MSB License Regulation in Idaho

Regulator of MSB license in Idaho

Idaho Department of Finance

Documents required for application:

• Identification details
• Disclosure of any material litigation or convictions within the past 5 years
• Overview of business activities and operational history
• Details of intended activities within Hawaii
• List of proposed authorized delegates within the state
• Sample contract for authorized delegates
• Sample payment instrument format
• List of proposed in-state locations for the applicant and/or delegates
• Information on banks or institutions where money transactions will occur
• Disclosure of any regulatory disciplinary actions
• Website details
• Contact person information
• Breakdown of costs and fees charged to borrowers
• States where the applicant currently conducts money transmission
• Fingerprint cards and consent forms
• Authorization to release information form

Cost Involved

• In order to obtain a Money Transmitter License in Idaho, a tangible total worth of at least $50,000 is required.
• Additionally, it is mandatory for you to provide a surety bond equivalent to $10,000 or a premium of $250.
• Application fee of $2,000 application fee + $300 for each location
• Annual license fee of $2,000 + $300 for each location

Process of application

• Begin by registering your money services business with FinCEN.
• Create an account on the Nationwide Multistate Licensing System (NMLS) to initiate your application.
• Before commencing the application, thoroughly review the rules and regulations outlined by the Idaho Department of Finance.
• Ensure all necessary documents are prepared according to the submission requirements.
• Once the application is underway, adhere to all stipulated document and fee requirements.
• Failure to comply may necessitate restarting the application process within NMLS.
• Upon submission, anticipate a response from the regulator within approximately three to six months.