Official Government Website

Idaho Money Transmitters Section

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:

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?

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. § 29-2918) for use by licensees with their Idaho locations.
Completed Application 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 https://mortgage.nationwidelicensingsystem.org/.

For companies not conducting a multi-state business or not interested in using NMLS, application forms are available Here.

Additional questions: contact our office at (208) 332-8004 or toll free within Idaho 1-888-346-3378.

On-Line Resources: