Licensing Authority in charge of the Idaho Money Transmitter License (IDMTL) is called the Idaho Department of Finance. Idaho Licenses can be applied directly through paper forms or 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.
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. The 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. The maximum required surety amount is $500,000 in the form of a surety bond, irrevocable letter of credit, or another 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 the 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.