RS30824C1 / H0479

The legislation replaces the existing Idaho Money Transmitter Act with the model Money Transmission Modernization Act. The model Act was developed by an association of state agencies tasked with money transmitter supervision along with members of the money services business industry, with the intent to ensure state agencies can coordinate in the supervision of money services business, to protect the public from financial crimes, to standardize licensing, and to modernize licensing requirements to ensure customer funds are protected in an environment that supports innovative and competitive business practices. The model Act sets forth provisions concerning money transmission licenses; acquisition of control; reporting and records; authorized delegates; timely transmission, refunds, and disclosures; prudential standards; and enforcement.

This legislation is anticipated to have NO IMPACT to the Idaho Department of Finance State Regulatory Fund (FIAA) because it DOES NOT increase license application fees collected by the Department from licensees and license applicants.

Bill Text

Statement of Purpose / Fiscal Note

Bill on Idaho Legislature site