Who needs to register?
Under Idaho statute, a person must register as a money transmitter if engaged in the sale or issuance of payment instruments, engaged in the business of receiving money for transmission, or engaged in the business of transmitting money within the United States or to locations outside the United States by any and all means including, but not limited to, payment instrument, wire, facsimile or electronic transfer.
Who is the regulator?
Idaho Department of Finance
What are the money transmitter license requirements?
To apply as a general money transmitter in Hawaii requires the following fees and documents:
- Identification information
- History of material litigation or convictions for 5 years prior
- Description of business activities and history of operations
- Description of desired activities within the state
- List of proposed authorized delegates in the state
- Sample of an authorized delegate contract
- Sample form of payment instrument
- List of proposed in-state applicant and/or delegate locations
- Name and address of banks or institutions where money will be drawn for MS
- Disclosure of regulatory discipline
- Contact person
- Complete schedule of range of costs and fees applicant charges borrowers for servicing-related activities
- States in which applicant is currently engaging in money transmission
- Fingerprint cards and consent form
- Authorization to release information form
- Net worth of $50,000 plus $25,000 for each location or delegation, up to a maximum of $250,000
- $2,000 application fee + $300 for each location, not amounting to more than $15,000
- $2,000 annual license fee + $300 for each location, not amounting to more than $15,000
Corporate money transmitter
Applying as a corporation requires the following additional documentation:
- Date and state of incorporation and a Certificate of Good Standing
- Description of corporate structure
- Identifying information, employment history, legal history of officers, managers, and key shareholders
- Information necessary to complete a criminal history record check for every key player involved
- Either copies of audited financial statements for the current year and the preceding 2 years, including a balance sheet, statement of income or loss, statement of changes in shareholder equity, and statement of changes in financial positions, or, depending upon the corporate form;
- If a wholly owned subsidiary of a corporation publicly traded in the United States – Financial statements for the current year or the parent corporation’s Form 10K reports filed with the SEC for the preceding 3 years may be submitted with the applicant’s unaudited financial statements;
- If a corporation publicly traded outside the United States – Similar documentation filed with the parent corporation’s non-United States regulator may be submitted with applicant’s unaudited financial statements;
- If neither situation applies, in the event any applicant does not otherwise obtain audited financial statements, such applicant must provide financial income tax returns covering the required period, copies of unaudited, compiled, or reviewed financial statements, and the most recent financial statements, if any, furnished to the applicant’s bank or other lending institution.
Non-corporate money transmitter
Applying as a non-corporate money transmitter requires the following additional documentation:
- Identifying information of each principal applicant and persons in charge of applicant’s activities over last 5 years
- Place and date of applicant’s registration and qualification to do business in state
- History of material litigation or criminal convictions of each individual having ownership interest in applicant or those exercising supervisory responsibility
- Either copies of the applicant’s audited financial statements for the current year and, if applicable, for the preceding 2 years, including a balance sheet, statement of income or loss, and statement of changes in financial position
- Or, in the event any applicant does not otherwise obtain audited financial statements, such applicant must provide federal income tax returns covering the required period, copies of unaudited, compiled or reviewed financial statements, and the most recent financial statements, if any, furnished to the applicant’s bank or other lending situation
What are the general bonding requirements?
General bonding requirements for money transmitters in Hawaii include:
- $10,000 surety bond
- $5,000 for each addition location, up to a maximum of $500,000
Disclaimer: Information provided by Shipkevich, PLLC and any of its affiliated web pages is for general educational purposes only, and should not be taken as legal advice.