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ID H0470

Bill

Status

Introduced

2/2/2012

Primary Sponsor

Business Committee

Click for details

Origin

House of Representatives

2012 Regular Session

AI Summary

  • Payday loans are capped at a maximum fee of 36% per annum, exclusive of returned check fees, with all fees fully earned at the transaction date and not deemed interest.

  • Payday loan agreements must disclose all fees as both dollar amounts and annual percentage rates (APR), along with written notice to borrowers before disbursement including information about short-term use, renewal fees, and rescission rights.

  • Title loan agreements must disclose all fees and interest as a condition of the loan, including any additional fees if the loan is renewed rather than paid in full when due.

  • Title lenders are prohibited from charging interest rates exceeding 36% per annum and must disclose all fees and interest; failure to disclose is explicitly prohibited.

  • Both payday and title loan agreements must include specific written disclosures to borrowers regarding loan terms, risks, and complaint procedures with the Idaho Department of Finance.

Legislative Description

Amends existing law to provide for a maximum fee for a payday loan; and to provide for a maximum interest rate for a title loan; and to provide for disclosure of all fees and interest.

PAYDAY AND TITLE LOANS

Last Action

to Bus

2/3/2012

Committee Referrals

Business2/3/2012

Full Bill Text

No bill text available