Title 28, COMMERCIAL TRANSACTIONS

28-46-101. Short title. This chapter shall be known and may be cited as Idaho Credit Code – Administration.

28-46-102. Applicability. This part applies to persons who in this state: (1) Make or solicit regulated consumer credit transactions, as defined in section 28-41-301, Idaho Code; or (2) Directly collect payments from or enforce rights against debtors arising from regulated consum…

28-46-103. Administrator. "Administrator" means the director of the department of finance of the state of Idaho.

28-46-104. Powers of administrator — Reliance on rules — Duty to report. (1) In addition to other powers granted by this act, the administrator within the limitations provided by law may: (a) Receive and act on complaints, take action designed to obtain voluntary compliance with …

28-46-105. Administrative powers with respect to supervised financial organizations. (1) With respect to supervised financial organizations, the powers of examination and investigation, sections 28-46-106 and 28-46-305, Idaho Code, and administrative enforcement, section 28-46-10…

28-46-106. Investigatory powers. (1) If the administrator has cause to believe that a person has engaged in conduct or committed an act that is subject to action by the administrator, he may make an investigation to determine whether the person has engaged in the conduct or commi…

28-46-107. Application of administrative procedure act. Except as otherwise provided, the Administrative Procedure Act applies to and governs all administrative action taken by the administrator pursuant to this chapter.

28-46-108. Administrative enforcement orders. (1) After notice and hearing the administrator may order a creditor or a person acting in his behalf to cease and desist from violating this act. A respondent aggrieved by an order of the administrator may obtain judicial review of th…

28-46-109. Assurance of discontinuance. If it is claimed that a person has engaged in conduct which could be subject to an order by the administrator, sections 28-46-108 and 28-46-303, Idaho Code, or by a court, sections 28-46-110, 28-46-111 and 28-46-112, Idaho Code, the adminis…

28-46-110. Injunctions against violations of act. The administrator may bring a civil action to restrain any person from violating this act and for other appropriate relief including, but not limited to, the following: to prevent a person from using or employing practices prohibi…

28-46-111. Injunctions against unconscionable agreements and fraudulent or unconscionable conduct including debt collection. (1) The administrator may bring a civil action to restrain a person to whom this part applies from engaging in a course of: (a) Making or enforcing unconsc…

28-46-112. Temporary relief. With respect to an action brought to enjoin violations of the act, section 28-46-110, Idaho Code, or unconscionable agreements or fraudulent or unconscionable conduct, section 28-46-111, Idaho Code, the administrator may apply to the court for appropr…

28-46-113. Civil actions by administrator. (1) After demand, the administrator may bring a civil action against a creditor to recover actual damages sustained and excess charges paid by one (1) or more debtors who have a right to recover explicitly granted by this act. In a civil…

28-46-114. Jury trial. The administrator has no right to trial by jury in an action brought by him under this act.

28-46-115. Debtors’ remedies not affected. The grant of powers to the administrator in this chapter does not affect remedies available to debtors under this act or under other principles of law or equity.

28-46-116. Venue. The administrator may bring actions or proceedings in a court in a county in which an act on which the action or proceeding is based occurred or in a county in which the respondent resides or transacts business.

28-46-301. Authority to make regulated consumer loans — exemption from licensing. (1) The administrator shall receive and act on all applications for licenses to make regulated consumer loans under this act. Applications shall be filed in the manner prescribed by the administrato…

28-46-302. License to make regulated consumer loans. (1) The administrator shall receive and act on all applications for a license to do business as a regulated lender. Applications shall be filed in the manner prescribed by the administrator, shall contain such information as th…

28-46-303. Revocation or suspension of license. (1) The administrator may issue to a person licensed to make regulated consumer loans an order to show cause why his license should not be revoked or suspended for a period not in excess of six (6) months. The order shall state the …

28-46-304. Records — Annual reports. (1) Every regulated lender shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the regulated lender is complying with the provisio…

28-46-305. Examinations and investigations. (1) The administrator may examine periodically at intervals he deems appropriate, the loans and business records of every regulated lender. In addition, for the purpose of discovering violations of this act or securing information lawfu…

28-46-306. Application of administrative procedure act to part. Except as otherwise provided, the state Administrative Procedure Act, chapter 52, title 67, Idaho Code, applies to and governs all administrative action taken by the administrator pursuant to this part.

28-46-401. Definitions. (1) As used in this act, unless the context otherwise requires, "payday loan" means a transaction pursuant to a written agreement between a creditor and the maker of a check whereby the creditor: (a) Accepts a check from the maker; (b) Agrees to hold the c…

28-46-402. License required. (1) No person shall engage in the business of payday loans, offer or make a payday loan, or arrange a payday loan for a third party lender in a payday loan transaction without having first obtained a license under this chapter. A separate license shal…

28-46-403. Qualifications for payday loan license. (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 accoun…

28-46-404. Application for payday loan license. (1) Each application for a license shall be in writing and under oath to the administrator, in a form prescribed by the administrator, and shall include at least the following: (a) The legal name, residence and business address of t…

28-46-405. Denial of license. (1) If the administrator determines that an applicant is not qualified to receive a license, the administrator shall notify the applicant in writing that the application has been denied, and shall state the basis for denial. (2) If the administrator …

28-46-406. Nontransferability — Change in control. (1) Other than the transfer of a license to a new location as set forth in subsection (3) of this section, a license issued pursuant to this chapter is not transferable or assignable. (2) The prior written approval of the adminis…

28-46-407. Suspension or revocation of license. (1) The administrator may, after notice and hearing, suspend or revoke any license if the administrator finds that the licensee: (a) Has knowingly or through the lack of due care failed to pay any fee imposed by the administrator un…

28-46-408. Reports to administrator. Within fifteen (15) days of the occurrence of any of the events listed below, a licensee shall file a written report with the administrator describing such events and their expected impact on the activities of the licensee in the state: (1) Th…

28-46-409. Records — Annual reports. (1) Every licensee shall maintain records in conformity with generally accepted accounting principles and practices in a manner that will enable the administrator to determine whether the licensee is complying with the provisions of this act. …

28-46-410. Examinations and investigations. (1) The administrator shall examine periodically, at intervals he deems appropriate, the loans and business records of every payday lender. In addition, for the purpose of discovering violations of this act or securing information lawfu…

28-46-411. Application of administrative procedure act. Except as otherwise provided, the Idaho administrative procedure act, as set forth in chapter 52, title 67, Idaho Code, applies to and governs all administrative action taken by the administrator pursuant to this act.

28-46-412. Payday loan procedures. (1) Each payday loan must be documented in a written agreement signed by the borrower. The loan agreement must include the name of the licensee, the loan date, the principal amount of the loan, and a statement of the total amount of fees charged…

28-46-413. Payday loan business practices. (1) No licensee or person related to a licensee by common control may have outstanding at any time to a single borrower a loan or loans with an aggregate principal balance exceeding one thousand dollars ($1,000), plus allowable fees. (2)…

28-46-414. extended payment plans. A payday lender shall allow the borrower, upon request, to enter into an extended payment plan that meets the requirements of this section once during any consecutive twelve (12) month period, subject to the following provisions: (1) A payday le…

28-46-415. disclosures. Before disbursing funds pursuant to a payday loan, a payday lender shall provide written notice in not less than twelve (12) point bold type and in all capitalized letters to the borrower stating the following: "1. Payday loans are intended to address shor…

28-46-501. Short title. This part shall be known and may be cited as the "Title Loan Act."

28-46-502. Definitions. As used in this part, unless the context otherwise requires: (1) "Title lender" means a regulated lender authorized pursuant to this part to make title loans. (2) "Title loan" means a loan for a consumer purpose that is secured by a nonpurchase money secur…

28-46-503. License required. (1) No person shall engage in the business of making title loans without having first obtained a license from the administrator pursuant to this chapter authorizing the person to make regulated consumer loans. (2) Any title loan made without first hav…

28-46-504. Title loan agreements. (1) Every title lender shall keep a numbered record of each and every title loan agreement executed by the title lender and debtor. Such record, as well as the title loan agreement, shall include the following information: (a) The make, model and…

28-46-505. Disclosure. (1) Notwithstanding the provisions of section 28-46-103, Idaho Code, or any other law to the contrary, in accordance with the Idaho administrative procedure act, chapter 52, title 67, Idaho Code, the administrator may promulgate rules requiring each title l…

28-46-506. Renewal of title loan agreements. (1) Title loan agreements shall not exceed thirty (30) days in length. However, such agreements may provide for renewals, which may occur automatically, unless one (1) of the following has occurred: (a) The debtor has paid all principa…

28-46-507. Default. (1) Before exercising any of its rights upon a default by a debtor under a title loan agreement, the title lender shall mail a "Notice to Cure Default" to the debtor at the debtor’s last address shown in the title lender’s file, notifying the debtor that the d…

28-46-508. Prohibited actions. No title lender licensee under this part or person required under this part to have such license shall: (1) Enter into a title loan agreement with a person less than eighteen (18) years of age, or with anyone who appears to be intoxicated; (2) Make …

28-46-509. Exemption. The provisions of this part shall not apply to any person licensed or chartered under the laws of any state or of the United States as a bank, savings and loan association, credit union, insurance company, or industrial loan company. The terms "bank," "savin…