Idaho State Statutes - Idaho Attorney Directory

(1) An authorized
representative shall not make any fraudulent or false statement or
misrepresentation to a licensee or to the director.
(2) All money transmission or sale or issuance of payment instrument
activities conducted by authorized representatives shall be strictly in
accordance with the licensee's written procedures provided to the authorized
representative.
(3) An authorized representative shall remit all money owing to the
licensee in accordance with the terms of the contract between the licensee and
the authorized representative.
(4) All funds, less fees, received by an authorized representative of a
licensee from the sale or delivery of a payment instrument issued by a
licensee or received by an authorized representative for transmission shall,
from the time such funds are received by such authorized representative until
such time when the funds or an equivalent amount are remitted by the
authorized representative to the licensee, constitute trust funds owned by and
belonging to the licensee. If an authorized representative commingles any such
funds with any other funds owned or controlled by the authorized
representative, all commingled proceeds and other property shall be impressed
with a trust in favor of the licensee in an amount equal to the amount of the
proceeds due the licensee.
(5) An authorized representative shall report to the licensee the theft
or loss of payment instruments within twenty-four (24) hours from the time he
knew or should have known of such theft or loss.

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