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Can I use third-party payment processors on my website in Idaho? What are the requirements?
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Third-Party Payment Processors in Idaho
Idaho law does not have specific requirements for using third-party payment processors on a website. However, if you are a payday lender, you must obtain a license to engage in the payday loan business [3.2].
Payday Loan License Requirements
To obtain a payday loan license, you must submit an application in writing and under oath to the administrator, in a form prescribed by the administrator [3.2]. The application must include the legal name, residence and business address of the applicant and, if the applicant is an entity, of every member, partner, director, senior officer or twenty-five percent (25%) or more equity owner of the applicant [3.2].
Each application for a license shall be accompanied by an application fee in the amount of three hundred fifty dollars ($350) [3.2]. Within sixty (60) days of the filing of an application, the administrator shall investigate to ascertain whether the qualifications prescribed by subsection (1) of section 28-46-403, Idaho Code, have been satisfied [3.2].
Branch Banking in Idaho
No bank shall maintain any branch except as provided for in the Idaho Bank Act [2.1]. Any bank organized and chartered under the laws of Idaho may, upon written application to and with the approval of the director, establish and operate one (1) or more branches for the transaction of its business at any location [2.1]. Any such bank may establish and operate a branch in a state other than Idaho, provided that the bank shall comply with all applicable provisions of Idaho law, the law of the other state and federal law [2.1]. Any bank organized and chartered under the laws of another state or under federal law may establish and operate one (1) or more branches in Idaho as permitted by chapter 16, title 26, Idaho Code, and federal law [2.1].
Conclusion
Idaho law does not have specific requirements for using third-party payment processors on a website. However, if you are a payday lender, you must obtain a license to engage in the payday loan business. To obtain a payday loan license, you must submit an application in writing and under oath to the administrator, in a form prescribed by the administrator, and pay an application fee of three hundred fifty dollars ($350) [3.2].
Regarding branch banking in Idaho, no bank shall maintain any branch except as provided for in the Idaho Bank Act. Any bank organized and chartered under the laws of Idaho may establish and operate one or more branches for the transaction of its business at any location, subject to approval by the director. Any bank organized and chartered under the laws of another state or under federal law may establish and operate one or more branches in Idaho as permitted by chapter 16, title 26, Idaho Code, and federal law [2.1].
Source(s):
Jurisdiction
Idaho