Idaho State Statutes - Idaho Attorney Directory

(1) To qualify for a
license, an applicant shall satisfy the following requirements:
(a) The applicant shall have liquid assets of at least thirty thousand
dollars ($30,000) determined in accordance with generally accepted
accounting principles, provided that applicants seeking to engage in the
business of payday loans at more than one (1) location in the state shall
have liquid assets of at least an additional five thousand dollars
($5,000) for each additional location in the state up to a maximum of
seventy-five thousand dollars ($75,000) for all locations in the state;
and
(b) The financial responsibility, financial condition, business
experience, character and general fitness of the applicant shall
reasonably warrant the administrator's belief that the applicant's
business will be conducted lawfully and fairly. In determining whether
this qualification has been met, and for the purpose of investigating
compliance with this act, the administrator may review and approve:
(i) The relevant business records and the capital adequacy of the
applicant;
(ii) The competence, experience, integrity and financial ability of
any applicant, and if the applicant is an entity, of any person who
is a member, partner, director, senior officer or twenty-five percent
(25%) or more equity owner of the applicant; and
(iii) Any record of conviction, on the part of the applicant, or any
person referred to in subparagraph (ii) of this paragraph, of any
criminal activity; any fraud or other act of personal dishonesty; any
act, omission or practice which constitutes a breach of a fiduciary
duty; or any suspension, revocation, removal or administrative action
by any agency or department of the United States or any state, from
participation in the conduct of any business.
(2) The requirements set forth in subsection (1) of this section are
continuing in nature and may be reviewed periodically by the administrator.

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