Idaho Money Transmitters Act

This act governs the business of money transmission, requiring anyone who transmits money or payment instruments for others to hold a state license unless expressly exempted. It sets entry and solvency standards — application contents and fees, minimum net worth, surety bonds or comparable security, and permissible investments held in trust for the benefit of purchasers and holders — and imposes ongoing duties including annual renewal and reporting, notice of changes in control, recordkeeping, examinations, anti-money-laundering filings, and licensee responsibility for the conduct of authorized agents. Enforcement rests with the state banking regulator, who may deny, suspend, or revoke licenses and agent designations, issue cease and desist and emergency orders, enter consent orders, and impose civil and criminal penalties, subject to administrative hearings and judicial review.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.