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Idaho Statutes
Idaho Statutes are updated to the website July 1 following the legislative session.
BANKS AND BANKING
CHAPTER 29
MONEY TRANSMISSION
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 applicant’s principal address, any fictitious or trade name used by the applicant in the conduct of its business and the location of the applicant’s business records;
(b) The history of the applicant’s material litigation for the five (5) year period prior to the date of the application and any nontraffic related criminal convictions or withheld judgments;
(c) A description of the activities conducted by the applicant and a history of operations;
(d) A description of the business activities in which the applicant seeks to be engaged in this state;
(e) A list identifying the applicant’s proposed authorized representatives in this state;
(f) A sample authorized representative contract, if applicable;
(g) A sample form of payment instrument, if applicable;
(h) The location(s) at which the applicant and its authorized representatives, if any, propose to conduct the licensed activities in this state; and
(i) The name and address of the clearing bank or banks on which the applicant’s payment instruments will be drawn or through which such payment instruments will be payable.
(2) If the applicant is a corporation, the applicant must also provide:
(a) The date of the applicant’s incorporation and state of incorporation;
(b) A certificate of good standing from the state in which the applicant was incorporated;
(c) A description of the corporate structure of the applicant, including the identity of any parent or subsidiary of the applicant, and the disclosure of whether any parent or subsidiary is publicly traded on any stock exchange;
(d) The name, business and residence address, and employment history for the past five (5) years of the applicant’s executive officers and the officer(s) or manager(s) who will be in charge of the applicant’s activities to be licensed hereunder;
(e) The name, business and residence address, and employment history for the five (5) year period preceding the date of the application of any key shareholder of the applicant;
(f) The history of material litigation and nontraffic related criminal convictions or withheld judgments for the five (5) year period preceding the date of the application of every current director, executive officer, or key shareholder of the applicant;
(g) A copy of the applicant’s most recent audited financial statement, including balance sheet, statement of income or loss, statement of changes in shareholder equity and statement of changes in financial position, and, if available, the applicant’s audited financial statements for the immediately preceding two (2) year period. However, if the applicant is a wholly owned subsidiary of another corporation, the applicant may submit either the parent corporation’s consolidated audited financial statements for the current year and for the immediately preceding two (2) year period or the parent corporation’s form 10K reports filed with the United States securities and exchange commission for the prior three (3) years may be submitted with the applicant’s unaudited financial statements. If the applicant is a wholly owned subsidiary of a corporation having its principal place of business outside the United States, similar documentation filed with the parent corporation’s non-United States regulator may be submitted to satisfy this provision. In the event any applicant does not otherwise obtain audited financial statements, such applicant shall, in lieu of audited financial statements required in this section, furnish the director with federal income tax returns covering the required periods together with copies of such unaudited, compiled, or reviewed financial statements as the applicant shall have prepared or obtained for other purposes, including, without limitation, the most recent financial statements, if any, furnished to the applicant’s bank or other lending institution; and
(h) Copies of all filings, if any, made by the applicant with the United States securities and exchange commission, or with a similar regulator in a country other than the United States, within the year preceding the date of filing of the application.
(3) If the applicant is not a corporation, the applicant must also provide:
(a) The name, business and residence address, personal financial statement and employment history, for the five (5) year period prior to the date of the application, of each principal of the applicant and the name, business and residence address, and employment history for the past five (5) years of any other person or persons who will be in charge of the applicant’s activities to be licensed hereunder;
(b) The place and date of the applicant’s registration or qualification to do business in this state;
(c) The history of material litigation for the five (5) year period prior to the date of the application and any nontraffic related criminal convictions or withheld judgments for each individual having any ownership interest in the applicant and each individual who exercises supervisory responsibility with respect to the applicant’s activities; and
(d) Copies of the applicant’s audited financial statements, including balance sheet, statement of income or loss, and statement of changes in financial position, for the current year and, if available, for the immediately preceding two (2) year period. In the event any applicant does not otherwise obtain audited financial statements, such applicant shall, in lieu of audited financial statements required in this section, furnish the director with federal income tax returns covering the required periods together with copies of such unaudited, compiled or reviewed financial statements as the applicant shall have prepared or obtained for other purposes, including, without limitation, the most recent financial statements, if any, furnished to applicant’s bank or other lending institution.
(4) The director is authorized, for good cause shown, to waive any requirement of this section with respect to any license application or to permit a license applicant to submit substituted information in its license application in lieu of the information required in this section.
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