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ID H0008
Bill
Status
3/12/2013
Primary Sponsor
Business Committee
Click for details
AI Summary
House Bill 8 Summary
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Clarifies that persons advertising, offering, or soliciting consumer purpose loans or arranging payday loans in Idaho are engaging in business requiring a license under the Idaho credit code, unless exempt.
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Establishes automatic expiration of consumer loan and payday loan licenses if not timely renewed; allows reinstatement within 60 days of expiration if applicant meets requirements and pays a $200 reinstatement fee.
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Deems license applications withdrawn and void if applicants submit incomplete applications and fail to provide required information within 60 days of receiving notice of the deficiency.
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Revises payday loan business practices to allow loan renewals no more than three consecutive times before full repayment is required; prohibits treble damages for returned checks.
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Corrects cross-references and makes technical amendments throughout Idaho Code sections relating to commercial transactions, credit sales, regulated loans, and consumer protection.
Legislative Description
Amends existing law relating to commercial transactions to clarify what constitutes engaging in business in this state for which a certain license is required; to define a term; to provide for certain exemptions; to provide circumstances under which a license application shall be deemed withdrawn and void; to provide for the automatic expiration of certain licenses and to provide criteria for the reinstatement of an expired license; to revise requirements relating to payday loan business practices; and to revise provisions relating to prohibited actions.
COMMERCIAL TRANSACTIONS
Last Action
Reported Signed by Governor on March 12, 2013 Session Law Chapter 54 Effective: 07/01/13
3/12/2013