Act.

What are the pre-requisites for license applications?

License Application Payment $100.00 application fee.
Net Worth Requirements Applicants must provide financial statements demonstrating a minimum net worth of $50,000 with a sliding scale of increasing net worth based on the number of Idaho locations to a maximum of $250,000.
Surety Bond Applicants must deliver a surety bond to the Idaho Department of Finance in a minimum amount of $10,000 with a sliding scale of bonding based on Idaho locations to a maximum bonding amount of $500,000.
Agent/Location Data Applicants must identify all Idaho locations where their business may be conducted. This should include the identification of company owned outlets as well as any agents/authorized representatives. The Idaho Money Transmitters Act mandates the use of and identifies some requirements necessary in an authorized representative contract (I.C. ยง 29-2918) for use by licensees with their Idaho locations.
Completed Application Beginning September 1, 2012, money transmitters can obtain an Idaho money transmitter license through a national electronic licensing system known as the NMLS. The system and related information can be found at http://mortgage.nationwidelicensingsystem.org.

For companies not conducting a multi-state business or not interested in using NMLS, please contact the Department of Finance for a licensing package. You may contact Ginnie Sorensen at (208) 332-8073 or via email at ginnie.sorensen@finance.idaho.gov.

On-Line Resources: