Section 26-2901 – SHORT TITLE.

26-2901. SHORT TITLE. This chapter may be known and cited as the "Idaho Money Transmitters Act." History: [26-2901, added 1994, ch. 410, sec. 1, p. 1282.]

Section 26-2902 – DEFINITIONS.

26-2902. DEFINITIONS. Unless otherwise indicated, the following definitions shall apply to the terms set forth below wherever such terms are used in this chapter: (1) "Applicant" means a person filing an application for a license under the provisions of this chapter. (2) "Authorized representative" means an entity designated by the licensee under the provisions of […]

Section 26-2903 – LICENSE REQUIRED.

26-2903. LICENSE REQUIRED. (1) On or after the effective date of this act, no person except a person exempt pursuant to the provisions of section 26-2904, Idaho Code, shall engage in the business of money transmission without a license as provided in accordance with the provisions of this chapter. (2) A licensee may conduct its […]

Section 26-2904 – EXEMPTIONS.

26-2904. EXEMPTIONS. (1) This chapter shall not apply to: (a) The United States or any department, agency or instrumentality of the United States; (b) The United States post office; (c) The state or any political subdivision of the state; and (d) Banks, credit unions, savings and loan associations, savings banks or mutual banks organized under […]

Section 26-2905 – LICENSE QUALIFICATIONS.

26-2905. LICENSE QUALIFICATIONS. (1) 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 […]

Section 26-2906 – PERMISSIBLE INVESTMENTS.

26-2906. PERMISSIBLE INVESTMENTS. Each licensee licensed under the provisions of this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate face amount of all outstanding payment instruments issued or sold by the licensee in the United States. […]

Section 26-2907 – LICENSE APPLICATION.

26-2907. LICENSE APPLICATION. Each application for a license under the provisions of this chapter shall be made in writing, under oath, and in a form prescribed by the director. Each application shall contain: (1) For all applicants: (a) The exact name of the applicant, the applicant’s principal address, any fictitious or trade name used by […]

Section 26-2908 – BOND OR OTHER SECURITY DEVICE.

26-2908. BOND OR OTHER SECURITY DEVICE. (1) Each application must be accompanied by a surety bond, irrevocable letter of credit or such other similar security device, hereinafter referred to as security device, acceptable to the director in the amount of ten thousand dollars ($10,000). If the applicant proposes to engage in business under the provisions […]

Section 26-2909 – APPLICATION FEE.

26-2909. APPLICATION FEE. Each application must be accompanied by a nonrefundable application fee in the amount of one hundred dollars ($100) for the license. The application fee shall also constitute the license fee for the applicant’s first year of activities if the license is granted. All fees, fines, examination and miscellaneous charges provided for in […]

Section 26-2910 – ISSUANCE OF LICENSE.

26-2910. ISSUANCE OF LICENSE. (1) Upon the filing of a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The director may conduct an on-site investigation of the applicant, the actual cost of which shall be borne by the applicant. If the […]

Section 26-2911 – RENEWAL OF LICENSE AND ANNUAL REPORT.

26-2911. RENEWAL OF LICENSE AND ANNUAL REPORT. (1) Each licensee shall file with the director an annual report, in a form prescribed by the director, which form shall be sent by the director to each licensee no later than three (3) months immediately preceding the thirtieth day of June of each year, or as the […]

Section 26-2912 – EXTRAORDINARY REPORTING REQUIREMENTS.

26-2912. EXTRAORDINARY REPORTING REQUIREMENTS. Within fifteen (15) days of the occurrence of any one (1) of the events listed below, a licensee shall file a written report with the director describing such event: (1) The filing for bankruptcy or reorganization by the licensee; (2) The institution of revocation or suspension proceedings against the licensee by […]

Section 26-2913 – CHANGES IN CONTROL OF A LICENSE.

26-2913. CHANGES IN CONTROL OF A LICENSE. (1) Within fifteen (15) days of a change or acquisition of control of a licensee that is a publicly traded corporation or is a direct or indirect subsidiary of a publicly traded corporation, the licensee shall provide notice of such event to the director in writing. (2) Licensees […]

Section 26-2914 – AUTHORITY TO CONDUCT EXAMINATIONS AND INVESTIGATIONS.

26-2914. AUTHORITY TO CONDUCT EXAMINATIONS AND INVESTIGATIONS. (1) For the purpose of discovering violations of this chapter or rules adopted under this chapter, discovering unsafe and unsound practices, or securing information lawfully required under this chapter, the director may at any time, either personally or by designee, investigate or examine the business and wherever located, […]

Section 26-2915 – MAINTENANCE OF RECORDS.

26-2915. MAINTENANCE OF RECORDS. (1) Each licensee shall make, keep, and preserve the following books, accounts and other records for a period of three (3) years: (a) A record or records of payment instruments sold; (b) A general ledger containing all asset, liability, capital, income and expense accounts, which general ledger shall be posted at […]

Section 26-2916 – CONFIDENTIALITY OF DATA SUBMITTED TO THE DIRECTOR.

26-2916. CONFIDENTIALITY OF DATA SUBMITTED TO THE DIRECTOR. (1) All information or reports obtained by the director from an applicant, licensee or authorized representative, whether obtained through reports, applications, examinations, audits, investigation, or otherwise including, but not limited to: (a) All information contained in or related to examination, investigation, operating, or condition reports reported by, […]

Section 26-2917 – SUSPENSION OR REVOCATION OF LICENSES.

26-2917. SUSPENSION OR REVOCATION OF LICENSES. After notice and opportunity for hearing, the director may suspend or revoke a licensee’s license if the director finds that: (1) Any fact or condition exists that, if it had existed at the time when the licensee applied for a license, would have been grounds for denying such application; […]

Section 26-2918 – AUTHORIZED REPRESENTATIVE CONTRACTS.

26-2918. AUTHORIZED REPRESENTATIVE CONTRACTS. Licensees desiring to conduct licensed activities through authorized representatives shall authorize such representative to operate pursuant to an express written contract, which shall provide the following: (1) That the licensee appoints the person as its representative with authority to engage in money transmission on behalf of the licensee; (2) That neither […]

Section 26-2919 – AUTHORIZED REPRESENTATIVE CONDUCT.

26-2919. AUTHORIZED REPRESENTATIVE CONDUCT. (1) An authorized representative shall not make any fraudulent or false statement or misrepresentation to a licensee or to the director. (2) All money transmission or sale or issuance of payment instrument activities conducted by authorized representatives shall be strictly in accordance with the licensee’s written procedures provided to the authorized […]

Section 26-2920 – REVOCATION OR SUSPENSION OF AUTHORIZED REPRESENTATIVES.

26-2920. REVOCATION OR SUSPENSION OF AUTHORIZED REPRESENTATIVES. (1) If, after notice and a hearing, the director finds that any authorized representative of a licensee or any director, officer, employee, or controlling person of such authorized representative: (a) Has violated any provision of this chapter, or of any rule or order issued under the provisions of […]