Do You Need A License To Be A Private Money Lender In Idaho?

State Licensing Requirements

Idaho

Electronic filings through NMLS may be delayed if all required items on the appropriate checklist below are not submitted to the regulator.

Check state agency website for further information: Idaho Department of Finance

Collection Agency License Transition Plan

Regulated Lender and Payday Lender License Transition Plan

Multistate Money Services Businesses Licensing Agreement Program : Idaho Department of Finance participates in the Multistate Money Services Businesses Licensing Agreement Program (MMLA), which creates a more efficient money service business licensing process among state regulators. If your company is seeking money transmitter licensure in more than five (5) states, participation in the MMLA may be right for you. See the Multistate MSB Licensing Agreement Program page of the NMLS Resource Center for more information.

Electronic Surety Bonds (ESB): Beginning June 1, 2018, electronic surety bonds (ESB) for the license/registration types will be available in NMLS. New company license applications submitted through NMLS for the following license types will be required to meet all surety bond requirements by completing the electronic surety bond process. See the ESB Adoption Map and Table for more information.

Note: The use of NMLS for ID Money Transmitter licensees/applicants is OPTIONAL. If you choose to use NMLS to manage your license, you must use ESB to manage your surety bond. If you choose NOT to transition your license to NMLS, you cannot use ESB to manage your surety bond and must continue to manage your surety bond outside of NMLS.

Company Licenses	Description	Requirements Checklist
Collection Agency License	This license is required of any person, unless exempt, regardless of location, that operates as a collection agency, debt counselor, credit counselor, debt settlement organization, debt buyer, social security designee or credit repair organization in this state or performs any of the following directly or indirectly: Engages in the business of collecting or receiving payment for others of any account, bill, claim or other indebtedness. Solicits or advertises to collect or receive payment for another of any account, bill, claim or other indebtedness. Sells or otherwise distributes any system or systems of collection letters or similar printed matter where the name of any person other than the particular creditor to whom the debt is owed appears. Engages in any activity which indicates that a third party is or may be involved in effecting any collections. Engages or offers to engage in the business of collecting any form of indebtedness for that person's own account if the indebtedness was acquired from another person and if the indebtedness was either delinquent or in default at the time it was acquired. Engages or offers to engage in the business of receiving money from debtors for application or payment to or prorating of a debt owed to, any creditor or creditors of such debtor, or engages or offers to engage in the business of providing counseling or other services to debtors in the management of their debts, or contracting with the debtor to effect the adjustment, compromise, or discharge of any account, note or other indebtedness of the debtor. Engages or offers to engage in the business of selling, providing or performing services to improve any consumer's credit record, credit history or credit rating, or providing advice or assistance to any consumer with regard to his credit record, credit history or credit rating. Servicers of subordinate lien loans secured by a primary residence in Idaho should refer to the Mortgage Broker Lender License. (More Details)	Transition To NMLS New Application Amendment Surrender
Exempt Entity Registration	This license is required of any person, unless exempt, regardless of location other than the main office identified on the Company Form, that makes residential mortgage loans to borrowers, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, accepts or offers to accept applications for residential mortgage loans, assists or offers to assist in the preparation of an application for a residential mortgage loan, or servicing a residential mortgage loan on behalf of any person. (More Details)	New Application New Application Amendment Surrender
Money Transmitter License	This license is required for any entity that sells or issues payment instruments or open loop stored value devices and payment instruments; or who engages in the business of receiving money for transmission or engaging in the business of money transmission, by any and all means including but not limited to payment instrument, wire, facsimile, or electronic transfer; or acting as a bill payer; or providing deferred delivery services for any of the above. (More Details)	Transition To NMLS New Application Amendment Surrender
Mortgage Broker/Lender License	This license is required of any person, unless exempt, that makes residential mortgage loans to borrowers, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, accepts or offers to accept applications for residential mortgage loans, assists or offers to assist in the preparation of an application for a residential mortgage loan on dwellings, or servicing a residential mortgage loan on behalf of any person. This license applies regardless of lien position or occupancy level. Main/Corporate office and company records must be maintained in the United States. (More Details)	New Application Amendment Surrender
Payday Lender License	This license is required of any person, unless exempt, regardless of location, engaging in the business of payday loans, offering or making a payday loan, or arranging a payday loan for a third party lender on a payday loan transaction. A payday loan made in this state in violation of the licensing requirement of this section is void, uncollectible and unenforceable. For any such payday loan the debtor is not obligated to pay the principal or any fee associated with such payday loan. If a debtor has paid any part of the principal or fee, the debtor has a right to recover the payment. (More Details)	Transition To NMLS New Application Amendment Surrender
Regulated Lender License	This license is required of any person, unless exempt, regardless of location, making regulated consumer loans; or taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from regulated consumer loans. Servicers of subordinate lien loans secured by a primary residence in Idaho should refer to the Mortgage Broker Lender License. (More Details)	Transition To NMLS New Application Amendment Surrender
Branch Licenses	Description	Requirements Checklist
Collection Agency Registration (Branch)	This registration is required of any person, unless exempt, regardless of location other than the main office identified on the Company Form, that directly or indirectly operates as a collection agency, debt counselor, credit counselor, debt settlement organization, debt buyer, social security designee or credit repair organization in this state. Refer to the company information for activity details. (More Details)	Transition To NMLS New Application Amendment Surrender
Mortgage Broker/Lender License (Branch)	This license is required of any person, unless exempt, regardless of location other than the main office identified on the Company Form, that makes residential mortgage loans to borrowers, for compensation or gain, or in the expectation of compensation or gain, either directly or indirectly, accepts or offers to accept applications for residential mortgage loans, assists or offers to assist in the preparation of an application for a residential mortgage loan, or servicing a residential mortgage loan on behalf of any person. (More Details)	New Application Amendment Surrender
Payday Lender License (Branch)	This license is required of any person, unless exempt, regardless of location, other than the main office identified on the Company Form, engaging in the business of payday loans, offering or making a payday loan, or arranging a payday loan for a third party lender on a payday loan transaction. A payday loan made in this state in violation of the licensing requirement of this section is void, uncollectible and unenforceable. For any such payday loan the debtor is not obligated to pay the principal or any fee associated with such payday loan. If a debtor has paid any part of the principal or fee, the debtor has a right to recover the payment. (More Details)	Transition To NMLS New Application Amendment Surrender
Regulated Lender License (Branch)	This license is required of any person, unless exempt, regardless of location, other than the main office identified on the Company Form, making regulated consumer loans or taking assignments of and undertaking direct collection of payments from or enforcement of rights against debtors arising from regulated consumer loans. (More Details)	Transition To NMLS New Application Amendment Surrender
Individual Licenses	Description	Requirements Checklist
Mortgage Loan Originator License	This license is required of any natural persons conducting residential mortgage origination activities in Idaho on behalf of a mortgage broker or mortgage lender from locations licensed to conduct activity in Idaho.	New Application Amendment Surrender