Title 28, COMMERCIAL TRANSACTIONS

28-24-108. jurisdiction — venue. (1) The courts of this state shall have jurisdiction over any legal dispute between a wholesaler, manufacturer or distributor of farm implements or equipment, machinery, repair parts, stock parts and attachments located in or outside this state an…

28-36-101. Short title and purpose. This act shall be known and may be cited as the "Idaho Lease-Purchase Agreement Act." The purpose of this act is to protect both consumers and businesses engaged in the lease-purchase of consumer goods against unfair or deceptive acts and pract…

28-36-102. Definitions. As used in this chapter: (1) "Advertisement" means a commercial message in any medium that promotes, directly or indirectly, a lease-purchase agreement. (2) "Consumer" means a natural person who rents personal property under a lease-purchase agreement to b…

28-36-103. Inapplicability of other laws — Exempted transactions. (1) Lease-purchase agreements are not governed by the laws relating to: (a) A home solicitation sale as defined in section 28-43-401, et seq., Idaho Code; (b) A regulated consumer credit transaction pursuant to sec…

28-36-104. General requirements of disclosure. (1) The lessor shall disclose, or cause to be disclosed, to the consumer the information required in this chapter. In a transaction involving more than one (1) lessor, only one (1) lessor need make the disclosures, but all lessors sh…

28-36-105. Disclosures. (1) For each lease-purchase agreement, the lessor shall disclose in the agreement the following items, as applicable: (a) The total number, total dollar amount and frequency of all payments necessary to acquire ownership of the property; (b) A statement th…

28-36-106. Prohibited practices. A lease-purchase agreement may not contain: (1) A confession of judgment; (2) A negotiable instrument; (3) A claim of a property interest in any goods except those goods delivered by the lessor pursuant to the lease-purchase agreement; (4) A wage …

28-36-107. Reinstatement. (1) A consumer who fails to make a timely rental payment and who fails to voluntarily return or surrender the leased property on or before the renewal date, may reinstate the agreement without losing any rights or options which exist under the agreement,…

28-36-108. Receipts and accounts. The lessor shall provide the consumer a written receipt for each payment made by cash or money order.

28-36-109. Renegotiations. A renegotiation shall occur when an existing lease-purchase agreement is replaced by a new agreement entered into by the same lessor and consumer. A renegotiation shall be considered a new agreement requiring new disclosures. However, the following even…

28-36-110. Advertising. (1) If an advertisement for a lease-purchase agreement refers to or states the dollar amount of the rental payment and the right to acquire ownership for any one (1) specific item, then in respect to that item the advertisement shall also clearly and consp…

28-36-111. Enforcement. (1) A lessor whose violation of the provisions of this chapter causes damages to a consumer shall be subject to a judgment by a court of competent jurisdiction for actual damages, if the lessor can show by preponderance of the evidence that the damage was …

28-41-101. Short title. This act shall be known and may be cited as the "Idaho Credit Code."

28-41-102. Purposes — Rules of construction. (1) This act shall be liberally construed and applied to promote its underlying purposes and policies. (2) The underlying purposes and policies of this act are: (a) To simplify, clarify and modernize the law governing installment sales…

28-41-103. Supplementary general principles of law applicable. Unless displaced by the particular provisions of this act, the Uniform Commercial Code and the principles of law and equity, including the law relative to capacity to contract, principal and agent, estoppel, fraud, mi…

28-41-104. Construction against implicit repeal. This act being a general act intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

28-41-105. Severability. If any provision of this act or the application thereof to any person or circumstances is held invalid, the invalidity does not affect other provisions or applications of this act which can be given effect without the invalid provision or application, and…

28-41-106. Waiver — Agreement to forgo rights — Settlement of claims. (1) Except as otherwise provided in this act, a debtor may not waive or agree to forgo rights or benefits under this act. (2) A claim by a debtor against a creditor for an excess charge, other violation of this…

28-41-107. Effect of act on powers of organizations. (1) This act prescribes maximum charges for all creditors, except those excluded under section 28-41-202, Idaho Code, extending credit as a regular business, including regulated credit sales, as defined in section 28-41-301, Id…

28-41-108. Transactions subject to act by agreement. Parties to a credit transaction or modification thereof that is not a regulated consumer credit transaction, as defined in section 28-41-301, Idaho Code, may agree in a writing signed by them that the transaction is subject to …

28-41-201. Territorial application. (1) Except as otherwise provided in this section, this act applies to sales and loans made in this state and to modifications, including refinancings, consolidations, and deferrals made in this state, of sales and loans, wherever made. For purp…

28-41-202. Exclusions. This act does not apply to: (1) Extensions of credit to government or governmental agencies or instrumentalities; (2) The sale of insurance by an insurer, except as otherwise provided in the chapter on insurance, chapter 44, title 28, Idaho Code; (3) Transa…

28-41-203. Jurisdiction. The courts of this state may exercise jurisdiction over any creditor with respect to any conduct of the creditor subject to this act or with respect to any claim arising from a transaction subject to this act.

28-41-204. Applicability. This act shall apply only to credit transactions for a consumer purpose, except for the following parts, chapters and sections, which shall apply to credit transactions for any and all purposes: (1) Part 1, chapter 41, title 28, Idaho Code; (2) Section 2…

28-41-301. General definitions. (1) "Actuarial method" means the method, defined by rules adopted by the administrator, of allocating payments made on a debt between principal or amount financed and loan finance charge or credit service charge pursuant to which a payment is appli…

28-41-302. Federal consumer credit protection act — Defined. In this act "Federal Consumer Credit Protection Act" means the consumer credit protection act, Public Law 90-321; 82 Stat. 146, as amended, to and including January 1, 2005, or a subsequent date if so defined by adminis…

28-42-101. Short title. This chapter shall be known and may be cited as the Idaho Credit Code — Finance Charges and Related Provisions.

28-42-201. Maximum finance charge. (1) With respect to a loan or credit sale, the rate of finance charge shall be that which is agreed upon between the parties to the transaction. In addition to the finance charge permitted herein, a creditor may contract for and receive any othe…

28-42-301. Delinquency charges. (1) With respect to a precomputed regulated consumer credit transaction, the parties may contract for a delinquency charge on any installment not paid in full within ten (10) days after its due date, as originally scheduled or as deferred, in an am…

28-42-302. Deferral charges. (1) With respect to a precomputed regulated consumer credit transaction, refinancing, or consolidation, the parties before or after default may agree in writing to a deferral of all or part of one or more unpaid installments, and the creditor may make…

28-42-303. Finance charge on refinancing. With respect to a regulated consumer credit transaction, the creditor may, by agreement with the debtor, refinance the unpaid balance and may contract for and receive a finance charge based on the amount financed resulting from the refina…

28-42-304. Finance charge on consolidation. If a debtor owes an unpaid balance to a creditor with respect to a regulated consumer loan or regulated consumer credit sale, or a refinancing or consolidation thereof, and becomes obligated on another regulated consumer loan or regulat…

28-42-305. Conversion to open-end credit. The parties may agree at or within ten (10) days before the time of conversion to add the unpaid balance of a regulated consumer credit transaction not made pursuant to open-end credit to the debtor’s open-end credit account with the cred…

28-42-306. Right to prepay. (1) Subject to the provisions on rebate upon prepayment, section 28-42-307, Idaho Code, and subject to the provisions of subsection (2) of this section, the debtor may prepay in full the unpaid balance of a regulated consumer credit transaction at any …

28-42-307. Rebate upon prepayment. (1) Except as provided in subsection (2) of this section, upon prepayment in full of the unpaid balance of a precomputed regulated consumer loan or regulated consumer credit sale, refinancing, or consolidation, an amount not less than the unearn…

28-42-308. Dishonored check fees. With respect to a regulated credit transaction, a dishonored check fee in the amount allowed as a set collection fee under section 28-22-105, Idaho Code, may be charged and collected by a creditor, for the return by a depository institution of a …

28-42-401. Money of account defined. The money of account in this state is the dollar, cent and mill, and all public accounts and the proceedings of all courts in relation to money must be kept and expressed in money of the above denomination.

28-42-402. Money of other denominations. The above provisions do not in any manner affect any demand expressed in money of another denomination, but such demand in any suit or proceeding affecting the same must be reduced to the above denominations.

28-42-403. Computation of judgments. In all judgments rendered by any court for any debt, damages or costs, and in all executions issued thereon, the amount must be computed, as near as may be, in dollars and cents, rejecting small fractions; and no judgment or other proceeding i…

28-42-404. Compound interest. Parties may agree in writing for the payment of compound interest.

28-43-101. Short title. This chapter shall be known and may be cited as the Idaho Credit Code — Regulation of Agreements and Practices.

28-43-201. Compliance with federal Consumer Credit Protection Act. A person upon whom the Federal Consumer Credit Protection Act, including regulations promulgated pursuant thereto, imposes duties or obligations, shall make or give to the debtor the disclosures, information, and …

28-43-202. Notice of assignment. A debtor may pay the original creditor until he receives notification of assignment of rights to payment pursuant to a regulated consumer credit transaction and that payment is to be made to the assignee. A notification which does not reasonably i…

28-43-203. Change in terms of open-end consumer credit accounts. Whether or not a change is authorized by prior agreement, a creditor may change the terms of an open-end consumer credit account applying to any balance incurred before or after the effective date of the change.

28-43-204. Receipts — Statements of account — Evidence of payment. (1) The creditor shall deliver or mail to the debtor, without request, a written receipt for each payment by coin or currency on an obligation pursuant to a regulated consumer credit transaction. A periodic statem…

28-43-205. Form of insurance premium loan agreement. An agreement pursuant to which an insurance premium loan is made shall contain the names of the insurance agent or broker negotiating each policy or contract and of the insurer issuing each policy or contract, the number and in…