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Can I obtain a money transmitter license in Idaho? What are the requirements?

Yes, you can obtain a money transmitter license in Idaho. To obtain a license, you must meet the following requirements:

  1. Submit a written application under oath in a form prescribed by the director.
  2. Provide the exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of its business and the location of the applicant’s business records.
  3. Provide a description of the activities conducted by the applicant and a history of operations.
  4. Provide a description of the business activities in which the applicant seeks to be engaged in this state.
  5. Provide a list identifying the applicant’s proposed authorized representatives in this state.
  6. Provide a sample authorized representative contract, if applicable.
  7. Provide a sample form of payment instrument, if applicable.
  8. Provide the location(s) at which the applicant and its authorized representatives, if any, propose to conduct the licensed activities in this state.
  9. Provide the name and address of the clearing bank or banks on which the applicant’s payment instruments will be drawn or through which such payment instruments will be payable.
  10. Provide a certificate of good standing from the state in which the applicant was incorporated, if the applicant is a corporation.
  11. Provide a copy of the applicant’s most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position, and, if available, the applicant’s audited financial statements for the immediately preceding two (2) year period.
  12. Provide copies of all filings, if any, made by the applicant with the United States securities and exchange commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application.
  13. Pass the trainer’s test and have their application signed by a steward, or have a current valid trainers license from another recognized jurisdiction, if applying for a trainer license for the first time in Idaho [1.1][1.3].

In addition, each licensee licensed under the provisions of this chapter shall at all times have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles. Licensees engaging in money transmission at more than one (1) location or through authorized representatives shall have an additional net worth of twenty-five thousand dollars ($25,000) per location or authorized representative located in the state, as applicable, to a maximum of two hundred fifty thousand dollars ($250,000) [1.2].

To apply for a money transmitter license in Idaho, you must pay a nonrefundable application fee of one hundred dollars ($100), which shall also constitute the license fee for the applicant’s first year of activities if the license is granted [1.4].

In conclusion, to obtain a money transmitter license in Idaho, you must submit a written application under oath in a form prescribed by the director, meet the requirements listed above, and pay the application fee.