Title 26, BANKS AND BANKING

26-2901. Short title. This chapter may be known and cited as the "Idaho Money Transmitters Act."

26-2902. Definitions. Unless otherwise indicated, the following definitions shall apply to the terms set forth below wherever such terms are used in this chapter: (1) "Applicant" means a person filing an application for a license under the provisions of this chapter. (2) "Authori…

26-2903. License required. (1) On or after the effective date of this act, no person except a person exempt pursuant to the provisions of section 26-2904, Idaho Code, shall engage in the business of money transmission without a license as provided in accordance with the provision…

26-2904. Exemptions. (1) This chapter shall not apply to: (a) The United States or any department, agency or instrumentality of the United States; (b) The United States post office; (c) The state or any political subdivision of the state; and (d) Banks, credit unions, savings and…

26-2905. License qualifications. (1) Each licensee licensed under the provisions of this chapter shall at all times have a net worth of not less than fifty thousand dollars ($50,000), calculated in accordance with generally accepted accounting principles. Licensees engaging in mo…

26-2906. Permissible investments. Each licensee licensed under the provisions of this chapter must at all times possess permissible investments having an aggregate market value, calculated in accordance with generally accepted accounting principles, of not less than the aggregate…

26-2907. License application. Each application for a license under the provisions of this chapter shall be made in writing, under oath, and in a form prescribed by the director. Each application shall contain: (1) For all applicants: (a) The exact name of the applicant, the appli…

26-2908. Bond or other security device. (1) Each application must be accompanied by a surety bond, irrevocable letter of credit or such other similar security device, hereinafter referred to as security device, acceptable to the director in the amount of ten thousand dollars ($10…

26-2909. Application fee. Each application must be accompanied by a nonrefundable application fee in the amount of one hundred dollars ($100) for the license. The application fee shall also constitute the license fee for the applicant’s first year of activities if the license is …

26-2910. Issuance of license. (1) Upon the filing of a complete application, the director shall investigate the financial condition and responsibility, financial and business experience, character and general fitness of the applicant. The director may conduct an on-site investiga…

26-2911. Renewal of license and annual report. (1) Each licensee shall file with the director an annual report, in a form prescribed by the director, which form shall be sent by the director to each licensee no later than three (3) months immediately preceding the thirtieth day o…

26-2912. Extraordinary reporting requirements. Within fifteen (15) days of the occurrence of any one (1) of the events listed below, a licensee shall file a written report with the director describing such event: (1) The filing for bankruptcy or reorganization by the licensee; (2…

26-2913. Changes in control of a license. (1) Within fifteen (15) days of a change or acquisition of control of a licensee that is a publicly traded corporation or is a direct or indirect subsidiary of a publicly traded corporation, the licensee shall provide notice of such event…

26-2914. Authority to conduct examinations and investigations. (1) For the purpose of discovering violations of this chapter or rules adopted under this chapter, discovering unsafe and unsound practices, or securing information lawfully required under this chapter, the director m…

26-2915. Maintenance of records. (1) Each licensee shall make, keep, and preserve the following books, accounts and other records for a period of three (3) years: (a) A record or records of payment instruments sold; (b) A general ledger containing all asset, liability, capital, i…

26-2916. Confidentiality of data submitted to the director. (1) All information or reports obtained by the director from an applicant, licensee or authorized representative, whether obtained through reports, applications, examinations, audits, investigation, or otherwise includin…

26-2917. Suspension or revocation of licenses. After notice and opportunity for hearing, the director may suspend or revoke a licensee’s license if the director finds that: (1) Any fact or condition exists that, if it had existed at the time when the licensee applied for a licens…

26-2918. Authorized representative contracts. Licensees desiring to conduct licensed activities through authorized representatives shall authorize such representative to operate pursuant to an express written contract, which shall provide the following: (1) That the licensee appo…

26-2919. Authorized representative conduct. (1) An authorized representative shall not make any fraudulent or false statement or misrepresentation to a licensee or to the director. (2) All money transmission or sale or issuance of payment instrument activities conducted by author…

26-2920. Revocation or suspension of authorized representatives. (1) If, after notice and a hearing, the director finds that any authorized representative of a licensee or any director, officer, employee, or controlling person of such authorized representative: (a) Has violated a…

26-2921. Licensee liability. A license’s liability to any person for a money transmission conducted on that person’s behalf by the licensee or the licensee’s authorized representative shall be limited to the amount of money transmitted or the face amount of the payment instrument…

26-2922. Hearings — Procedures. The provisions of the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, shall apply to any hearing afforded pursuant to the provisions of this chapter.

26-2923. Civil penalties. (1) If, after notice and hearing, the director finds that a person has violated the provisions of this chapter or a rule adopted under the provisions of this chapter, the director may order the person to pay to the director a civil penalty in an amount s…

26-2924. Enforcement. (1) If it appears to the director that any person has committed or is about to commit a violation of any provision of this chapter or of any rule or order of the director, the director may: (a) Issue a cease and desist order ordering such person to cease and…

26-2925. Criminal penalties. Any person who knowingly and wilfully violates any provision of this chapter is guilty of a felony.

26-2926. Promulgation of rules. All rules promulgated by the director pursuant to authority conferred in this chapter will be in accordance with the Idaho administrative procedure act, chapter 52, title 67, Idaho Code. In addition thereto, at the time the director files a notice …

26-2927. Severability. Should any provision, sentence, clause, section or part of this act for any reason be held unconstitutional, illegal or invalid, such unconstitutionality, illegality, or invalidity shall not affect or impair any of the remaining provisions, sentences, claus…

26-2928. Appointment of director as agent for service of process. (1) Any licensee, authorized representative or other person who knowingly engages in business activities that are regulated under the provisions of this chapter, with or without filing an application, is deemed to …