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Idaho Statutes
Idaho Statutes are updated to the website July 1 following the legislative session.
COMMERCIAL TRANSACTIONS
CHAPTER 46
ADMINISTRATION
PART 4.
PAYDAY LOANS
28-46-404. Application for payday loan license. (1) Each application for a license shall be in writing and under oath to the administrator, in a form prescribed by the administrator, and shall include at least the following:
(a) The legal name, residence and business address of the applicant and, if the applicant is an entity, of every member, partner, director, senior officer or twenty-five percent (25%) or more equity owner of the applicant;
(b) The location at which the principal place of business of the applicant is located; and
(c) Other data and information the administrator may require with respect to the applicant, and if the applicant is an entity, such data and information of its members, partners, directors, senior officers, or twenty-five percent (25%) or more equity owners of the applicant.
(2) Each application for a license shall be accompanied by an application fee in the amount of three hundred fifty dollars ($350). Such fee shall not be subject to refund.
(3) The fee set forth in subsection (2) of this section shall be required for each location for which an application is submitted.
(4) Within sixty (60) days of the filing of an application in a form prescribed by the administrator, accompanied by the fee required in subsection (2) of this section, the administrator shall investigate to ascertain whether the qualifications prescribed by subsection (1) of section 28-46-403, Idaho Code, have been satisfied. If the administrator finds that the qualifications have been satisfied and approves the documents, the administrator shall issue to the applicant a license to engage in the payday loan business.
(5) Notwithstanding the provisions of section 67-5254, Idaho Code, a license issued pursuant to this part automatically expires if not timely renewed according to the requirements of subsection (7) of this section, or the license is relinquished, suspended or revoked pursuant to this act. Notwithstanding the provisions of section 67-5254, Idaho Code, branch licenses issued under this part also expire upon the expiration, relinquishment or revocation of a license issued under this part to a licensee’s designated home office.
(6) A license application shall be deemed withdrawn and void if an applicant submits an incomplete license application and, after receipt of a written notice of the application deficiency, fails to provide the director with information necessary to complete the application within sixty (60) days of receipt of the deficiency notice. A written deficiency notice shall be deemed received by a license applicant when:
(a) Placed in regular U.S. mail by the director or his agent using an address provided by the applicant on the license application; or
(b) E-mailed to the applicant using an e-mail address provided by the applicant on the license application; or
(c) Posted by the director or his agent on the NMLSR if the license application was submitted through the NMLSR.
(7) On or before May 31 of each year, every licensee under this part 4 shall pay a nonrefundable annual license renewal fee of one hundred fifty dollars ($150) per licensed location, and shall file with the administrator a renewal form containing such information as the administrator may require.
(8) For a period of time not to exceed sixty (60) days following license expiration, the director may reinstate an expired license if he finds that the applicant meets the requirements for licensure under this part and the applicant has submitted to the director:
(a) A complete application for renewal;
(b) The fees required to apply for license renewal unless previously paid for the period for which the license renewal applies; and
(c) A reinstatement fee of two hundred dollars ($200).
History: