Anyone that sells or issues payment transmissions through wire, facsimile, electronic transfer, or other transfer method in Idaho must be licensed as a Money Transmitter by the Idaho Department of Finance. To be licensed, applicants must: 1.) Submit an application with required documents and fees; 2.) Provide audited financial statements demonstrating a minimum net worth of $50,000 with a sliding scale to a maximum of $250,000; 3.) Deliver a surety bond to the Idaho Department of Finance in the amount of $10,000 on a sliding scale to a maximum of $500,000; 4.) Identify all Idaho locations where their business may be conducted. Term: Licenses are renewed annually.
