STATEMENT OF PURPOSE
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.
FISCAL NOTE
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.
Contact:
Representative James Petzke
(208) 332-8060
Anthony Polidori
Department of Finance
(208) 332-8060
DISCLAIMER: This statement of purpose and fiscal note are a mere attachment to this bill and prepared by a proponent
of the bill. It is neither intended as an expression of legislative intent nor intended for any use outside of the legislative
process, including judicial review (Joint Rule 18).
Statement of Purpose / Fiscal Note Bill SOP/FN INTRODUCED: 02/06/2024, 7:37 AM