The Idaho Department of Finance says the financial services industry expanded in 2013. An annual report from the department said there was a 2.6 percent increase in submissions for business filings, licenses and registrations.
The total number of business filings to the Department of Finance rose from 155,344 in 2012 to 159,487 in 2013, a record high. The department’s securities bureau reported a record number of securities filings and professionals – 107,217 – licensing to do business in Idaho. Also, the department processed nearly 1,400 new loan originator license applications in 2013, which was more than the prior two years combined, according to Department of Finance Director Gavin Gee.
“These numbers demonstrate that financial service businesses operating in Idaho continue to grow and that our business environment has broad appeal,” Gee said in a news release.
The Department of Finance also started or finished 48 enforcement actions, resulting in $1.7 million in refunds being offered or awarded to Idaho residents through court judgments. That total includes money refunded to Idaho consumers and investors due to administrative, civil and criminal actions initiated or supported by the department, as well as voluntary rescission offers made to remedy unwitting violations of state law.
The Department of Finance also made it possible for people in more industries it regulates to get their licenses and registration online. In 2013, consumer finance companies, payday lenders and collection agencies could use online tools for registration and licensing, with 1,180 applicants going online.