Creditors that making consumer loans, or collect payments from debtors arising from consumer loans, must obtain a regulated lenders license. Regulated lenders are licensed by the Idaho Department of Finance. To be licensed, applicants must: 1.) Register with the Idaho Secretary of State's Office 2.) Submit current bank statements that reflect a minimum of $30,000 in liquid assets; 3.) Provide a History of Lending; 4.) Submit samples of all forms to be used in the lending process; 5.) Submit an application with required documents and fees. Payday Lenders require a separate license and fees. Term: Licenses are renewed annually.
