Licensing Authority in charge of Idaho Money Transmitter License (IDMTL) is called the Idaho Department of Finance. Idaho Licenses can be applied directly through paper forms or through NMLS. To apply for an IDMTL, you have to first register with the Nationwide Multistate Licensing System and Registry (NMLS). In NMLS, you will have to first complete a Company Account Request Form and identify a Primary Account Administrator and a Secondary Account Administrator.
What are the requirements to apply for an Idaho Jersey Money Transmitter License?
The following documents should be submitted to the Licensing Authority:
- Resident/ Registered Agent Details
- Bank Account details
- Audited financial statements prepared by CPA for the last 2 years. Financial statements should show Applicants continuing net worth of $50,000 plus an additional increase in the net worth of $ 25,000 for every agent location. Maximum required net worth $250,000
- List of countries from where the applicant will be receiving money and sending money to
- List of states where the applicant is registered as a money transmitter and where applications are pending
- Authorized delegate contract
- AML Program details
- Business Plan
- Management Chart and Organizational Chart showing ownership percentage
- Company Formation documents
- Authorized Agents Locations
- Registration with FinCEN as a Money Services Business
- Surety bonds
The required documentation can vary from applicant to applicant.
What is the process for obtaining an Idaho Money Transmitter License?
Application has to be made to the Idaho Department of Finance by NMLS or directly offline. Documents have to be uploaded on the NMLS website and certain documents have to be mailed. Important requirements are 1) Signatures at all required places; 2) Required filing fee, and 3) All enclosures and financial statements as stated in the form. The applications are processed within 180 days.
It’s important to note that an annual report has to be sent to the Director within 30 June every year. License is issued for a period of one year and expires on 31 December. It has to be renewed annually before 15 September (Non-NMLS) and 30 September (NMLS).
How much does it cost to obtain an Idaho Money Transmitter License?
License Registration Fee costs $100 and the NMLS Processing Fee is also $100. The important thing to note is that there is no renewal fee. Continuing net worth of $ 50,000 is required plus an additional increase in the net worth of $25,000 for every agent location. Maximum required net worth is $250,000.
Surety Bond should be $10,000 plus $ 5000 for every location to be furnished by a surety company authorized to conduct business in Idaho. Maximum required surety amount is $500,000 in the form of surety bond, irrevocable letter of credit or such other similar security device. Legal Fees vary between $8,000 and $12,000.
Empire Global has a team of experienced professionals who will assist you through the entire process of Idaho Money Transmitter License application including assistance in the preparation of documents, submission of application and responding to any queries. We request you to get in touch with Empire Global at the earliest to understand the entire process in detail and apply for an Idaho Money Transmitter License.